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 purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining 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 overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Basil Hydroponics Nft
The goal to create OpenSea was to provide artists with a marketplace/platform to upload their commissions with no additional costs. It also has additional functions that allow you to sell your artwork without any problems.
In terms of registration, you don’t need to give any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for the majority of transactions. It is also based using the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains you can pick which one you’d like to publish your NFT as an seller. This will ensure the security of your NFT, along with those who would like to purchase it. All transactions will be made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist that you admire. Anyone can sell however it takes some time for anyone to be a reputable one.
There’s a huge selection in the collection on OpenSea, and you can join in with the collection! You can create your own market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy is an NFT. The NFT is a token that is non-fungible which is extremely unique and can’t be replaced. It could be a piece of rareness, such as rare baseball trading cards in mint condition or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object that you sell online. More straightforwardly, you can just imagine as an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token you uploaded on market, as putting it up for sale. Usually, this becomes official after you fill in the correct information about the NFT and then add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain and money transfer tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from now to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about what kind of NFTs can be purchased here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT it is indefinite since there’s a broad range of ways to go about it.
You can be selling digital items, trading cards game assets domain names, also physical goods! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the other options. There’s no cost for gas when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you sell because you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, and it is a great way to receive high profit from your collection.
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps of OpenSea are available for 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 on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also trade your fiat currency for cryptocurrency using these platforms. Basil Hydroponics Nft
You can convert your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than other. Since it is built mainly around the ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. Basil Hydroponics Nft
For more information about the service You can go through their FAQs to get the steps you can begin and also 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 an exception to this. You can view its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Basil Hydroponics Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero gas costs and low commission fee rate you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded in the year of 2018. Since the system it operates on is built on a blockchain, it is safe to claim that your transactions are safe and secure.
In addition as a seller you can become verified once you build up your reputation. A blue checkmark will appear next to your account or collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is commonly used on this site as well as numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before there’s an official mobile app from OpenSea that is available for iOS as well as Android. Download it at their respective app store and you can start exploring the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and 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/).