Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up across the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s explore what you can do with OpenSea as well as examining the NFTs that you can see!
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 Nft Aquaponics Systems
The aim of OpenSea was to provide an online marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions that let you sell your art without too many difficulties.
When it comes to registration, you don’t need to worry about giving too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It also functions on the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT as well as those who wish to buy it. All transactions are made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes some time before anyone can become a reputable one.
There’s a huge selection from the selection of NFTs available at OpenSea and you could become a part of the collection! You can start your own personal market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market, the term “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. This can be an item of any rareness like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you sell online. In simpler terms, you could simply imagine an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming the ownership of the particular item that you have uploaded to the market place, but you’re selling it. Usually, this is recognized when you have filled in all the necessary information about the NFT and then add it on the market.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and simply creating a collection to start! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use for it (e.g. blockchain, payment tokens). After that then you’re able to upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now on to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering which kind of NFT can you shop for here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT that you can purchase is indefinite as there’s a variety of ways to go about it.
You could be selling digital items, trading cards game assets, domain names, and also physical goods! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees for using this feature to make and then sell the NFTs. This means you’ll get the most profit when you begin selling since you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, which is why this is great for you to earn a high return from your collection.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can make more money by this method.
Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS as well as Android. While you’re not able to buy or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency through these platforms. Nft Aquaponics Systems
You can convert your fiat currency using a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of exchange for ETH, which is the standard crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than other. Since it is built mainly around an ETH blockchain, wallets which are part of this network are appropriate for this website.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to purchase cryptocurrency with the credit card. Nft Aquaponics Systems
To know more about it You can go through their FAQs to see an overview of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized 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 royalties 10% for artists (low royalty).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed for this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Aquaponics Systems
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero gas costs and low commission fee rate which you are required to pay.
You can shop and browse an array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Because its system is built on a blockchain that is secure, you can declare that transactions are safe and secure.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear on your account or any collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison against others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is frequently used on this site as well as many others to accommodate more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile app by OpenSea that is available for iOS as well as Android. Download it at their respective app store and begin exploring the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application, you can 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/).