The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and discover what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Hydroponic Seed Starter Kits
The aim of OpenSea was to offer artists with a marketplace/platform to upload commissions with no additional charges. It has more functions which allow you to market your artwork without any difficulties.
In terms of the registration process, you don’t have to give too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used 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 the majority of transactions. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains available it is possible to choose which one you would like to publish your NFT as an seller. This ensures the safety of your NFT and those who wish to buy it. Every transaction will be conducted using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to an official artwork by an artist you admire. Anyone can be a seller however it takes time for anyone to become a reputable one.
There is a wide variety from the selection on OpenSea, and you can also be a part of this! You can set up your own marketplace here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials are familiar with it but not exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible currency that is very exclusive and cannot be substituted. This can be an item of rareness like authentic baseball cards or unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could simply imagine as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as you’re offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and then create a collection! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain or money transfer tokens). After that you are able to upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from here on out to see if OpenSea is the marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering what kind of NFTs you shop for here and what you can also sell if you decide to go down that path. The kind of NFT that you can purchase isn’t limited because there’s a wide range of ways to approach it.
You could be selling trade cards, digital goods, game assets domain names, some physical items! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from other companies. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you don’t need to pay on extra fees.
There aren’t many NFT marketplaces provide this feature, so this is great for you to make a huge profit from your portfolio.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you make more money from this act.
Other NFT marketplaces don’t have this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on both iOS and Android. Even though you can’t buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency through these platforms. Nft Hydroponic Seed Starter Kits
You can convert your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option of converting them into ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than other. Since it is built mainly on an ETH blockchain, all wallets with a connection to the same network are suitable for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency with a credit card. Nft Hydroponic Seed Starter Kits
To know more about it to learn more, check out their FAQs to see the steps you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps for iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- You cannot buy or sell products through our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is available to anyone who owns any crypto coins 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 easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Hydroponic Seed Starter Kits
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low cost of gas and low commission fees which you are required to pay.
You can shop and browse the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established in the year 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark is placed next to your account or any collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared against other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been frequently used on this site and other sites to provide more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea available for both iOS or Android. Download it at their respective app store and begin exploring the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and receive notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).