Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. Markets have popped up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see what you can do with 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 review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Hydroponics Meaning
The purpose of OpenSea was to provide artists with a marketplace/platform to upload their commissions with no additional costs. There are additional features that let you sell your art without too many issues.
In terms of registration, you don’t need to provide any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains that are available, you can choose which one you want to upload your NFT on as seller. This will ensure the security of your NFT as well as those who wish to purchase it. All transactions will be made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to official art from an artist that you admire. Anyone can be a seller however it takes time before anyone can become an established seller.
There’s a huge selection of NFTs available at OpenSea and you could join in with that! You can start your own personal market here, along with finding NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the cryptocurrency industry the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t exactly sure what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible currency which is extremely unique and can’t be substituted. This can be a piece of rareness like mint-condition baseball trading cards or 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. In simpler terms, you could just consider the NFT to be a type of digital item paid via cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs on your own NFTs. You are calling 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 once you fill out the correct information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then 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 you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see the way transactions are handled from now to determine if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT can be purchased here, and what you could also sell if you choose to go that route. The type of NFT that you can purchase isn’t limited as there’s a variety of ways to do it.
You can be selling digital items, trading cards, game assets, domain names, and some physical items! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees for using this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you start selling because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces have this feature, which is why this is great for you to receive high profit from your collection.
Referral Program
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you earn more cash through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency through these platforms. Nft Hydroponics Meaning
You can swap the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and more!
All of these have the option of converting them into ETH, which is the standard crypto payment in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly on the ETH blockchain, all wallets which are part of that network will be suitable for the site.
Here is a list of different crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. Nft Hydroponics Meaning
For more information about the service, you can check their FAQs to get the steps you can begin and which other wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
Pros
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
Cons
- Allows royalty rates of 10% for artists (low royalties).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto wallet is required for this marketplace.
Pricing
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Hydroponics Meaning
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs due to its no cost of gas and the low commission rate you must pay.
You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established in the year of 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or the collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before, there is definitely an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store and then you can begin browsing through the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and get notifications about updates to your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
