The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto coins. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea can be one, and it’s 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 among cryptocurrency users because of its security and quick transactions.
Get on board, and discover the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace How To Build A Small Nft Hydroponic System
The goal to create OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional charges. It has more functions which allow you to market your art without too many difficulties.
When it comes to the registration process, you don’t have to give any personal information about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains that are available you can pick which one you want to upload your NFT on as seller. This ensures the safety of your NFT, along with the people who want to buy it. All transactions will be made along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can sell however it takes some time for anyone to be a reputable one.
There are a variety of NFTs of NFTs available at OpenSea, and you can also be a part of this! You can create your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency that is very individual and cannot be changed. This can be a piece of rareness, such as rare baseball trading cards in mint condition or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you can sell online. It is simpler to just imagine an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and you’re offering it for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and simply 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, payments tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from now to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs can be found here and what kind of NFTs you can also sell if you choose to go down that path. The type of NFT it is unlimited because there’s a wide range of ways to go about it.
You could be selling digital products, trading cards games, domain names, and some physical items! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the other options. There are no gas costs when you utilize this feature to create and market NFTs. This means you’ll be able to make the highest profits once you start selling because you don’t need to pay on additional fees.
Not many NFT marketplaces provide this feature, and it can be a fantastic way to receive high profit from your collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which means you can make more money from this act.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available for both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to exchange your fiat money for cryptocurrency using these platforms. How To Build A Small Nft Hydroponic System
You can exchange your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
All of these have the option of exchange for ETH that is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built around an ETH blockchain, wallets that share this network are appropriate for the site.
Here’s a list of several crypto wallets 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 including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. How To Build A Small Nft Hydroponic System
To know more about it, you can check their FAQs for an overview of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- You cannot buy or sell products through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions How To Build A Small Nft Hydroponic System
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way for selling their artwork online and receive cryptocurrency as a form of payment. It’s a great platform for artists using for selling NFTs due to its no cost of gas and low commission fees that you have to pay.
You can browse and purchase an array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are secure and safe.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed on your account or any collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been widely used on this site as well as other sites to provide more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As mentioned before, there is definitely an official mobile app by OpenSea that is available for iOS or Android. Download it at their respective app store, and then you can begin exploring the collection now!
The Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).