The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. Markets have popped up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea and also see what NFTs you can view!
Before you continue, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Hydroponic Kit
The aim for OpenSea was to provide artists with a marketplace/platform to upload their commissions with no additional costs. It also has additional functions that allow you to sell your work without having to deal with many difficulties.
When it comes to the registration process, you don’t have to worry about giving all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most popular 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 which is utilized for most processes. It also operates with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains, you can choose which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT as well as the people who want to purchase 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 an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist you admire. Anyone can sell however it takes time for anyone to become a reputable one.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you could become a part of that! You can create your own marketplace there, and also find NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement 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 is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible token that is exclusive and cannot be replaced. It could be an item of any rarity like mint-condition baseball trading cards or unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. It is simpler to just consider the NFT being a virtual item which is only paid in cryptocurrency.
Minting NFTs
Minting is similar to calling for dibs for your personal NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but putting it up for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and create a collection! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use it with (e.g. blockchain and payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how transactions progress from now to determine whether OpenSea is the best 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 can you shop for here, and what you could also sell if you choose to go that route. The kind of NFT it can be is unlimited since there’s a broad range of options for how to go about it.
You can be selling trade cards, digital goods game assets domain names, some physical items! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There’s no cost for gas for using this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces provide this feature, so this is great for you to earn a high return from your NFT collection.
Referral Program
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, which means you can make more money from this act.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Hydroponic Kit
You can convert your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and many more!
Each of them has the option of exchange for ETH that is the primary crypto payment in OpenSea.
Crypto Wallets
Although OpenSea is an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based around the ETH blockchain, wallets which are part of this network are appropriate for the site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to buy cryptocurrency using the credit card. Nft Hydroponic Kit
To learn more about it to learn more, check out their FAQs for the steps you can start and what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
Pros
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
Cons
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed for this marketplace.
Pricing
OpenSea is accessible to everyone who has any crypto currency in their crypto 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 sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Hydroponic Kit
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online and receive cryptocurrency as a form of payment. It’s a great option for artists who want to use it to sell NFTs due to its no cost of gas and low commission fees which you are required to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace and you must take a look!
Is OpenSea legit & safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception in 2018. Since the system it operates on is built on a blockchain that is secure, you can declare that transactions are secure and safe.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear to your account or collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared with others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is commonly utilized on this website and many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile application from OpenSea that is available for iOS or Android. Download it at their respective app store and begin browsing through the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and get 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/).
