The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s explore 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 overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Great Aquaponics Nft Diagram
The purpose for OpenSea was to offer an online marketplace for artists to easily upload their commissions without any extra fees. It also has additional functions that allow you to sell your artwork without any difficulties.
In terms of registration, you don’t need to give too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also operates on the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains it is possible to choose which one you would like to upload your NFT on as a seller. This will ensure the security of your NFT and the people who want to buy it. All transactions will be made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist you admire. Anyone can become a seller however it takes some time for anyone to be an established one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you can join in with that! You can set up your own market on this site, as well as find NFTs you’d like to buy 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 internet that a lot of millennials have heard of it but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things you can buy can be an NFT. A NFT is a non-fungible currency that is very unique and can’t be substituted. It could be an item of rareness like mint-condition baseball trading cards or unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item you’re selling on the internet. In simpler terms, you could simply consider an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. It is a way of claiming the ownership of the particular item that you posted to market, as putting it up for sale. Typically, this is official once you fill out the proper information regarding the NFT and finally submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and create a collection! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g. blockchain or payment tokens). After that then you’re able to upload it to the internet if it’s in the 100 MB limit.
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 find here?
At this point you’re probably thinking about the kind of NFTs be found here, and what you could sell should you decide to pursue that route. The type of NFT it is indefinite as there’s a variety of how you can approach it.
You can be selling digital products, trading cards game assets, domain names, and even physical assets! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the others. There are zero gas fees when you utilize this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, so this is great for you to make a huge profit from your collection.
A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, letting you earn more cash from this act.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Even though you can’t buy or sell things, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency on these platforms. Great Aquaponics Nft Diagram
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option of converting them into ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, the wallets still more compatible with it than other. Because it is based around an ETH blockchain, wallets which are part of this network are appropriate for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. Great Aquaponics Nft Diagram
To know more about it, you can check their FAQs to get an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- Cannot buy or sell on this mobile application.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Great Aquaponics Nft Diagram
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent option for artists who want to use for selling NFTs due to its no gas fees and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of 2018. Since its system is based on a blockchain, it is safe to claim 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 is placed to your account or the collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure that users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties after you upload the NFT. This is believed to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and other sites to provide more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile application from OpenSea for both iOS and Android. You can download it through their app store and then you can begin exploring the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts as well as 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/).