Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto-coins. Marketplaces are popping up all over the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard about 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 explore 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’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Can You Grow Endive Using Nft
The goal to create OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional costs. There are additional features that let you sell your work without having to deal with many difficulties.
When it comes to registration, you don’t need to provide too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also functions with the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains that are available, you can choose which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT, along with those who would like to buy it. All transactions are made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to an official artwork by an artist you admire. Anyone can sell however it takes a while for anyone to be a reputable one.
There is a wide variety in the collection at OpenSea, and you can become a part of that! You can start your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto market the term “NFT” has been going around for so long on internet that many millennials have heard of it but not exactly sure what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible currency that is very individual and cannot be substituted. It can be a piece of rareness like rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible thing you’re selling online. It is simpler to simply consider the NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you posted to the marketplace, and putting it up for sale. Typically, this is official after you fill in the correct information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and simply making a collection to begin! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain, money transfer tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe the way transactions are handled from now to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about which kind of NFT can be purchased here and what you can also sell if you decide to go down that path. The kind of NFT that you can purchase isn’t limited as there’s a variety of how you can do it.
You could be selling digital products, trading cards game assets, domain names, and also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees for using this feature to make and then sell the NFTs. This means you’ll get the most profit when you sell because you won’t have to spend 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 portfolio.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can make more money by this method.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on both iOS as well as Android. Even though you can’t buy or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency on these platforms. Can You Grow Endive Using Nft
You can convert your fiat currency using a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
All of these have the option to exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than other. Since it is built on the ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here is a list of several crypto wallets which you can use with 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, only mobile usage and the ability to purchase cryptocurrency using a credit card. Can You Grow Endive Using Nft
To know more about it to learn more, check out their FAQs for an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- You cannot buy or sell products through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto account is needed for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Can You Grow Endive Using Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to market their work online to receive cryptocurrency as a method of payment. It’s a great platform for artists who use the platform to market NFTs due to its low gas costs and low commission fees that you have to pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year of 2018. Because its system is based on a blockchain, it is safe to declare that transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you’ll be paid only 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison against other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is frequently utilized on this website and numerous others to cater for more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile application from OpenSea for both iOS and Android. You can download it through their app store, and begin browsing through the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and receive alerts on any updates that affect your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).