The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto currency. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s see what you can do with 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft How Much Nutrient Flow
The aim to create OpenSea was to provide an online marketplace for artists to upload commissions without any extra fees. It also has additional functions that allow you to sell your work without having to deal with many difficulties.
For registration, you won’t have to give any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also operates with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains that are available it is possible to choose which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT, along with those who would like to purchase it. All transactions will be made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can become a seller, but it takes a while for anyone to be a reputable one.
There’s a huge selection of NFTs available at OpenSea, and you can also be a part of the collection! You can start your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t exactly sure 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 is an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be substituted. This can be an item of any rareness like authentic baseball cards or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. It is simpler to simply imagine the NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You are calling ownership over that particular token/item that you have uploaded to the market place, but selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and add it on the market.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain or money transfer 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.
You can wait and observe how transactions progress from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about what kind of NFTs be purchased here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT it is unlimited because there’s a wide range of ways to go about it.
You could be selling digital items, trading cards game assets domain names, some physical items! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the other options. There are no gas costs for using this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces have this feature, so this is a great way to receive high profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can earn more money through this action.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available on both iOS in addition to Android. Even though you can’t buy or sell things, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency on these platforms. Nft How Much Nutrient Flow
You can swap the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option of exchange for ETH that is the standard cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all types of crypto, wallets are still more compatible with it than others. Since it is built around the ETH blockchain, all wallets which are part of this network are appropriate for the site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. Nft How Much Nutrient Flow
For more information about the service, you can check their FAQs to see the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has 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 or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- You cannot buy or sell products on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed to access 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. However, overall, you will quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft How Much Nutrient Flow
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists using the platform to market NFTs because of its zero gas fees and low commission fees that you have to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded at the end of the year of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Additionally, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark is placed next to your account or collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison against the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS or Android. Download it at their respective app store and begin browsing through the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and receive notifications about updates to your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).