The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto-coins. Markets have popped up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace List Of Nft Plants
The purpose of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional fees. There are additional features which allow you to market your art without too many problems.
When it comes to registration, you don’t need to give any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used to carry out the majority of processes. It is also based on the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains you can pick which one you want to transfer your NFT to as a seller. This ensures the safety of your NFT and those who would like to buy it. All transactions are made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name, to a piece of art by an artist you admire. Anyone can sell, but it takes time before anyone can become an established one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you could become a part of the collection! You can start your own market on this site, as well as find NFTs that you would like to purchase 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 for so long on the internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible token which is extremely exclusive and cannot be changed. This can be an item of rarity like authentic baseball cards or uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you sell on the internet. In simpler terms, you could simply imagine as an NFT as a digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You are calling ownership over that particular token/item that you have uploaded to market, as you’re offering it for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and select the type of settings you want for it (e.g. blockchain or money transfer tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
It is possible to wait and see how transactions progress from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about which kind of NFT can be found here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT that you can purchase is indefinite since there’s a broad range of ways to do it.
You can be selling digital items, trading cards games domain names, some physical items! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs when you use this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you don’t need to pay on any additional charges.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you make more money through this action.
Other NFT marketplaces don’t have this feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Even though you can’t buy or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency through these platforms. List Of Nft Plants
You can exchange the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of exchange for ETH that is the standard crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than other. Because it is based using the ETH blockchain, wallets which are part of this network are appropriate for the site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage and the ability to buy cryptocurrency using credit cards. List Of Nft Plants
To know more about it, you can check their FAQs to get a rundown of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions List Of Nft Plants
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its low gas fees and the low commission rate you must pay.
You can browse and shop for an array of digital items on the NFT marketplace and you must take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was established in the year 2018. Because its system is based on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear to your account or the collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is frequently used on this site and many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile app from OpenSea available for both iOS and Android. Download it at their respective app store, and you can start exploring the collection now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).