Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of 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 continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft System Hydroponics
The goal for OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra fees. It has more functions which allow you to market your art without too many issues.
For 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 can be as simple as that and without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It is also based with the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains it is possible to choose which one you would like to transfer your NFT to as a seller. This will ensure the security of your NFT as well as those who wish to buy it. All transactions will be made by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however it takes time for anyone to be an established seller.
There is a wide variety of NFTs available on OpenSea, and you can also be a part of the collection! You can create your own personal market here, along with finding NFTs you’d like to buy for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t sure exactly what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy includes an NFT. An NFT is a non-fungible token which is extremely exclusive and cannot be changed. It can be an item of rarity like authentic baseball cards or uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could just imagine an NFT being a virtual item which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item that you have uploaded to the marketplace, and you’re putting it up for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and then 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, payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe the way transactions are handled from now on to determine whether OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point, you’re probably wondering the kind of NFTs can you shop for here and what you can sell should you decide to pursue that route. The type of NFT it is indefinite because there’s a wide range of ways to approach it.
It is possible to sell digital items, trading cards, game assets domain names, also physical goods! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you create and market NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, which is why this is a great way to receive high profit from your portfolio.
Referral Program
A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets, you can receive advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you earn more money by this method.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. Nft System Hydroponics
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
All of them have the option to exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than others. Because it is based using an ETH blockchain, all wallets which are part of the same network are suitable for the site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. Nft System Hydroponics
To learn more about it, you can check their FAQs for a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
Pros
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
Cons
- Allows royalties up to 10% for artists (low royalty rates).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to access this marketplace.
Pricing
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft System Hydroponics
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using it to sell NFTs due to its low gas fees and the low commission rate you must pay.
You can browse and shop for an array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea is a reputable marketplace since its inception at the end of the year 2018. Because its system is based on a blockchain 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 have built up your credibility. A blue checkmark will appear to your account or the collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you will be paid only 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can utilize to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile app by OpenSea for both iOS and Android. Install it from their app store, and you can start exploring the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and receive 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/).
