Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s see the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Marijuana
The aim of OpenSea was to provide an online marketplace for artists to upload their commissions, without having to pay any additional costs. There are additional features that let you sell your art without too many difficulties.
In terms of registration, you won’t have to worry about giving too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It is also based with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains available, you can choose which one you want to publish your NFT as a seller. This will ensure the security of your NFT as well as the people who want to buy it. All transactions will be made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist you admire. Anyone can become a seller however it takes a while before anyone can become a reputable one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you can also be a part of that! You can start your own marketplace here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with 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 latest ways you can buy includes an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be substituted. It can be a piece of rareness like mint-condition baseball trading cards, or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you sell online. It is simpler to just think of the NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming the owner of the item or token you uploaded on market, as putting it up for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and create a collection! Complete the correct and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain and payments tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled 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 can be purchased here, and what you could sell should you decide to pursue that route. The kind of NFT it is unlimited because there’s a wide range of ways to approach it.
You can be selling trade cards, digital goods 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
The collection Manager feature is what sets OpenSea from other companies. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, and it is a great way to earn a high return from your NFT collection.
This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency through these platforms. Nft Marijuana
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
Each of them has the option to exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built on the ETH blockchain, all wallets which are part of that network will be suitable for the site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to buy cryptocurrency using credit cards. Nft Marijuana
To learn more about it You can go through their FAQs to get a rundown of how 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, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 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 form of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Marijuana
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists using the platform to market NFTs due to its low gas fees and the low commission rate you must pay.
You can shop and browse the vast array of digital items on the NFT marketplace and you must take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year 2018. Since the system it operates on is based on a blockchain that is secure, you can say that your transactions are protected and secured.
In addition as a seller you can become verified once you have built up your credibility. A blue checkmark is placed on your account or the collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be reasonably low compared with other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile app from OpenSea available for both iOS as well as Android. Install it from their app store and then you can begin exploring the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).