Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve probably 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.
So, hop on board and discover the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you go on, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Hydroponic System For Garden
The goal of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional charges. It has more functions that let you sell your work without having to deal with many issues.
When it comes to the registration process, you don’t have to give too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for most processes. It also functions on the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains available you can pick which one you’d like to upload your NFT on as a seller. This will ensure the security of your NFT as well as the people who want to buy it. Every transaction will be conducted by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however, it takes some time for anyone to be an established one.
There is a wide variety from the selection at OpenSea and you can also be a part of this! You can set up your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto industry, 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 actually means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can buy can be an NFT. A NFT is a non-fungible currency that is very individual and cannot be changed. This can be a piece of rareness, such as 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 item that you sell online. More straightforwardly, you can simply imagine the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to the marketplace, and you’re putting it up for sale. Typically, this is official after you fill in all the necessary information about the NFT and add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and then making a collection to begin! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain and payment tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe how transactions progress from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself the kind of NFTs can be found here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it can be isn’t limited because there’s a wide range of ways to do it.
You can be selling trade cards, digital goods games domain names, even physical assets! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from other companies. There are no gas costs when you utilize this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, which is why this is great for you to earn a high return from your collection.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Hydroponic System For Garden
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option to exchange for ETH, which is the primary cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than others. Because it is based around the ETH blockchain, any wallets with a connection to that network will be suitable for the site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to buy cryptocurrency using a credit card. Nft Hydroponic System For Garden
For more information about the service You can go through their FAQs to get the steps you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Hydroponic System For Garden
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great option for artists who want to use it to sell NFTs due to its low gas costs and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of the year of 2018. Since the system it operates on is built on a blockchain that is secure, you can say that your transactions are safe and secure.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed on your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you can get only 10% of the royalties once you upload the NFT. This is thought to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile app by OpenSea for both iOS as well as Android. You can download it through their app store and you can start exploring the collection now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and get notifications about updates to 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/).