The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto currency. Markets have popped up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Cannabis Nft Grow Systems Breakwater Alternative Health Center
The goal for OpenSea was to provide an online marketplace for artists to upload their commissions without any extra charges. It also has additional functions that allow you to sell your work without having to deal with many difficulties.
When it comes to 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 on OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also functions on the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains available you can pick which one you’d like to upload your NFT on as seller. This is to ensure the security of your NFT, along with those who wish to purchase it. Every transaction will be conducted by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can sell however it takes some time for anyone to become an established one.
There are a variety of NFTs from the selection at OpenSea and you could join in with this! You can create your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy is an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. This can be an item of rareness like authentic baseball cards or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you sell online. It is simpler to just think of as an NFT being a virtual item paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling the ownership of the particular item that you have uploaded to the market place, but you’re offering it for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and simply create a collection! Fill out the proper and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain and payment tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from now to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering the kind of NFTs be purchased here, and what you could also sell if you choose to go that route. The kind of NFT it is unlimited since there’s a broad range of how you can approach it.
You could be selling digital products, trading cards game assets domain names, even physical assets! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the other options. There’s no cost for gas for using this feature when you mint and sell NFTs. This means you’ll receive the maximum profits when you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your collection.
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, letting you make more money through this action.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available for both iOS as well as Android. While you’re not able to buy or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency on these platforms. Cannabis Nft Grow Systems Breakwater Alternative Health Center
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
All of these have the option to exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Because it is based around the ETH blockchain, any wallets that share this network are appropriate for this website.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. Cannabis Nft Grow Systems Breakwater Alternative Health Center
To learn more about it, you can check their FAQs to see an overview of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Cannabis Nft Grow Systems Breakwater Alternative Health Center
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 their form of payment. It’s a great platform for artists who use the platform to market NFTs due to its no gas costs and low commission fees you must pay.
You can browse and shop for the vast array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception at the end of the year 2018. Since the system it operates on is built on a blockchain that is secure, you can declare that transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear on your account or any collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison with the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store and then you can begin browsing through the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and receive alerts on any updates that affect 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/).