The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto-coins. Marketplaces are popping up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see what NFTs you can view!
Before you go on, you may want to watch 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.
OpenSea as an NFT Marketplace Nft/Aeroponic Hybrid Systems
The goal to create OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra costs. There are additional features that let you sell your art without too many issues.
When it comes to registration, you don’t need to provide all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This 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 functions with the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains available, you can choose which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT as well as those who would like to purchase it. All transactions are made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to official art from an artist you admire. Anyone can be a seller however, it takes some time before anyone can become a reputable one.
There are a variety of NFTs in the collection at OpenSea and you can join in with this! You can start your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is very exclusive and cannot be replaced. It can be a piece of rareness, such as authentic baseball cards or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can just think of as an NFT to be a type of 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 the marketplace, and you’re putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you want for it (e.g., blockchain or payments tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from now on to see if OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about which kind of NFT can you shop for here and what you can also sell if you decide to go that route. The type of NFT that you can purchase is unlimited since there’s a broad range of options for how to do it.
You could be selling digital products, trading cards games, domain names, and even physical assets! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the others. There are zero gas fees when you utilize this feature to create and market NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, so this is a great way to make a huge profit from your collection.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more cash by this method.
Other NFT marketplaces don’t have this feature This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available on both iOS as well as Android. Although you aren’t able to purchase or sell things, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency on these platforms. Nft/Aeroponic Hybrid Systems
You can exchange your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option of converting them into ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than others. Because it is based around an ETH blockchain, all wallets with a connection to the same network are suitable for this website.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and many 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, mobile-only usage, and the function to purchase cryptocurrency using the credit card. Nft/Aeroponic Hybrid Systems
To know more about it to learn more, check out their FAQs for the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to 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 are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft/Aeroponic Hybrid Systems
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use for selling NFTs due to its no cost of gas and the low commission rate that you have to pay.
You can browse and purchase an array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of the year of 2018. Because its system is built on blockchain technology and is secured, it is safe to declare that transactions are secure and safe.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark is placed to your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as other sites to provide more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As previously mentioned there’s an official mobile app from OpenSea 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 for OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).