Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto currency. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Starting Ec Marijuana
The purpose of OpenSea was to offer a platform/marketplace for artists to upload commissions with no additional costs. There are additional features which allow you to market your art without too many issues.
For the registration process, you don’t have to worry about giving too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, 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 it is possible to choose which one you would like to upload your NFT on as an seller. This is to ensure the security of your NFT as well as those who wish to buy it. All transactions are made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork by an artist you admire. Anyone can sell, but it takes some time for anyone to become an established one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you could also be a part of that! You can start your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible token which is extremely unique and can’t be substituted. It can be a piece of rareness, such as rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item you’re selling online. More straightforwardly, you can just think of the NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item that you posted to market, as selling it. Typically, this is official after you fill in the proper information regarding the NFT and add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and then create a collection! Complete the correct and complete information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain or money transfer tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from now to see if OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself the kind of NFTs can be purchased here and what you can also sell if you choose to go that route. The kind of NFT it can be is indefinite because there’s a wide range of how you can do it.
It is possible to sell digital items, trading cards games, domain names, and also physical goods! 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 zero gas fees when you utilize this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t need to spend on any additional charges.
Very few NFT marketplaces have this feature, which is why this can be a fantastic way to make a huge profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can make more money from this act.
Other NFT marketplaces don’t offer this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is 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 on the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also trade your fiat currency for cryptocurrency on these platforms. Nft Starting Ec Marijuana
You can convert the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option of exchange for ETH that is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than other. Because it is based using an ETH blockchain, wallets which are part of this network are appropriate for the site.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. Nft Starting Ec Marijuana
For more information about the service to learn more, check out their FAQs for a rundown of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re a seller, 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 extra charge for it.
Frequently Asked Questions Nft Starting Ec Marijuana
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs due to its low gas costs and the low commission rate you must pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded 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 secure and safe.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed on your account or any collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is frequently used on this site as well as numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile app from OpenSea that is available for iOS and Android. Download it at their respective app store and begin exploring the collection now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts as well as receive alerts on any updates that affect 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/).