The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. Markets have popped up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s explore what you can do with OpenSea and also see 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Melon Hidroponik Nft
The aim for OpenSea was to offer an online marketplace for artists to upload their commissions without any extra costs. It has more functions that let you sell your art without too many issues.
When it comes to registration, you don’t need to worry about giving too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also operates using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains available you can pick which one you want to upload your NFT on as a seller. This will ensure the security of your NFT, along with those who wish to buy it. Every transaction will be conducted along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist that you admire. Anyone can become a seller, but it takes some time for anyone to be an established seller.
There’s a huge selection of NFTs available at OpenSea and you can become a part of the collection! You can create your own personal market there, and also find NFTs you want 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 are familiar with it , but not exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can buy includes an NFT. The NFT is a token that is non-fungible that is very unique and can’t be substituted. This can be a piece of rareness like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could simply think of the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling ownership over that particular token/item you uploaded on the marketplace, and offering it for sale. Typically, this is official once you fill out the correct 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 making a collection to begin! Complete the correct and complete information about your NFT and select the type of settings you’d like to use for it (e.g. blockchain or money transfer 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 now on to see if OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering the kind of NFTs can be purchased here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT it can be is unlimited because there’s a wide range of how you can do it.
You could be selling digital items, trading cards games domain names, also physical goods! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the others. There’s no cost for gas for using this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you won’t have to spend on any additional charges.
Very few NFT marketplaces offer this feature, and it is great for you to make a huge profit from your portfolio.
The Referral Program is another unique aspect 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 buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to convert your fiat money into cryptocurrency using these platforms. Melon Hidroponik Nft
You can convert the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of exchange for ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly on the ETH blockchain, any wallets with a connection to that network will be suitable for this website.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. Melon Hidroponik Nft
To know more about it, you can check their FAQs to get an overview of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view 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.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Melon Hidroponik Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online, and to accept cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its low cost of gas and low commission fees you must pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since its system is built on blockchain technology, it is safe to say that your transactions are safe and secure.
In addition as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned next to your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is believed to be reasonably low compared against other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile app from OpenSea for both iOS and Android. You can download it through their app store, and then you can begin browsing through the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and get notifications about updates to 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/).