Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto coins. Markets have popped up across the digital web designed to purchase and sell NFTs via 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 prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Hydrponic Nft Wholesak
The aim to create OpenSea was to provide a platform/marketplace for artists to upload their commissions without any extra costs. It has more functions which allow you to market your artwork without any difficulties.
In terms of registration, you won’t have to give all of your personal details. All you need to do is connect your cryptocurrency 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 widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for most processes. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains you can pick which one you want to transfer your NFT to as a seller. This is to ensure the security of your NFT and 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 like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes time before anyone can become a reputable one.
There are a variety of NFTs in the collection on OpenSea, and you can become a part of the collection! You can set up your own market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto 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 sure exactly what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy can be an NFT. The NFT is a non-fungible token that is very individual and cannot be substituted. This can be an item of rarity like mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you sell online. In simpler terms, you could just think of the NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the market place, but you’re selling it. Usually, this becomes official once you fill out all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and simply making a collection to begin! Fill out the proper and complete information about your NFT and select the type of settings you want to use it with (e.g., blockchain or payments tokens). After you’ve completed the process, you can finally upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering which kind of NFT be found here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT it can be 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 game assets domain names, some physical items! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you start selling because you won’t need to spend on additional fees.
Very few NFT marketplaces offer this feature, and it is great for you to receive high profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer benefits 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 make more money from this act.
Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. You can’t buy or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to trade your fiat currency for cryptocurrency through these platforms. Hydrponic Nft Wholesak
You can exchange the fiat currency you have with a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
Each of them has the option to exchange for ETH, which is the most common crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly on an ETH blockchain, all wallets with a connection to that network will be suitable for this website.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets 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 buy cryptocurrency using a credit card. Hydrponic Nft Wholesak
For more information about the service You can go through their FAQs for an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- It is not possible to buy or sell items via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Hydrponic Nft Wholesak
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its no gas costs and low commission fee rate which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Since its system is based on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
Additionally, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark is placed to your account or the collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison against others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile application from OpenSea available for both iOS as well as Android. You can download it through their app store, and begin exploring the collection now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you can 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/).