Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Hydroponic Gutters
The purpose of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional charges. It also has additional functions which allow you to market your work without having to deal with many issues.
In terms of registration, you won’t have to provide too many details about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It also functions on the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains available it is possible to choose which one you would like to upload your NFT on as a seller. This will ensure the security of your NFT and the people who want to buy it. All transactions are made along with 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 in exchange for other NFTs. You can buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller however it takes some time before anyone can become an established seller.
There is a wide variety of NFTs available at OpenSea and you can also be a part of that! You can start 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 the internet that many millennials are familiar with it , but aren’t exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible currency that is very unique and can’t be replaced. This can be an item of rarity like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible object you’re selling online. In simpler terms, you could simply imagine the NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and you’re putting it up for sale. Typically, this is official when you have filled in all the necessary information about the NFT and add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and making a collection to begin! Complete the correct and complete information about your NFT and select the type of settings you’d like to use it with (e.g., blockchain and money transfer tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how the transactions go from now to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself the kind of NFTs be purchased here and what you can also sell if you decide to go that route. The type of NFT it can be is indefinite since there’s a broad range of ways to go about it.
You can be selling digital items, trading cards game assets domain names, some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from other companies. There are no gas costs for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t have to spend on extra fees.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your collection.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available on both iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency using these platforms. Nft Hydroponic Gutters
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option of converting them into ETH that is the primary crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than other. Since it is built around an ETH blockchain, all wallets with a connection to this network are appropriate for this website.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency with credit cards. Nft Hydroponic Gutters
For more information about the service to learn more, check out their FAQs for an overview of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as 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).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Hydroponic Gutters
What is OpenSea?
OpenSea is an NFT marketplace that seeks 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 who use for selling NFTs because of its zero gas fees and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year of 2018. Because its system is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
Furthermore, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared against other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile app by OpenSea available for both iOS or Android. Download it at their respective app store and then you can begin exploring the collection now!
A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get 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/).