Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. Markets have popped up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, 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.
OpenSea as an NFT Marketplace Flow Rate For Nft Hydroponic
The goal of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions with no additional charges. It also has additional functions that allow you to sell your artwork without any difficulties.
When it comes to the registration process, you don’t have to give too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be 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). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains that are available, you can choose which one you’d like to transfer your NFT to as a seller. This will ensure the security of your NFT and those who wish to buy it. Every transaction will be conducted along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist you admire. Anyone can become a seller, but it takes a while before anyone can become an established seller.
There is a wide variety in the collection at OpenSea, and you can become a part of that! You can set up your own marketplace on this site, as well as find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. The NFT is a non-fungible currency that is individual and cannot be changed. This can be an item of rareness like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object you’re selling online. In simpler terms, you could simply consider the NFT being a virtual item that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item that you posted to the marketplace, and selling it. Usually, this is recognized when you have filled in the correct information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and simply creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you’d like for it (e.g. blockchain or payment tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now on to see whether OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
At this point you’re probably thinking about the kind of NFTs can be found here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT that you can purchase is indefinite as there’s a variety of options for how to approach it.
You could be selling trade cards, digital goods game assets, domain names, and even physical assets! Explore what you believe can 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’s no cost for gas when you utilize this feature to create and market NFTs. This is essentially a way to ensure that you get the most profit when you sell because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, and it is a great way to make a huge profit from your NFT collection.
Referral Program
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets, you can receive rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more money through this action.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. Flow Rate For Nft Hydroponic
You can exchange the fiat currency you have with a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
All of them have the option of converting them into ETH which is the most common cryptocurrency used in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built using an ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here’s a list various crypto wallets that which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. Flow Rate For Nft Hydroponic
For more information about the service, you can check their FAQs for the steps you can start and what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
Pros
- Mobile apps are available for iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
Cons
- Allows royalties of only 10% for artists (low royalty rates).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- An Crypto wallet is required to access this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Flow Rate For Nft Hydroponic
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use for selling NFTs because of its zero gas fees and the low commission rate which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace and you must go through it!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year 2018. Because its system is built on blockchain technology and is secured, it is safe to declare that transactions are safe and secure.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear to your account or the 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 on OpenSea?
As an artist, you will get only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison against other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and many others to accommodate more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store, and you can start exploring the collection now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and receive 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/).
