Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s see the possibilities of 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. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Hidroponia Nft Pdf
The goal for OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions that allow you to sell your work without having to deal with many problems.
In terms of registration, you don’t need to provide all of your personal details. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It is also based using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains that are available, you can choose which one you’d like to transfer your NFT to as a seller. This ensures the safety of your NFT and those who would like to purchase 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 is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to an official artwork from 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 this! You can create your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but not exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is unique and can’t be changed. It could be an item of any rarity like authentic baseball cards or unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible thing that you sell online. It is simpler to just consider as an NFT as a digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and putting it up for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and simply create a collection! Fill out the proper and accurate information about your NFT and select the type of settings you want 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.
It is possible to wait and see the way transactions are handled from now to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT can be found here and what you can sell should you decide to go down that path. The kind of NFT that you can purchase is indefinite since there’s a broad range of ways to approach it.
You can be selling digital items, trading cards game assets domain names, some physical items! Find out what you think will bring the greatest rewards 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 use this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, and it is great for you to make a huge profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to make more money from this act.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency using these platforms. Hidroponia Nft Pdf
You can exchange your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option to exchange for ETH which is the primary crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based around the ETH blockchain, wallets with a connection to this network are appropriate for this website.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage and the ability to buy cryptocurrency using the credit card. Hidroponia Nft Pdf
For more information about the service You can go through their FAQs to see a rundown of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Hidroponia Nft Pdf
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use for selling NFTs due to its low cost of gas and low commission fee rate you must pay.
You can browse and purchase the vast array of digital items on the NFT marketplace and you must check it out!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in 2018. Because its system is based on a blockchain, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark is placed to your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties from OpenSea?
As an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been frequently used on this site and other sites to provide the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned There is 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 browsing through the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and receive alerts on any updates that affect 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/).