Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto coins. Markets have popped up across the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s see the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Hydroponic Lettuce System
The goal for OpenSea was to offer an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. It has more functions that let you sell your artwork without any problems.
When it comes to the registration process, you don’t have to provide all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also operates using the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains it is possible to choose which one you would like to upload your NFT on as an seller. This is to ensure the security of your NFT as well as those who would like to purchase it. All transactions are made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist that you admire. Anyone can sell however it takes some time for anyone to become an established one.
There is a wide variety in the collection of NFTs available at OpenSea, and you can join in with 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?
A recent change in the crypto market the term “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it is. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy is an NFT. An NFT is a non-fungible token which is extremely exclusive and cannot be substituted. This can be an item of rareness like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. It is simpler to just consider an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to market, as you’re putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and simply create a collection! Fill out the proper and accurate information about your NFT and select the type of settings you’d like to use for it (e.g. blockchain and money transfer tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself which kind of NFT you shop for here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT it is unlimited because there’s a wide range of how you can do it.
It is possible to sell digital items, trading cards games, domain names, and even physical assets! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from other companies. There are no gas costs for using this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to make more money by this method.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS and Android. Even though you can’t buy or sell things, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to convert your fiat money into cryptocurrency on these platforms. Nft Hydroponic Lettuce System
You can exchange your fiat money via your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of exchange for ETH, which is the primary crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based on an ETH blockchain, wallets with a connection to the same network are suitable for the site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency with the credit card. Nft Hydroponic Lettuce System
To learn more about it, you can check their FAQs to get the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Hydroponic Lettuce System
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 an excellent platform for artists using it to sell NFTs due to its low gas costs and low commission fees that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year 2018. Because its system is built on blockchain technology and is secured, it is safe to say that your transactions are protected and secured.
Additionally as a seller you will be verified after you build up your reputation. A blue checkmark will be assigned to your account or collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is frequently used on this site as well as other sites to provide more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. 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 is an official mobile app from OpenSea available for both iOS as well as Android. You can download it through their app store and then you can begin exploring the collection now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and receive alerts on any updates that affect 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/).