Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto coins. Markets have popped up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
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 among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea and also see the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Best Nft System For Tomatoes
The aim to create OpenSea was to provide an online marketplace for artists to easily upload their commissions with no additional charges. It also has additional functions which allow you to market your artwork without any difficulties.
When it comes to the registration process, you don’t have to provide any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It is also based using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains it is possible to choose which one you would like to upload your NFT on as seller. This will ensure the security of your NFT as well as those who would like to purchase 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’s like an endless online marketplace where you can trade in your NFTs or cryptocurrency 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 be a seller however, it takes time before anyone can become an established one.
There are a variety of NFTs of NFTs available on OpenSea, and you can join in with this! You can create your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but not exactly sure what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. It can be an item of rareness like rare baseball trading cards in mint condition or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you sell online. In simpler terms, you could just think of as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but you’re offering it for sale. Usually, this becomes official when you have filled in the correct information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply create a collection! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain, payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from here on out to see if OpenSea is the marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT can be found here, and what you could also sell if you choose to pursue that route. The kind of NFT it is indefinite since there’s a broad range of how you can go about it.
You could be selling trade cards, digital goods, game assets, domain names, and some physical items! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the other options. There are zero gas fees for using this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you start selling because you don’t need to pay on any additional charges.
Very few NFT marketplaces provide this feature, and it is great for you to receive high profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you make more money by this method.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available for both iOS and Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to exchange your fiat money for cryptocurrency through these platforms. Best Nft System For Tomatoes
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option to exchange for ETH that is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built on the ETH blockchain, all wallets which are part of that network will be suitable for the site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with credit cards. Best Nft System For Tomatoes
For more information about the service to learn more, check out their FAQs to get the steps you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Best Nft System For Tomatoes
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to market their work online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use for selling NFTs due to its low gas fees and low commission fee rate which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in 2018. Because its system is built on blockchain technology and is secured, it is safe to declare that transactions are secure and safe.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear on your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly used on this site and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile app by OpenSea for both iOS as well as Android. You can download it through their app store and then you can begin exploring the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and get notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).