The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto coins. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s see the possibilities of 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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Hydroponic Best Way To Start Up New Plants
The goal to create OpenSea was to offer an online marketplace for artists to upload commissions, without having to pay any additional fees. There are additional features that let you sell your work without having to deal with many difficulties.
For the registration process, you don’t have to worry about giving any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains it is possible to choose which one you want to upload your NFT on as an seller. This is to ensure the security of your NFT, along with those who would like to purchase it. All transactions are made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can sell however, it takes time for anyone to become an established seller.
There’s a huge selection from the selection on OpenSea and you can join in with the collection! You can start your own marketplace there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible currency that is very unique and can’t be changed. It can be a piece of rarity like authentic baseball cards or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell online. In simpler terms, you could simply think of an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming the owner of the item or token that you posted to the market place, but you’re putting it up for sale. Usually, this is recognized once you fill out the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and making a collection to begin! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g. blockchain and payment tokens). After that you are able to upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now on to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering the kind of NFTs be purchased here and what you can sell should you decide to pursue that route. The type of NFT it can be is indefinite since there’s a broad range of ways to approach it.
It is possible to sell digital items, trading cards games domain names, also physical goods! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the other options. There are zero gas fees for using this feature when you create and market NFTs. This is essentially a way to ensure that you get the most profit when you sell because you don’t need to pay on any additional charges.
Not many NFT marketplaces provide this feature, which is why this is a great way to receive high profit from your portfolio.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are advantages by referring a friend to OpenSea! If you invite 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 earn more cash by this method.
Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell items as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency on these platforms. Nft Hydroponic Best Way To Start Up New Plants
You can exchange your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and more!
Each of them has the option to exchange for ETH, which is the primary crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built around an ETH blockchain, any wallets that share the same network are suitable for this site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency using the credit card. Nft Hydroponic Best Way To Start Up New Plants
To know more about it to learn more, check out their FAQs for a rundown of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Hydroponic Best Way To Start Up New Plants
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way for selling their artwork online and receive cryptocurrency as a form of payment. It’s a great option for artists who want to use the platform to market NFTs due to its low cost of gas and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & secure?
Answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year of 2018. Because its system is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or any collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is commonly utilized on this website and other sites to provide many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with 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 from OpenSea for both iOS or Android. You can download it through their app store and you can start browsing through the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).