The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto currency. Markets have popped up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Hydro Northern Lights
The purpose of OpenSea was to provide a platform/marketplace for artists to upload commissions, without having to pay any additional costs. It has more functions which allow you to market your artwork without any problems.
When it comes to the registration process, you don’t have to give too many details about yourself. All you need 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 hurdles as you walk into NFTs.
The most well-known cryptocurrency to use in 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 most processes. It also operates with the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains available, you can choose which one you want to upload your NFT on as seller. This is to ensure the security of your NFT and those who wish to buy it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to official art from an artist that you admire. Anyone can be a seller, but it takes some time for anyone to be an established seller.
There’s a huge selection from the selection of NFTs available at 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’d like to buy for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry the term “NFT” has been going around for so long on internet that many millennials have heard of it but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be changed. It can be a piece of rareness, such as rare baseball trading cards in mint condition, or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing that you can sell online. In simpler terms, you could just imagine as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You are calling the ownership of the particular item that you posted to market, as offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and creating a collection to start! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g., blockchain and payments tokens). After that then you’re able to upload it, if it’s within 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 are available here?
So, at this point you’re probably asking yourself which kind of NFT can be purchased here and what you can also sell if you decide to pursue that route. The kind of NFT it can be isn’t limited as there’s a variety of ways to approach it.
You could be selling trade cards, digital goods, game assets domain names, some physical items! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the others. There are no gas costs when you utilize this feature when you create and market NFTs. This means you’ll get the most profit when you begin selling since you won’t need to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, so this is great for you to earn a high return from your portfolio.
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets there are advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, which means you can earn more money from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell items as you scroll through the list.
OpenSea’s mobile apps are available on both iOS and Android. While you’re not able to buy or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you You can also exchange your fiat money for cryptocurrency on these platforms. Nft Hydro Northern Lights
You can convert your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of these have the option of converting them into ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based on an ETH blockchain, all wallets that share the same network are suitable for the site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Nft Hydro Northern Lights
To know more about it You can go through their FAQs to get the steps you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Hydro Northern Lights
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online to receive cryptocurrency as a method of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero gas costs and low commission fee rate which you are required to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded in the year of 2018. Since the system it operates on is based on a blockchain, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed to your account or any collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site and many others to accommodate the increasing number of cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, 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 browsing through the collection right now!
The desktop application for OpenSea which can be downloaded from 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/).