Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto-coins. Marketplaces are popping up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Hydroponics Tips
The aim of OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra fees. It also has additional functions that let you sell your work without having to deal with many problems.
In terms of the registration process, you don’t have to provide all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates using the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains that are available, you can choose which one you’d like to publish your NFT as seller. This ensures the safety of your NFT and those who wish to buy it. All transactions will be made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name, to a piece of art by an artist you admire. Anyone can be a seller however it takes some time for anyone to become a reputable one.
There is a wide variety from the selection of NFTs available at OpenSea and you could become a part of this! You can set up 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 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 are familiar with it , but aren’t sure exactly what it is. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can buy includes an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be substituted. It can be an item of any rareness like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. It is simpler to just consider as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to market, as selling it. Usually, this becomes official after you fill in the proper information regarding the NFT and then add it on the market.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and create a collection! Input the appropriate and accurate information about your NFT and choose what kind of settings you want for it (e.g. blockchain or money transfer tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about which kind of NFT you shop for here and what you can also sell if you decide to go that route. The type of NFT that you can purchase is indefinite because there’s a wide range of how you can approach it.
You can be selling trade cards, digital goods game assets, domain names, and also physical goods! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the other options. There are zero gas fees for using this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, which is why 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. Like traditional online marketplaces, you can receive advantages by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can make more money from this act.
Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on both iOS and Android. Even though you can’t buy or sell something, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you to convert your fiat money into cryptocurrency on these platforms. Nft Hydroponics Tips
You can swap your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option of converting them into ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than other. Since it is built mainly using the ETH blockchain, wallets which are part of this network are appropriate for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage, and the function to purchase cryptocurrency with a credit card. Nft Hydroponics Tips
To know more about it, you can check their FAQs for an overview of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Hydroponics Tips
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to market their work online and receive cryptocurrency as their form of payment. It’s a great platform for artists using for selling NFTs due to its no gas costs and low commission fee rate which you are required to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace and you must go through it!
Is OpenSea real and secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in 2018. Since its system is built on blockchain technology and is secured, it is safe to say that your transactions are protected and secured.
Furthermore, as a seller, you will be verified after you’ve earned a 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 safe.
How do I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as numerous others to cater for more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile app from OpenSea that is available for iOS or Android. Install it from their app store, and then you can begin browsing through the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to 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/).