The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to check out 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 Hydroponic Nft Diy Cannabis
The goal of OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra charges. It has more functions that let you sell your art without too many problems.
In terms of the registration process, you don’t have to worry about giving all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It also functions with the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains you can pick which one you’d like to upload your NFT on as an seller. This ensures the safety of your NFT as well as those who wish to purchase it. Every transaction will be conducted 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 exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can be a seller however, it takes a while for anyone to become an established seller.
There is a wide variety of NFTs available on OpenSea, and you can join in with that! You can create your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it but not exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy is an NFT. A NFT is a token that is non-fungible that is unique and can’t be changed. It can be a piece of rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you can sell online. In simpler terms, you could just think of as an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the marketplace, and you’re selling it. Usually, this becomes official after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and create a collection! Fill out the proper and accurate information about your NFT and choose what kind of settings you want for it (e.g., blockchain, payments tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about what kind of NFTs be purchased here, and what you could sell should you decide to go that route. The kind of NFT it can be isn’t limited because there’s a wide range of options for how to do it.
You can be selling digital products, trading cards, game assets domain names, even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from other companies. There’s no cost for gas for using this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on any additional charges.
Very few NFT marketplaces have this feature, which is why this can be a fantastic way to make a huge profit from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency through these platforms. Hydroponic Nft Diy Cannabis
You can exchange the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are still more compatible with it than others. Since it is built around the ETH blockchain, wallets with a connection to that network will be suitable for the site.
Here’s a list of various crypto wallets that 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 wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to buy cryptocurrency using a credit card. Hydroponic Nft Diy Cannabis
For more information about the service, you can check their FAQs to get an overview of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Hydroponic Nft Diy Cannabis
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its low gas fees and low commission fees which you are required to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year of 2018. Since its system is built on a blockchain that is secure, you can claim that your transactions are safe and secure.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned next to your account or any collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison to other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store, and you can start browsing through the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications about updates to 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/).