Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Film Hydroponics
The purpose to create OpenSea was to offer artists with a marketplace/platform to upload their commissions, without having to pay any additional costs. There are additional features that let you sell your artwork without any problems.
For registration, you don’t need to provide any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It is also based using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains available it is possible to choose which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT, along with those who wish to purchase it. Every transaction will be conducted along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist that you admire. Anyone can be a seller, but it takes time for anyone to be a reputable one.
There are a variety of NFTs from the selection on OpenSea, and you can also be a part of the collection! You can set up your own marketplace 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 a lot of millennials have heard of it but aren’t exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible currency that is individual and cannot be changed. It can be a piece of rareness like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can just think of the NFT to be a type of digital item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and putting it up for sale. Typically, this is official when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and simply making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain, payments tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how the transactions go from now on to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering which kind of NFT can be found here and what you can also sell if you choose to go down that path. The type of NFT that you can purchase isn’t limited as there’s a variety of options for how to do it.
You can be selling digital products, trading cards, game assets domain names, also physical goods! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the other options. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you start selling because you don’t need to pay on additional fees.
Very few 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 a different aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on both iOS in addition to Android. While you’re not able to buy or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also exchange your fiat money for cryptocurrency on these platforms. Nft Film Hydroponics
You can swap your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
Each of them has the option of exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly using an ETH blockchain, all wallets which are part of that network will be suitable for the site.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. Nft Film Hydroponics
To learn more about it You can go through their FAQs to get a rundown of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have 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 can be used to perform 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 of only up to 10% for artists (low royalty rates).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Film Hydroponics
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs due to its low gas costs and low commission fees which you are required to pay.
You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established at the end of the year 2018. Since its system is built on a blockchain, it is safe to say that your transactions are protected and secured.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear next to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are secure.
How do I earn royalties from OpenSea?
As an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison to others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and other sites to provide many more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile app from OpenSea that is available for iOS as well as Android. Download it at their respective app store and begin browsing through the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and 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/).