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 via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking what NFTs you can 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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Hydroponics Drain Noise
The goal to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra charges. It also has additional functions that let you sell your artwork without any issues.
For registration, you won’t have to give any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains it is possible to choose which one you’d like to upload your NFT on as an seller. This is to ensure the security of your NFT, along with the people who want to buy it. All transactions are made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork by an artist you admire. Anyone can sell, but it takes a while before anyone can become an established seller.
There is a wide variety in the collection on OpenSea and you could join in with the collection! You can start your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. A NFT is a token that is non-fungible that is very exclusive and cannot be changed. It could be an item of rareness like authentic baseball cards, or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can just imagine the NFT being a virtual 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 putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and create a collection! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g., blockchain and payments tokens). After you’ve completed the process, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from here on out to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about what kind of NFTs be found here, and what you could also sell if you decide to pursue that route. The type of NFT it can be isn’t limited as there’s a variety of how you can go about it.
You can be selling trade cards, digital goods games domain names, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the other options. There are no gas costs for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you sell because you won’t need to spend on any additional charges.
Very few NFT marketplaces offer this feature, so this is a great way to make a huge profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can make more money from this act.
Other NFT marketplaces do not have this feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. While you’re not able to buy or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. Nft Hydroponics Drain Noise
You can swap your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly on the ETH blockchain, all wallets which are part of the same network are suitable for this site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. Nft Hydroponics Drain Noise
To learn more about it to learn more, check out their FAQs for a rundown of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts are used 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 royalties 10% for artists (low royalty).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto digital wallet must be used 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 percent commission fee that all buyers on the marketplace. But overall, you can quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Hydroponics Drain Noise
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online and receive cryptocurrency as their form of payment. It’s a great platform for artists using the platform to market NFTs due to its no gas costs and low commission fees you must pay.
You can browse and purchase an array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception in the year of 2018. Because its system is built on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be widely used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. 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 we mentioned earlier There is an official mobile app by OpenSea available for both iOS or Android. You can download it through their app store and you can start exploring the collection now!
A Desktop application that OpenSea can be downloaded via WebCatalog. In 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/).