The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto coins. Markets have popped up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and most popular 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 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Hydro Cannabis System
The aim of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra charges. It has more functions that allow you to sell your work without having to deal with many difficulties.
In terms of registration, you won’t have to worry about giving all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also functions using the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains, you can choose which one you’d like to upload your NFT on as seller. This will ensure the security of your NFT, along with those who would like to purchase it. All transactions are made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to official art from an artist you admire. Anyone can become a seller however, it takes some time for anyone to become an established one.
There is a wide variety in the collection on OpenSea, and you can also be a part of the collection! You can create your own marketplace on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy can be an NFT. A NFT is a non-fungible currency that is very individual and cannot be changed. This can be an item of any rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can simply think of the NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item you uploaded on market, as you’re selling it. Usually, this is recognized after you fill in the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and simply making a collection to begin! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like for it (e.g. blockchain or payments tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now on to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering the kind of NFTs you shop for here and what you can also sell if you choose to go that route. The type of NFT that you can purchase is indefinite since there’s a broad range of ways to do it.
You can be selling trade cards, digital goods, game assets domain names, even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from other companies. There are no gas costs when you use this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t have to spend on additional fees.
Very few NFT marketplaces have this feature, so this can be a fantastic way to make a huge profit from your collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can make more money by this method.
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 application, however it is mainly used for perusing through the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. While you’re not able to buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency through these platforms. Nft Hydro Cannabis System
You can exchange the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based around an ETH blockchain, any wallets that share the same network are suitable for this site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only, and the function to buy cryptocurrency using a credit card. Nft Hydro Cannabis System
For more information about the service, you can check their FAQs to see a rundown of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are used 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 up to 10% for artists (low royalties).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Hydro Cannabis System
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its no gas costs and low commission fee rate which you are required to pay.
You can browse and purchase an array of digital items on the NFT marketplace and you must check it out!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
In addition as a seller you will be verified after you build up your reputation. A blue checkmark will appear next to your account or the collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared with other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be widely utilized on this website and other sites to provide many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store and begin exploring the collection now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).