The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Multi Level High Volume Production Nft Hydroponic System
The goal for OpenSea was to offer an online marketplace for artists to upload their commissions with no additional costs. It also has additional functions that let you sell your work without having to deal with many issues.
For the registration process, you don’t have to worry about giving any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains you can pick which one you’d like to publish your NFT as an seller. This will ensure the security of your NFT, along with the people who want to purchase it. All transactions are made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to an official artwork by an artist you admire. Anyone can sell however it takes some time before anyone can become an established one.
There’s a huge selection from the selection on OpenSea and you could become a part of the collection! You can set up your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement 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 the majority of young people have heard of it but not exactly sure what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible currency which is extremely exclusive and cannot be changed. It could be an item of any rareness like rare baseball trading cards in mint condition or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item you’re selling online. In simpler terms, you could simply think of an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming the owner of the item or token you uploaded on market, as offering it for sale. Usually, this is recognized when you have filled in the correct information about the NFT and then add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain or payment tokens). After that then you’re able to upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from now to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT can be purchased here and what kind of NFTs you can sell should you decide to pursue that route. The type of NFT it can be is unlimited because there’s a wide range of options for how to go about it.
You could be selling trade cards, digital goods, game assets domain names, also physical goods! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from the others. There are no gas costs when you use this feature when you make and then sell the NFTs. This means 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 provide this feature, so this is a great way to receive high profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can earn more money through this action.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS and Android. Even though you can’t buy or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to convert your fiat money into cryptocurrency on these platforms. Multi Level High Volume Production Nft Hydroponic System
You can swap the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of exchange for ETH which is the primary crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Because it is based using the ETH blockchain, all wallets with a connection to that network will be suitable for this website.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency using a credit card. Multi Level High Volume Production Nft Hydroponic System
For more information about the service, you can check their FAQs to get an overview of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as 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 royalty rates of 10% to artists (low royalty).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Multi Level High Volume Production Nft Hydroponic System
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no gas fees and the low commission rate you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace and you must take a look!
Is OpenSea real and secure?
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 protected and secured.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed next to your account or any collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be widely used on this site as well as numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile application from OpenSea available 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 version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you can 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/).