The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. Markets have popped up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea and also see the NFTs available to view!
Before you go on, 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 Tomato
The aim for OpenSea was to offer a platform/marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions that let you sell your work without having to deal with many difficulties.
For registration, you won’t have to worry about giving any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for most processes. It is also based on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains that are available it is possible to choose which one you want to upload your NFT on as seller. This is to ensure the security of your NFT, along with those who would like to buy it. Every transaction will be conducted by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can sell however it takes time for anyone to be an established seller.
There is a wide variety from the selection at OpenSea and you can also be a part of the collection! You can create your own market on this site, as well as find NFTs you want to purchase for 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 so long on the internet that the majority of young people are familiar with it , but not exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy includes an NFT. The NFT is a token that is non-fungible that is very individual and cannot be replaced. It can be an item of rareness like authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible object that you sell online. In simpler terms, you could simply consider the NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as you’re putting it up for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and simply creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you want to use it with (e.g., blockchain, payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from now to see if OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about what kind of NFTs be found here and what kind of NFTs you can also sell if you choose to go down that path. The type of NFT it can be is unlimited as there’s a variety of how you can go about it.
It is possible to sell digital items, trading cards game assets domain names, even physical assets! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees when you utilize this feature when you create and market NFTs. This means you’ll get the most profit when you begin selling since you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces have this feature, and it is great for you to earn a high return from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for both iOS and Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency on these platforms. Nft Hydroponics Tomato
You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option of converting them into ETH, which is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built around an ETH blockchain, wallets that share that network will be suitable for this site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. Nft Hydroponics Tomato
For more information about the service, you can check their FAQs to get the steps you can get started and also what other crypto wallets are compatible 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 read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Hydroponics Tomato
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online and receive cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs due to its low gas fees and low commission fee rate you must pay.
You can browse and shop for an array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year of 2018. Because its system is built on blockchain technology, it is safe to declare that transactions are safe and secure.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed to your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties on OpenSea?
As an artist, you will get only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison to other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before, there is definitely an official mobile app from OpenSea available for both iOS and Android. Install it from their app store, and you can start exploring the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and 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/).