The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto currency. Markets have popped up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Basic Nft Hydroponics
The aim for OpenSea was to offer an online marketplace for artists to upload commissions with no additional costs. It also has additional functions that let you sell your work without having to deal with many difficulties.
For the registration process, you don’t have to give all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also functions using the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains available it is possible to choose which one you’d like to publish your NFT as an seller. This will ensure the security of your NFT, along with the people who want to buy it. All transactions are made by using the blockchain, which is why you need to 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 purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can become a seller however it takes a while before anyone can become an established seller.
There are a variety of NFTs of NFTs available at OpenSea and you could join in with this! You can create your own market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t sure exactly what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things you can buy includes an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be substituted. It can be an item of any rarity like authentic baseball cards or unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you can sell online. More straightforwardly, you can just imagine as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the ownership of the particular item you uploaded on the market place, but you’re selling it. Usually, this becomes official after you fill in the correct information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and simply creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain, payments tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from now to see if OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself what kind of NFTs can be purchased here and what kind of NFTs you can also sell if you choose to pursue that route. The type of NFT it isn’t limited since there’s a broad range of how you can do it.
You can be selling digital items, trading cards game assets, domain names, and even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the other options. There are zero gas fees for using this feature when you mint and sell NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, so this is a great way to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are benefits when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more money through this action.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell anything as you scroll through the list.
OpenSea’s mobile apps are available on both iOS and Android. Even though you can’t buy or sell things, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency through these platforms. Basic Nft Hydroponics
You can exchange your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
All of these have the option to exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than other. Since it is built using the ETH blockchain, wallets which are part of that network will be suitable for this site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency using credit cards. Basic Nft Hydroponics
To know more about it to learn more, check out their FAQs to get the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Basic Nft Hydroponics
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use for selling NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established in 2018. Since the system it operates on is built on a blockchain, it is safe to say that your transactions are secure and safe.
Furthermore, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear on your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you’ll get only 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared to others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for many more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store and you can start exploring the collection now!
A Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).