The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up all over the internet, designed to sell and buy 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 previously for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and discover 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Hydroponics Designs
The goal of OpenSea was to offer an online marketplace for artists to upload commissions without any extra charges. It also has additional functions that let you sell your artwork without any problems.
When it comes to registration, you won’t have to worry about giving all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used to carry out the majority of processes. It also operates using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains it is possible to choose which one you want to transfer your NFT to as seller. This ensures the safety of your NFT, along with those who wish to purchase it. All transactions will be made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to official art by an artist you admire. Anyone can sell however it takes a while for anyone to become a reputable one.
There are a variety of NFTs from the selection at OpenSea and you could also be a part of this! You can start your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market, the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. An NFT is a non-fungible currency that is exclusive and cannot be changed. It could be a piece of rareness, such as rare baseball trading cards in mint condition, or a 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. It is simpler to just imagine an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token that you have uploaded to market, as you’re offering it for sale. Typically, this is official after you fill in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and then creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain and money transfer tokens). Once that’s all done then you’re able to upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about the kind of NFTs be found here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT that you can purchase is indefinite as there’s a variety of options for how to approach it.
It is possible to sell trade cards, digital goods game assets domain names, even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs when you use this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to earn a high return from your collection.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you make more money from this act.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps of OpenSea are available for both iOS as well as Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Hydroponics Designs
You can convert the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option of exchange for ETH, which is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all types of crypto, wallets are still more compatible with it than other. Since it is built mainly around an ETH blockchain, all wallets that share this network are appropriate for this site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. Nft Hydroponics Designs
To learn more about it to learn more, check out their FAQs to see an overview of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts are utilized for 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 royalties).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Hydroponics Designs
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists who use for selling NFTs due to its low cost of gas and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace and you must take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year of 2018. Because its system is based on a blockchain that is secure, you can claim that your transactions are protected and secured.
Furthermore as a seller you can become verified once you’ve earned a reputation. A blue checkmark is placed to your account or the collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is widely utilized on this website and many others to accommodate more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile app by OpenSea for both iOS as well as Android. Install it from their app store and begin browsing through the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts as well as 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/).