Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. Markets have popped up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and discover what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace How Do I Propogate Seeds To Transplant To My Nft Hydro System
The goal of OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra costs. It has more functions that let you sell your art without too many difficulties.
In terms of registration, you don’t need to give any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It also operates with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains available you can pick which one you would like to publish your NFT as seller. This ensures the safety of your NFT as well as those who would like to purchase it. All transactions will be made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist that you admire. Anyone can sell however, it takes a while for anyone to be an established seller.
There’s a huge selection of NFTs available on OpenSea, and you can join in with that! You can create your own market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around so long on the internet that the majority of young people have heard of it but not exactly sure what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible token that is very unique and can’t be substituted. It could be an item of rareness like authentic baseball cards or unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can just think of an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming ownership over that particular token/item you uploaded on market, as selling it. Usually, this becomes official after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain or payments tokens). After you’ve completed the process then you’re able to upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about the kind of NFTs be purchased here and what you can sell should you decide to pursue that route. The kind of NFT it is unlimited because there’s a wide range of options for how to approach it.
You can be selling trade cards, digital goods game assets domain names, also physical goods! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you start selling because you won’t have to spend on additional fees.
Not many NFT marketplaces have this feature, and it is great for you to receive high profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to make more money by this method.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS and Android. Even though you can’t buy or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to exchange your fiat money for cryptocurrency on these platforms. How Do I Propogate Seeds To Transplant To My Nft Hydro System
You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option to exchange for ETH that is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built around an ETH blockchain, all wallets which are part of that network will be suitable for the site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. How Do I Propogate Seeds To Transplant To My Nft Hydro System
To know more about it You can go through their FAQs to see an overview of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps for iOS and 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 market and NFTs.
- Allows royalties 10% to artists (low royalty).
- It is not possible to buy or sell items through the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions How Do I Propogate Seeds To Transplant To My Nft Hydro System
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists using the platform to market NFTs due to its low gas costs and the low commission rate you must pay.
You can browse and shop for an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear to your account or collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared to other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be widely utilized on this website and many others to accommodate many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile application from OpenSea for both iOS as well as Android. You can download it through their app store, and then you can begin exploring the collection now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and receive alerts on any updates that affect 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/).