Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto coins. Markets have popped up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Diy Nft Aquaponics
The purpose for OpenSea was to simply provide an online marketplace for artists to upload commissions without any extra charges. It also has additional functions that allow you to sell your artwork without any issues.
For registration, you don’t need to provide any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It also operates with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains that are available you can pick which one you would like to transfer your NFT to as an seller. This ensures the safety of your NFT as well as the people who want to buy it. All transactions are made using this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes a while for anyone to become an established one.
There are a variety of NFTs from the selection on OpenSea, and you can become a part of that! You can start your own personal market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it actually means. 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 new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. It can be an item of rarity like rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can just think of an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling ownership over that particular token/item that you posted to the market place, but putting it up for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and creating a collection to start! Fill out the proper and accurate information about your NFT and choose what kind of settings you want for it (e.g., blockchain and money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now on to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about the kind of NFTs can be found here, and what you could also sell if you decide to pursue that route. The kind of NFT it is indefinite since there’s a broad range of options for how to go about it.
It is possible to sell digital items, trading cards, game assets domain names, some physical items! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the other options. There are zero gas fees when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you sell because you won’t need to spend on extra fees.
Not many NFT marketplaces offer this feature, so this is a great way to receive high profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, which means you can earn more money by this method.
Other NFT marketplaces don’t have the same feature This is a further 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 anything while you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS and Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Diy Nft Aquaponics
You can convert your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
All of them have the option to exchange for ETH which is the primary crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built using an ETH blockchain, all wallets that share the same network are suitable for this website.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to buy cryptocurrency using the credit card. Diy Nft Aquaponics
For more information about the service, you can check their FAQs to get the steps you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is open to everyone 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. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Diy Nft Aquaponics
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs because of its zero gas fees and low commission fee rate that you have to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
In addition as a seller you can become verified once you’ve earned a reputation. A blue checkmark will appear to your account or any collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are protected.
How do I earn royalties from OpenSea?
As an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store, and you can start exploring the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and get 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/).