The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto currency. Markets have popped up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Channels Hydroponics
The goal to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions with no additional charges. There are additional features which allow you to market your art without too many difficulties.
For the registration process, you don’t have to provide all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It is also based on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains that are available, you can choose which one you’d like to publish your NFT as seller. This ensures the safety of your NFT and those who wish to buy it. All transactions will be made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist that you admire. Anyone can be a seller, but it takes a while before anyone can become an established seller.
There are a variety of NFTs in the collection on OpenSea and you could also be a part of the collection! You can start your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can buy includes an NFT. The NFT is a non-fungible token which is extremely unique and can’t be changed. It could be an item of rareness like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible item that you sell online. More straightforwardly, you can just think of an NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling the ownership of the particular item you uploaded on the marketplace, and you’re offering it for sale. Usually, this becomes official after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and then creating a collection to start! Fill out the proper and accurate information about your NFT and select the type of settings you want for it (e.g. blockchain, money transfer tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from now on to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself what kind of NFTs can you shop for here, and what you could also sell if you choose to go down that path. The type of NFT that you can purchase is indefinite since there’s a broad range of ways to go about it.
You could be selling trade cards, digital goods game assets domain names, even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t have to spend on additional fees.
Very few NFT marketplaces offer this feature, and it is a great way to receive high profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to make more money through this action.
Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Even though you can’t buy or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you You can also exchange your fiat money for cryptocurrency using these platforms. Nft Channels Hydroponics
You can convert your fiat currency using a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option to exchange for ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets still more compatible with it than others. Because it is based on the ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. Nft Channels Hydroponics
For more information about the service to learn more, check out their FAQs to see a rundown of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalties).
- Cannot buy or sell via this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Channels Hydroponics
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online and receive cryptocurrency as a method of payment. It’s a great platform for artists who use it to sell NFTs due to its no cost of gas and low commission fees you must pay.
You can browse and shop for the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year of 2018. Since its system is built on blockchain technology, it is safe to say that your transactions are protected and secured.
Additionally as a seller you’ll be verified when you have built up your credibility. A blue checkmark will appear next to your account or the collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison to other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly used on this site and numerous others to cater for more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As mentioned before There is an official mobile application from OpenSea for both iOS as well as Android. You can download it through their app store and then you can begin browsing through the collection right now!
A Desktop application 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 from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).