The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto-coins. Markets have popped up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and discover what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to check out 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 Hydrocycle Hobby Nft Letuce System
The purpose of OpenSea was to provide 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 issues.
In terms of the registration process, you don’t have to provide any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It is also based on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains that are available it is possible to choose which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT, along with those who wish to purchase it. Every transaction will be conducted by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name, to a piece of art by an artist you admire. Anyone can become a seller, but it takes some time before anyone can become an established seller.
There’s a huge selection in the collection on OpenSea and you could become a part of that! You can set up your own marketplace on this site, as well as find NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible token which is extremely unique and can’t be changed. It can be an item of rarity like rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible object that you can sell on the internet. It is simpler to simply imagine as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling the shots on your own NFTs. You’re claiming the ownership of the particular item you uploaded on market, as putting it up for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like for it (e.g. blockchain, payment tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe how transactions progress from here on out to determine whether OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs can be purchased here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT it can be isn’t limited as there’s a variety of how you can go about it.
You can be selling digital items, trading cards game assets domain names, also physical goods! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from the others. There are no gas costs when you use this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your NFT collection.
Referral Program
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps of OpenSea are available for both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency through these platforms. Hydrocycle Hobby Nft Letuce System
You can convert the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
Each of them has the option of exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly around the ETH blockchain, all wallets with a connection to that network will be suitable for this website.
Here’s a list various crypto wallets that you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Hydrocycle Hobby Nft Letuce System
For more information about the service to learn more, check out their FAQs for the steps you can get started and also what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
Pros
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
Cons
- Allows royalty rates of 10% for artists (low royalty rates).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their cryptocurrency 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 are actively selling since there’s no extra charge for it.
Frequently Asked Questions Hydrocycle Hobby Nft Letuce System
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its low gas fees and low commission fee rate that you have to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legitimate and secure?
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 built on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned to your account or any collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties from OpenSea?
As an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be reasonably low compared to the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using 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 app?
As previously mentioned there’s an official mobile app from OpenSea for both iOS or Android. Download it at their respective app store and then you can begin exploring the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and get 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/).
