The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Fertiliser For Tomatoes
The aim to create OpenSea was to offer a platform/marketplace for artists to upload commissions without any extra charges. It has more functions that allow you to sell your artwork without any issues.
When it comes to registration, you don’t need to give all of your personal details. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It also operates with the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains, 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 and those who wish to purchase it. All transactions will be made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can become a seller, but it takes some time for anyone to become a reputable one.
There’s a huge selection from the selection at OpenSea and you can join in with this! You can create your own personal market there, and also find NFTs you’d like to buy 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 for 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 anyone who is new in cryptocurrency.
One of the newest things you can buy can be an NFT. The NFT is a non-fungible currency that is very individual and cannot be changed. It can be an item of any rarity like authentic baseball cards or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item you’re selling on the internet. More straightforwardly, you can simply think of an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You are calling ownership over that particular token/item that you have uploaded to the market place, but offering it for sale. Usually, this becomes official after you fill in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and create a collection! Fill out the proper and correct information regarding your NFT and then select what type of settings you want to use it with (e.g., blockchain and payments tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from here on out to see if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about the kind of NFTs can be purchased here and what you can also sell if you choose to go that route. The kind of NFT it is unlimited as there’s a variety of how you can approach it.
You can be selling digital items, trading cards game assets domain names, some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the others. There are no gas costs for using this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces have this feature, and it is a great way to earn a high return from your portfolio.
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are advantages by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you earn more cash through this action.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS as well as Android. While you’re not able to buy or sell things, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Fertiliser For Tomatoes
You can convert the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of them have the option of converting them into ETH which is the standard crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than other. Because it is based on the ETH blockchain, wallets that share this network are appropriate for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and 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 function to buy cryptocurrency using a credit card. Nft Fertiliser For Tomatoes
To learn more about it You can go through their FAQs for the steps you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Fertiliser For Tomatoes
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online, and to accept cryptocurrency as a form of payment. It’s an ideal option for artists who want to use for selling NFTs because of its zero gas fees and low commission fees that you have to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to say that your transactions are safe and secure.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed to your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile app by OpenSea that is available for iOS and Android. Download it at their respective app store and begin exploring the collection now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts as well as 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/).