The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Diy Nft Hydreopnic Setup
The goal to create OpenSea was to provide an online marketplace for artists to upload their commissions without any extra fees. It also has additional functions which allow you to market your art without too many problems.
For the registration process, you don’t have to provide any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s 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 market is built upon the Ethereum blockchain system and is used for the majority of transactions. It is also based on the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains available it is possible to choose which one you’d like to transfer your NFT to as a seller. This ensures the safety of your NFT, along with the people who want to purchase it. All transactions are made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to an official artwork by an artist you admire. Anyone can sell however, it takes a while for anyone to become an established one.
There are a variety of NFTs of NFTs available on OpenSea and you can also be a part of the collection! You can create your own personal market here, along with finding NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but not exactly sure what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible token which is extremely unique and can’t be changed. It can be a piece of rarity like authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you sell on the internet. In simpler terms, you could just consider as an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting NFTs
Minting is similar to calling for dibs on your own NFTs. You are calling ownership over that particular token/item that you posted to market, as you’re selling it. Usually, this becomes official after you fill in all the necessary information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you want to use it with (e.g., blockchain and money transfer tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to determine whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
So, at this point you’re probably asking yourself the kind of NFTs can you shop for here, and what you could also sell if you choose to go that route. The type of NFT it is unlimited because there’s a wide range of options for how to do it.
You can be selling trade cards, digital goods game assets domain names, some physical items! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the other options. There are zero gas fees when you utilize this feature when you create and market NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, and it is great for you to receive high profit from your NFT collection.
Referral Program
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you make more money by this method.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Although you aren’t able to purchase or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can convert your fiat money into cryptocurrency using these platforms. Diy Nft Hydreopnic Setup
You can exchange your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and many more!
All of these have the option of exchange for ETH that is the standard crypto payment in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based on an ETH blockchain, all wallets that share that network will be suitable for the site.
Here’s a list several crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, only mobile usage, and the function to buy cryptocurrency using credit cards. Diy Nft Hydreopnic Setup
To learn more about it, you can check their FAQs to get a rundown of how you can begin and what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
Pros
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
Cons
- Allows royalties of only up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- A Crypto account is needed for this marketplace.
Pricing
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Diy Nft Hydreopnic Setup
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online and receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its low gas costs and the low commission rate you must pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are secure and safe.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark is placed on your account or any collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, 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 against other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is widely used on this site as well as many others to accommodate more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using trusted platforms with fiat money. 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 an official mobile app from OpenSea available for both iOS as well as Android. You can download it through their app store, and begin exploring the collection now!
A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications about updates to 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/).
