The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto-coins. Markets have popped up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and discover what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Basement Nft Microgreen Setup
The purpose to create OpenSea was to simply provide an online marketplace for artists to upload their commissions without any extra charges. It has more functions which allow you to market your artwork without any problems.
For the registration process, you don’t have to give all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for most processes. It is also based with the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you would like to publish your NFT as a seller. This ensures the safety of your NFT as well as those who would like to buy it. All transactions are made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to official art from an artist you admire. Anyone can sell, but it takes time before anyone can become a reputable one.
There’s a huge selection from the selection on OpenSea and you could become a part of that! You can start your own market here, along with finding NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible that is individual and cannot be changed. This can be an item of any rareness, such as authentic baseball cards or rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object you’re selling online. More straightforwardly, you can simply imagine as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs on your own NFTs. You are calling ownership over that particular token/item that you have uploaded to the market place, but you’re offering it for sale. Typically, this is official when you have filled in the correct information about the NFT and add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and then creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain or payments tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now on to see whether OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point, you’re probably wondering which kind of NFT be found here, and what you could also sell if you decide to pursue that route. The kind of NFT it can be is unlimited as there’s a variety of options for how to do it.
You can be selling trade cards, digital goods, game assets, domain names, and also physical goods! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the others. There are no gas costs for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t need to spend on any additional charges.
Not many NFT marketplaces provide this feature, which is why this is a great way to make a huge profit from your portfolio.
Referral Program
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on both iOS as well as Android. Even though you can’t buy or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use to trade your fiat currency for cryptocurrency using these platforms. Basement Nft Microgreen Setup
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
Each of them has the option of converting them into ETH, which is the standard cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based using an ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using the credit card. Basement Nft Microgreen Setup
For more information about the service You can go through their FAQs to see a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
Pros
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
Cons
- Allows royalty rates of 10% for artists (low royalty).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required for this marketplace.
Pricing
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Basement Nft Microgreen Setup
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its no cost of gas and low commission fees which you are required to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace and you must go through it!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established at the end of 2018. Since its system is built on a blockchain, it is safe to claim that your transactions are protected and secured.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is believed to be reasonably low compared against the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is commonly utilized on this website and many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned there’s an official mobile app from OpenSea for both iOS or Android. Install it from their app store, and begin exploring the collection now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get notifications about updates to your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
