Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto coins. Markets have popped up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good 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 let’s explore the possibilities of 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’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Hydroponic Nft Systems
The aim for OpenSea was to offer artists with a marketplace/platform to upload commissions without any extra costs. It has more functions that allow you to sell your work without having to deal with many problems.
In terms of the registration process, you don’t have to worry about giving any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also operates using the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you’d like to transfer your NFT to as a seller. This will ensure the security of your NFT and those who wish to buy it. All transactions will be made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s 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 an official artwork from an artist you admire. Anyone can become a seller however, it takes some time for anyone to be a reputable one.
There’s a huge selection in the collection on OpenSea, and you can become a part of that! You can set up your own personal market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token that is unique and can’t be changed. It can be a piece of rareness, such as authentic baseball cards or rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling online. More straightforwardly, you can just imagine as an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming the owner of the item or token that you have uploaded to the marketplace, and you’re putting it up for sale. Usually, this becomes official when you have filled in the correct information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and simply creating a collection to start! Complete the correct and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain and payments tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.
You can wait and observe the way transactions are handled from now to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself which kind of NFT be found here and what you can also sell if you choose to go down that path. The type of NFT it can be isn’t limited as there’s a variety of how you can go about it.
You could be selling trade cards, digital goods games domain names, some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from other companies. There are no gas costs when you use this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll be rewarded with 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 advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of 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
Numerous cryptocurrency exchange platforms are available to you You can also exchange your fiat money for cryptocurrency through these platforms. Hydroponic Nft Systems
You can convert your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and more!
Each of them has the option of converting them into ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than other. Because it is based around the ETH blockchain, all wallets which are part of that network will be suitable for the site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency using a credit card. Hydroponic Nft Systems
For more information about the service You can go through their FAQs to see the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Hydroponic Nft Systems
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online, and to accept cryptocurrency as their form of payment. It’s a great option for artists who want to use the platform to market NFTs because of its zero gas costs and the low commission rate that you have to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established at the end of the year 2018. Since its system is based on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be quite low in comparison with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been widely used on this site as well as many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile app from OpenSea for both iOS and Android. Install it from their app store and then you can begin browsing through the collection right now!
The version for desktops 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 when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).