Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto coins. Markets have popped up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s see the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Aquaponics Rain Gutter
The purpose of OpenSea was to offer an online marketplace for artists to upload their commissions with no additional fees. It has more functions which allow you to market your work without having to deal with many problems.
When it comes to registration, you don’t need to provide too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most well-known 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 is used to carry out the majority of processes. It also functions using the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains that are available you can pick which one you want to upload your NFT on as a seller. This ensures the safety of your NFT and the people who want to buy it. Every transaction will be conducted by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to official art from an artist you admire. Anyone can sell however, it takes a while for anyone to become an established one.
There is a wide variety in the collection at OpenSea and you could become a part of this! You can set up your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry, the term “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t sure exactly what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can buy includes an NFT. An NFT is a non-fungible token that is exclusive and cannot be substituted. It can be an item of any rareness, such as rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you sell online. More straightforwardly, you can just imagine the NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to market, as offering it for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and creating a collection to start! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain or payments tokens). After that you are able to upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from now on to see if OpenSea is the marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering the kind of NFTs be purchased here and what you can sell should you decide to go that route. The kind of NFT it isn’t limited because there’s a wide range of ways to go about it.
You can be selling digital items, trading cards games domain names, also physical goods! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the others. There are no gas costs for using this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t need to spend on additional fees.
Very few NFT marketplaces have this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on both iOS as well as Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can convert your fiat money into cryptocurrency on these platforms. Nft Aquaponics Rain Gutter
You can convert your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option to exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based around an ETH blockchain, wallets that share that network will be suitable for this website.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using the credit card. Nft Aquaponics Rain Gutter
To learn more about it You can go through their FAQs to get a rundown of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts can be used to perform 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% to artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Aquaponics Rain Gutter
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists who use for selling NFTs because of its zero cost of gas and low commission fee rate you must pay.
You can browse and shop for a vast collection 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 established in the year 2018. Because its system is built on blockchain technology and is secured, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned to your account or collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea that is available for iOS as well as Android. Install it from their app store, and then you can begin exploring the collection now!
A desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications about updates to 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/).