The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s see the possibilities of OpenSea as well as examining 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 overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Can You Do Nft Aquaponic System?
The aim for OpenSea was to provide a platform/marketplace for artists to upload their commissions, without having to pay any additional costs. There are additional features that allow you to sell your art without too many difficulties.
In terms of registration, you won’t have to give any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It also operates on the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains available, you can choose which one you would like to transfer your NFT to as a seller. This ensures the safety of your NFT and those who would like to purchase 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 mall where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can sell, but it takes some time for anyone to become a reputable one.
There’s a huge selection in the collection of NFTs available at OpenSea, and you can join in with this! You can set up your own market there, and also find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it , but not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. This can be an item of rarity like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you sell online. More straightforwardly, you can simply imagine as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs for your personal NFTs. You are calling the owner of the item or token that you posted to the market place, but putting it up for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and simply making a collection to begin! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and payments tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how the transactions go from here on out to determine whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point, you’re probably wondering the kind of NFTs be found here, and what you could sell should you decide to go that route. The kind of NFT it is indefinite as there’s a variety of ways to approach it.
You could be selling digital products, trading cards, game assets domain names, also physical goods! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from other companies. There are no gas costs for using this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you sell because you don’t need to pay on additional fees.
Not many NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your portfolio.
Referral Program
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages by referring a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces don’t offer the same feature and that’s another 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 items as you browse through the listings.
The mobile apps of OpenSea are available for both iOS as well as Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also exchange your fiat money for cryptocurrency on these platforms. Can You Do Nft Aquaponic System?
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
Each of them has the option of converting them into ETH which is the primary cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly using the ETH blockchain, any wallets with a connection to that network will be suitable for this site.
Here is a list of several crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. Can You Do Nft Aquaponic System?
To learn more about it, you can check their FAQs to get an overview of how you can begin and 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 comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
Pros
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
Cons
- Allows royalties up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed for this marketplace.
Pricing
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Can You Do Nft Aquaponic System?
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use the platform to market NFTs due to its low gas costs and low commission fee rate which you are required to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim that your transactions are protected and secured.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear next to your account or any collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison to the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site and other sites to provide many more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea available for both iOS and Android. Install it from their app store and you can start browsing through the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you can 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/).
