The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto currency. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea as well as examining the NFTs available to view!
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 Hydroponic Nft Downspout End Cap
The purpose of OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra costs. It has more functions that let you sell your artwork without any issues.
In terms of registration, you won’t have to worry about giving all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions using the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains available you can pick which one you would like to publish your NFT as an seller. This is to ensure the security of your NFT as well as those who wish to purchase it. All transactions will be made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to official art from an artist you admire. Anyone can sell, but it takes some time for anyone to be an established seller.
There are a variety of NFTs of NFTs available at OpenSea and you can become a part of this! You can create your own market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry the term “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible currency that is exclusive and cannot be replaced. It can be an item of any rareness 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 thing that you sell online. In simpler terms, you could just consider an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the ownership of the particular item that you posted to market, as you’re selling it. Usually, this is recognized when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and then create a collection! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain, payment tokens). After that you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how the transactions go from now to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself the kind of NFTs can be purchased here, and what you could sell should you decide to go down that path. The type of NFT that you can purchase isn’t limited since there’s a broad range of how you can do it.
You can be selling trade cards, digital goods games, domain names, and some physical items! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the other options. There are zero gas fees when you use this feature to create and market NFTs. This means you’ll be able to make the highest profits once you begin selling since you don’t need to pay 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 portfolio.
The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets 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 earn 2.50% of the sale amount, letting you earn more cash from this act.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for both iOS as well as Android. While you’re not able to buy or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use to convert your fiat money into cryptocurrency using these platforms. Hydroponic Nft Downspout End Cap
You can exchange the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
All of them have the option of converting them into ETH which is the standard cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built using an ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here is 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 found on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. Hydroponic Nft Downspout End Cap
To know more about it You can go through their FAQs to see an overview of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed 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% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Hydroponic Nft Downspout End Cap
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great option for artists who want to use the platform to market NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception at the end of 2018. Since its system is built on blockchain technology, it is safe to say that your transactions are secure and safe.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be quite low in comparison with other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been widely used on this site and many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS and Android. Install it from their 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 and receive 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/).