The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s see what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Hydroponic Bibb Lettuce Growth Cycle
The aim for OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional costs. It has more functions which allow you to market your art without too many difficulties.
For the registration process, you don’t have to provide any personal information about yourself. All you have to 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.
OpenSea: Blockchain
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It is also based on the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains, you can choose which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT, along with those who wish to buy it. All transactions are made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to an official artwork by an artist you admire. Anyone can become a seller however, it takes a while before anyone can become an established one.
There is a wide variety in the collection of NFTs available at OpenSea, and you can become a part of the collection! You can start your own personal market there, and also find NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
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 a lot of millennials have heard of it but aren’t sure exactly what it means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can buy includes an NFT. A NFT is a non-fungible token that is very exclusive and cannot be substituted. It can be an item of any rareness like rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you can sell online. In simpler terms, you could just consider an NFT as a digital collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling dibs for your personal NFTs. You’re claiming the ownership of the particular item you uploaded on the marketplace, and putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and simply creating a collection to start! 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 or payments tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from now to see whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
At this point you’re probably thinking about what kind of NFTs be found here and what you can sell should you decide to pursue that route. The kind of NFT that you can purchase is indefinite because there’s a wide range of how you can approach it.
It is possible to sell digital items, trading cards game assets domain names, also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the other options. There’s no cost for gas for using this feature to create and market NFTs. This means you’ll be able to make the highest profits once you sell because you don’t need to pay on additional fees.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
Referral Program
This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces there are advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you make more money from this act.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
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 explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Hydroponic Bibb Lettuce Growth Cycle
You can convert your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and many more!
All of these have the option to exchange for ETH that is the most common crypto payment in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built on the ETH blockchain, wallets which are part of the same network are suitable for this website.
Here’s a list different crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many 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, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. Nft Hydroponic Bibb Lettuce Growth Cycle
To know more about it You can go through their FAQs to see the steps you can get started and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
Pros
- Mobile apps available for iOS and 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 industry and NFTs.
Cons
- Allows royalty rates of up to 10% for artists (low royalties).
- You cannot buy or sell products through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed for this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Hydroponic Bibb Lettuce Growth Cycle
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 to accept cryptocurrency as their form of payment. It’s a great platform for artists who use the platform to market NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in 2018. Since the system it operates on is built on a blockchain, it is safe to declare that transactions are safe and secure.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed to your account or collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties from OpenSea?
As an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be widely utilized on this website and many others to accommodate many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile application from OpenSea for both iOS or Android. Download it at their respective app store and you can start 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 as well as 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/).
