Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Now hop aboard, and discover the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Hydroponics Systems Nft
The purpose for OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional fees. There are additional features that allow you to sell your work without having to deal with many difficulties.
When it comes to registration, you don’t need to give too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also operates using the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains that are available you can pick which one you would like to transfer your NFT to as seller. This is to ensure the security of your NFT, along with those who wish to purchase it. All transactions will be made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist that you admire. Anyone can become a seller however it takes time for anyone to be an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea, and you can also be a part of the collection! You can create 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 cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy is an NFT. A NFT is a non-fungible token that is individual and cannot be substituted. It could be an item of rarity like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you sell online. More straightforwardly, you can just think of as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the ownership of the particular item that you have uploaded to market, as selling it. Usually, this is recognized once you fill out the correct information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and creating a collection to start! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain or money transfer tokens). After that, you can finally upload it, if it’s within the limit of 100MB.
You can wait and observe the way transactions are handled from now to see if OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs can be purchased here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT it can be is indefinite as there’s a variety of ways to go about it.
It is possible to sell trade cards, digital goods game assets, domain names, and some physical items! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs when you utilize this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on extra fees.
Very few NFT marketplaces provide this feature, which is why this can be a fantastic way to make a huge profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets there are advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available for both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to convert your fiat money into cryptocurrency through these platforms. Hydroponics Systems Nft
You can exchange your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of converting them into ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets still more compatible with it than other. Since it is built around an ETH blockchain, all wallets which are part of this network are appropriate for this site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. Hydroponics Systems Nft
To know more about it, you can check their FAQs to see an overview of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all 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 that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Hydroponics Systems Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online to receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its low gas fees and low commission fee rate you must pay.
You can browse and shop for an array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are secure and safe.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark is placed on your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties from OpenSea?
As an artist, you’ll get only 10% of the royalties once you upload the NFT. This is believed to be quite low in comparison against other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea available for both iOS or Android. Install it from their app store and then you can begin browsing through the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and get notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).