Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto currency. Markets have popped up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft 4X4 Grow Tent
The purpose for OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions which allow you to market your art without too many problems.
For registration, you won’t have to give any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It is also based on the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains available, you can choose which one you want to transfer your NFT to as seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions will be made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller however, it takes some time for anyone to be a reputable one.
There’s a huge selection in the collection of NFTs available at OpenSea, and you can also be a part of the collection! You can create your own personal market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it but not exactly sure what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be substituted. It can be an item of rareness like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell online. In simpler terms, you could just imagine an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling ownership over that particular token/item that you posted to the market place, but you’re offering it for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and simply creating a collection to start! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain or money transfer tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe how transactions progress from now to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself 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 kind of NFT that you can purchase is indefinite as there’s a variety of how you can go about it.
It is possible to sell digital products, trading cards, game assets, domain names, and even physical assets! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas for using this feature to make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you sell because you don’t need to pay on additional fees.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your portfolio.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces that offer benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
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 browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use to convert your fiat money into cryptocurrency through these platforms. Nft 4X4 Grow Tent
You can exchange your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option of converting them into ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than other. Since it is built using an ETH blockchain, all wallets which are part of the same network are suitable for this website.
Here’s a list different 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 wallet has its own restrictions including simple registration, mobile-only usage, and the function to purchase cryptocurrency using a credit card. Nft 4X4 Grow Tent
To learn more about it You can go through their FAQs to see the steps you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. 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 or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft 4X4 Grow Tent
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use it to sell NFTs because of its zero gas fees and the low commission rate that you have to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established at the end of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear next to your account or any 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 from OpenSea?
However, as an artist, you will get only 10% of the royalties once you upload the NFT. This is believed to be quite low in comparison against others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or 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 application?
As mentioned before, there is definitely an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store and then you can begin browsing through the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts as well as receive 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/).