The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto coins. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Hydroponics Nft Setups
The goal of OpenSea was to offer a platform/marketplace for artists to upload commissions with no additional charges. It also has additional functions that let you sell your work without having to deal with many difficulties.
When it comes to the registration process, you don’t have to give any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains available, you can choose which one you would like to publish your NFT as 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, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes some time for anyone to be an established one.
There are a variety of NFTs from the selection at OpenSea, and you can also be a part of this! You can create your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.
> > Click Here to Explore OpenSea < <
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 a lot of millennials are familiar with it , but aren’t exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible token which is extremely individual and cannot be substituted. This can be an item of any rarity like authentic baseball cards, or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell online. More straightforwardly, you can simply consider the NFT being a virtual collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you have uploaded to market, as offering it for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and then creating a collection to start! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use it with (e.g., blockchain, 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 how transactions progress from here on out to see whether OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
So, at this point you’re probably asking yourself what kind of NFTs be found here, and what you could also sell if you decide to pursue that route. The kind of NFT it isn’t limited because there’s a wide range of options for how to go about it.
It is possible to sell trade cards, digital goods games, domain names, and some physical items! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from other companies. There are no gas costs when you utilize this feature when you create and market NFTs. This simply means that 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 have this feature, so this is great for you to receive high profit from your NFT collection.
Referral Program
A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is 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 listings.
The mobile apps from OpenSea are accessible on both iOS and Android. Even though you can’t buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also convert your fiat money into cryptocurrency through these platforms. Hydroponics Nft Setups
You can convert your fiat money via your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
Each of them has the option to exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built on the ETH blockchain, any wallets which are part of this network are appropriate for the site.
Here is a list of different crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. Hydroponics Nft Setups
For more information about the service You can go through their FAQs to see a rundown of how you can start and also what other crypto wallets work with OpenSea.
> > Click Here to Explore 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:
Pros
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
Cons
- Allows royalties of only up to 10% for artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required for this marketplace.
Pricing
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Hydroponics Nft Setups
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use for selling NFTs due to its low cost of gas and the low commission rate that you have to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was established in the year of 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are secure and safe.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will appear next 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 that users are safe.
How can I earn royalties on OpenSea?
As an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before, there is definitely an official mobile app by OpenSea that is available for iOS and Android. You can download it through their app store and you can start browsing through the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications on updates regarding 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/).
