Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. Markets have popped up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s explore the possibilities of OpenSea as well as examining the NFTs that you can see!
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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft System Aquaponics
The aim to create OpenSea was to offer a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. It also has additional functions that allow you to sell your art without too many problems.
In terms of registration, you won’t have to provide too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It also functions using the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains available it is possible to choose which one you’d like to publish your NFT as a seller. This ensures the safety of your NFT as well as those who wish to purchase it. Every transaction will be conducted along with this blockchain, and you must consider where to 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. It is possible to purchase anything as simple as a domain name to an official artwork from an artist you admire. Anyone can sell however it takes time for anyone to become an established one.
There’s a huge selection in the collection at OpenSea and you could become a part of this! You can create your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around so long on the internet that the majority of young people have heard of it but not exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible token that is very individual and cannot be replaced. This can be an item of any rarity like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you can sell online. In simpler terms, you could just consider the NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the market place, but you’re putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you want for it (e.g. blockchain and money transfer tokens). Once that’s all done, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself the kind of NFTs can be found here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT it can be isn’t limited as there’s a variety of ways to go about it.
You could be selling trade cards, digital goods game assets, domain names, and even physical assets! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the other options. There are no gas costs for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t have to spend on additional fees.
Very few NFT marketplaces provide this feature, which is why this is a great way to make a huge profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. You can’t buy or sell anything while you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. Nft System Aquaponics
You can exchange your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based around the ETH blockchain, all wallets which are part of the same network are suitable for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. Nft System Aquaponics
To learn more about it, you can check their FAQs to get the steps you can start 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 advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto account is needed for this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft System Aquaponics
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online and receive cryptocurrency as a form of payment. It’s a great platform for artists who use the platform to market NFTs due to its low gas costs and low commission fee rate you must pay.
You can browse and shop for the vast array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year of 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed on your account or any collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely used on this site as well as numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile app from OpenSea for both iOS as well as Android. You can download it through their app store and begin browsing through the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app 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/).