The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. Marketplaces are popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and discover what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Diy Nft Hydroponics Gooo Toeat
The purpose of OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions which allow you to market your art without too many issues.
In terms of the registration process, you don’t have to provide too many details about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used 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 also operates with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains that are available it is possible to choose which one you want to transfer your NFT to as a seller. This ensures the safety of your NFT as well as the people who want to buy it. Every transaction will be conducted 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 exchange your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes a while for anyone to become a reputable one.
There’s a huge selection of NFTs available at OpenSea and you can become a part of this! You can start your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. The NFT is a token that is non-fungible which is extremely individual and cannot be changed. It can be an item of rarity like mint-condition baseball trading cards or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you can sell online. In simpler terms, you could just imagine the NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token you uploaded on market, as you’re selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and creating a collection to start! Complete the correct and correct information regarding your NFT and select the type of settings you’d like to use it with (e.g. blockchain or payments tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from here on out to see whether OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself what kind of NFTs be found here and what you can also sell if you choose to go down that path. The kind of NFT that you can purchase is unlimited because there’s a wide range of ways to do it.
You can be selling digital products, trading cards game assets, domain names, and even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the other options. There are zero gas fees for using this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, which is why this is great for you to make a huge profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets, you can receive benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available on both iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal You can also exchange your fiat money for cryptocurrency using these platforms. Diy Nft Hydroponics Gooo Toeat
You can convert your fiat currency using a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
All of these have the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built around the ETH blockchain, wallets that share this network are appropriate for the site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using the credit card. Diy Nft Hydroponics Gooo Toeat
For more information about the service You can go through their FAQs to get a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required for 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 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Diy Nft Hydroponics Gooo Toeat
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to market their work online and receive cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs due to its no gas fees and low commission fee rate which you are required to pay.
You can browse and shop for an array of digital items on the NFT marketplace and you must go through it!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded at the end of the year 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
Furthermore, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear next to your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison to others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be widely utilized on this website and many others to accommodate many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using trusted platforms with 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 mentioned before There is an official mobile application from OpenSea available for both iOS or Android. Download it at their respective app store and you can start exploring the collection now!
A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and receive notifications on updates regarding 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/).