The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto coins. Markets have popped up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and discover 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 will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Diy Nft Hydroponics For Lettuce
The purpose to create OpenSea was to provide artists with a marketplace/platform to upload their commissions, without having to pay any additional charges. There are additional features which allow you to market your art without too many problems.
For the registration process, you don’t have to give 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 widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions with the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains, you can choose which one you want to upload your NFT on as a seller. This ensures the safety of your NFT and those who would like to buy it. All transactions are made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s 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 the simplest domain name, to a piece of art by an artist you admire. Anyone can become a seller however, it takes some time for anyone to become a reputable one.
There is a wide variety from the selection on OpenSea, and you can join in with the collection! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but not exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. An NFT is a token that is non-fungible that is unique and can’t be replaced. This can be an item of rarity like mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply imagine as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the market place, but you’re putting it up for sale. Typically, this is official after you fill in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and then create a collection! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain or money transfer tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself which kind of NFT can you shop for here, and what you could also sell if you decide to go down that path. The type of NFT it isn’t limited as there’s a variety of ways to approach it.
You could be selling digital items, trading cards, game assets domain names, even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs when you utilize this feature when you mint and sell 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.
Very few NFT marketplaces have this feature, and it is great for you to make a huge profit from your portfolio.
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency on these platforms. Diy Nft Hydroponics For Lettuce
You can exchange your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
Each of them has the option of converting them into ETH which is the standard 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 around an ETH blockchain, wallets with a connection to this network are appropriate for this website.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using a credit card. Diy Nft Hydroponics For Lettuce
For more information about the service You can go through their FAQs for the steps you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- 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.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- Cannot buy or sell via our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Diy Nft Hydroponics For Lettuce
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using it to sell NFTs due to its no gas costs and low commission fee rate you must pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace, so you should go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in 2018. Since its system is based on a blockchain that is secure, you can claim that your transactions are secure and safe.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed to your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How can I earn royalties on OpenSea?
As an artist, you can be paid only 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly used on this site and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea for both iOS as well as Android. Download it at their respective app store, and then you can begin exploring the collection now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).