The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto currency. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Difference Between Nft And Dft Hydroponics
The purpose to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. It also has additional functions that let you sell your artwork without any difficulties.
For registration, you don’t need to provide all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains available, you can choose which one you’d like to upload your NFT on as an seller. This is to ensure the security of your NFT as well as those who wish to buy it. Every transaction will be conducted by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can sell however it takes some time before anyone can become a reputable one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea, and you can also be a part of that! You can start your own market there, and also find 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 have heard of it but not exactly sure 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 purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. It could be an item of any rareness like mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell on the internet. More straightforwardly, you can simply consider an NFT being a virtual collectible paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling the ownership of the particular item that you posted to the marketplace, and you’re selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and then making a collection to begin! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and payments tokens). After that, you can finally upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now to see whether OpenSea is the 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 kind of NFTs you can also sell if you decide to pursue that route. The type of NFT that you can purchase isn’t limited because there’s a wide range of how you can go about it.
You can be selling trade cards, digital goods games, domain names, and some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs when you utilize this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on any additional charges.
Not many NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your collection.
A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces do not have this kind of feature either This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency through these platforms. Difference Between Nft And Dft Hydroponics
You can exchange your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of them have the option of converting them into ETH that is the standard cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based on an ETH blockchain, all wallets that share that network will be suitable for the site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency using the credit card. Difference Between Nft And Dft Hydroponics
To know more about it to learn more, check out their FAQs to get a rundown 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 comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Difference Between Nft And Dft Hydroponics
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists using for selling NFTs due to its no gas fees and the low commission rate you must pay.
You can shop and browse a vast collection of digital products on this NFT marketplace and you must go through it!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to claim that your 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 on your account or any collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be a reasonable amount compared against other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as other sites to provide more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store, and you can start exploring the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and get notifications about updates to 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/).