The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto-coins. Markets have popped up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see 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. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Hydroponic Nft Dyi
The goal for OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra fees. It also has additional functions that let you sell your art without too many problems.
In terms of registration, you don’t need to give too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains that are available, you can choose which one you would like to upload your NFT on as a seller. This will ensure the security of your NFT as well as the people who want to buy it. All transactions are made using this blockchain, so you should consider 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 for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork by an artist you admire. Anyone can sell, but it takes a while for anyone to become a reputable one.
There is a wide variety in the collection at OpenSea and you could become a part of the collection! You can create your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but not exactly sure what it is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be replaced. It can be an item of any rareness, such as mint-condition baseball trading cards or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item you’re selling online. In simpler terms, you could just consider the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming the ownership of the particular item you uploaded on the market place, but selling it. Typically, this is official after you fill in the proper information regarding the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and simply creating a collection to start! Input the appropriate and accurate information about your NFT and select the type of settings you want to use it with (e.g. blockchain or payment tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from now on to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering what kind of NFTs can be found here and what you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is unlimited as there’s a variety of ways to approach it.
You can be selling digital products, trading cards games domain names, also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the others. There’s no cost for gas when you utilize this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, and it is great for you to earn a high return from your portfolio.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to convert your fiat money into cryptocurrency through these platforms. Hydroponic Nft Dyi
You can swap your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
Each of them has the option to exchange for ETH that is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly around an ETH blockchain, wallets which are part of that network will be suitable for this site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. Hydroponic Nft Dyi
To learn more about it to learn more, check out their FAQs to get a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Hydroponic Nft Dyi
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists using the platform to market NFTs because of its zero gas costs and the low commission rate that you have to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace and you must take a look!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are safe and secure.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed to your account or the collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll 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 the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store and then you can begin browsing through the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).