The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto currency. Markets have popped up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea and also see what NFTs you can view!
Before you go on, 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 Hydroponics Hobby Farmking
The aim to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions with no additional charges. It has more functions that let you sell your work without having to deal with many issues.
When it comes to 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 simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It is also based on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains available it is possible to choose which one you’d like to upload your NFT on as a 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 to 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. You can purchase anything from the simplest domain name to an official artwork by an artist you admire. Anyone can sell however it takes time before anyone can become an established seller.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you could also be a part of this! You can create your own marketplace here, along with finding NFTs you want to purchase 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 for so long on internet that a lot of millennials are familiar with it but aren’t sure exactly 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 purchase your cryptocurrency includes an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be changed. This can be a piece of rarity like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply imagine as an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and you’re selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and money transfer tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself what kind of NFTs can be found here, and what you could sell should you decide to pursue that route. The type of NFT it can be is unlimited as there’s a variety of how you can go about it.
You could be selling trade cards, digital goods games, domain names, and also physical goods! Find out what you think 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 zero gas fees for using this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you sell because you don’t need to pay 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 portfolio.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces that offer rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to trade your fiat currency for cryptocurrency through these platforms. Nft Hydroponics Hobby Farmking
You can exchange your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of them have the option of exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built around the ETH blockchain, all wallets with a connection to the same network are suitable for this site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency using credit cards. Nft Hydroponics Hobby Farmking
For more information about the service to learn more, check out their FAQs to get the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed to access 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 that all buyers on the marketplace. However, overall, you will easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Hydroponics Hobby Farmking
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its no gas fees and low commission fees which you are required to pay.
You can browse and shop for an array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in 2018. Since the system it operates on is based on a blockchain, it is safe to claim that your transactions are secure and safe.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or the collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties from OpenSea?
As an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile app by OpenSea available for both iOS or Android. Download it at their respective app store, and begin browsing through the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as receive 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/).