The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and discover what you can do with OpenSea and also see what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Hydroponics Plants
The purpose for OpenSea was to provide artists with a marketplace/platform to upload commissions without any extra charges. It has more functions which allow you to market your work without having to deal with many problems.
When it comes to registration, you won’t have to provide any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It also functions with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains that are available, you can choose which one you want to publish your NFT as seller. This is to ensure the security of your NFT, along with those who wish to purchase it. All transactions are made along with this 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 that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist that you admire. Anyone can be a seller, but it takes a while for anyone to be an established one.
There’s a huge selection in the collection of NFTs available at OpenSea, and you can join in with this! You can set up your own market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t sure exactly what it actually 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 you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be changed. This can be an item of rareness, such as authentic baseball cards or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you sell on the internet. It is simpler to simply imagine as an NFT being a virtual collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the marketplace, and you’re offering it for sale. Typically, this is official when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain, payments tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now on to determine if OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself the kind of NFTs you shop for here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT that you can purchase isn’t limited since there’s a broad range of ways to do it.
You can be selling digital items, trading cards games domain names, some physical items! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from other companies. There are no gas costs when you utilize this feature to create and market NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, so this is great for you to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. You can’t buy or sell items as you browse through the listing.
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 explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you You can also exchange your fiat money for cryptocurrency through these platforms. Nft Hydroponics Plants
You can swap your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Because it is based around an ETH blockchain, all wallets that share this network are appropriate for this site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage and the ability to buy cryptocurrency using a credit card. Nft Hydroponics Plants
To know more about it to learn more, check out their FAQs for the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- It is not possible to buy or sell items through the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed for this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Hydroponics Plants
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online and receive cryptocurrency as a method of payment. It’s a great 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 purchase the vast array of digital products on this NFT marketplace and you must go through it!
Is OpenSea real and safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year 2018. Because its system is built on a blockchain that is secure, you can declare that transactions are protected and secured.
Additionally as a seller you will be verified after you build up your reputation. A blue checkmark will be assigned to your account or any collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be quite low in comparison with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS and Android. Install it from their app store, and you can start browsing through the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and get 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/).