The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto coins. Markets have popped up all over the web that allow users to purchase 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 now one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Best Size For First Homemade Greenhouse For Homemade Nft Hydroponics
The aim to create OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional fees. It also has additional functions that allow you to sell your work without having to deal with many problems.
For registration, you won’t have to provide any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also operates using the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains that are available, you can choose which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT as well as the people who want to purchase it. All transactions will be made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes a while for anyone to become a reputable one.
There’s a huge selection of NFTs available of NFTs available at OpenSea, and you can also be a part of the collection! You can start your own personal market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but not exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. A NFT is a token that is non-fungible that is very exclusive and cannot be changed. It could 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 could be, since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply consider as an NFT being a virtual collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling the owner of the item or token you uploaded on the marketplace, and you’re selling it. Typically, this is official once you fill out all the necessary information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and create a collection! Complete the correct and correct information regarding your NFT and select the type of settings you want to use it with (e.g., blockchain, payments tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about what kind of NFTs can be purchased here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it isn’t limited because there’s a wide range of options for how to go about it.
It is possible to sell trade cards, digital goods, game assets, domain names, and even physical assets! Find out what you think will yield the most profit when you try out 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 when you use this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces provide this feature, and it is a great way to earn a high return from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer benefits when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you earn more money from this act.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on both iOS and Android. Even though you can’t buy or sell things, you can at least 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 exchange your fiat money for cryptocurrency using these platforms. Best Size For First Homemade Greenhouse For Homemade Nft Hydroponics
You can exchange your fiat currency using a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option of exchange for ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built on an ETH blockchain, any wallets that share that network will be suitable for this website.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with a credit card. Best Size For First Homemade Greenhouse For Homemade Nft Hydroponics
For more information about the service to learn more, check out their FAQs for a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to 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 support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Best Size For First Homemade Greenhouse For Homemade Nft Hydroponics
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online and receive cryptocurrency as their form of payment. It’s an excellent 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 browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established in the year of 2018. Since the system it operates on is based on a blockchain that is secure, you can claim that your transactions are secure and safe.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is commonly used on this site as well as other sites to provide the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea that is available for iOS and Android. You can download it through their app store and begin exploring the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and get notifications on updates regarding 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/).