Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea before for a good reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Hydroponic Ngo
The goal to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra costs. It also has additional functions that allow you to sell your art without too many problems.
For the registration process, you don’t have to worry about giving too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It also operates with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains available it is possible to choose which one you would like to publish your NFT as seller. This will ensure the security of your NFT, along with those who would like to buy it. All transactions are made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can become a seller, but it takes a while for anyone to become an established seller.
There are a variety of NFTs in the collection at OpenSea, and you can also be a part of the collection! You can set up your own market 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”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but not exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy is an NFT. A NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. It could be a piece of rareness, such as rare baseball trading cards in mint condition or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item that you sell online. It is simpler to simply think of the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. You are calling the ownership of the particular item that you have uploaded to the market place, but selling it. Usually, this is recognized once you fill out the proper information regarding the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and simply create a collection! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain, payment tokens). After you’ve completed the process, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from now on to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself what kind of NFTs can be purchased here, and what you could also sell if you decide to pursue that route. The kind of NFT it can be is indefinite because there’s a wide range of ways to approach it.
It is possible to sell trade cards, digital goods games, domain names, and some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least browse through the selections 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 through these platforms. Nft Hydroponic Ngo
You can convert the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option of converting them into ETH which is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly using an ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with a credit card. Nft Hydroponic Ngo
For more information about the service You can go through their FAQs to get an overview of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- It is not possible to buy or sell items via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Hydroponic Ngo
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online to receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use it to sell NFTs because of its zero gas costs and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of 2018. Because its system is based on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear to your account or collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared against other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is widely used on this site and many others to accommodate the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile application from OpenSea for both iOS as well as Android. You can download it through their app store, and begin browsing through the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).