The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up across the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid 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 discover what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Hydroponics Plants Wilting
The aim to create OpenSea was to simply provide artists with a marketplace/platform to upload their commissions without any extra fees. It also has additional functions that let you sell your artwork without any issues.
In terms of registration, you don’t need to give too many details about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for most processes. It also operates using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains you can pick which one you would like to publish your NFT as an seller. This is to ensure the security of your NFT as well as those who wish to purchase it. Every transaction will be conducted using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to official art by an artist you admire. Anyone can be a seller however it takes some time before anyone can become an established seller.
There’s a huge selection from the selection on OpenSea, and you can become a part of that! You can create your own marketplace there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it is. 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 that is very individual and cannot be substituted. This can be an item of rareness, such as authentic baseball cards, or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object that you sell on the internet. It is simpler to simply imagine as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the marketplace, and selling it. Usually, this is recognized when you have filled in the proper information regarding the NFT and then submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and then create a collection! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use it with (e.g. blockchain, payment tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself the kind of NFTs can be found here, and what you could also sell if you decide to go that route. The type of NFT it can be is unlimited as there’s a variety of options for how to do it.
You can be selling trade cards, digital goods games domain names, also physical goods! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates 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 receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS and Android. While you’re not able to buy or sell something, you can at least look through the options 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 using these platforms. Nft Hydroponics Plants Wilting
You can exchange the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
All of them have the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built around the ETH blockchain, wallets which are part of that network will be suitable for this website.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage and the ability to purchase cryptocurrency using a credit card. Nft Hydroponics Plants Wilting
To know more about it to learn more, check out their FAQs for the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Hydroponics Plants Wilting
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero cost of gas and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim that your transactions are protected and secured.
In addition as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned to your account or the collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties from OpenSea?
As an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared with others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as other sites to provide more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store, and begin exploring the collection right now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and get notifications on updates regarding 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/).