Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s see the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you go on, 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.
OpenSea as an NFT Marketplace Nft Vertical Hydroponics
The goal for OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra charges. It also has additional functions that let you sell your artwork without any difficulties.
For the registration process, you don’t have to worry about giving all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains that are available you can pick which one you want to upload your NFT on as an seller. This ensures the safety of your NFT and those who wish to buy it. All transactions are made along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art by an artist you admire. Anyone can sell, but it takes time before anyone can become an established one.
There are a variety of NFTs in the collection on OpenSea and you could join in with that! You can create your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy is an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. It could be an item of any rareness, such as mint-condition baseball trading cards or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object you’re selling on the internet. It is simpler to just think of as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You’re claiming the owner of the item or token you uploaded on the market place, but you’re putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and simply creating a collection to start! Input the appropriate and accurate information about your NFT and select the type of settings you’d like for it (e.g. blockchain and money transfer tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how the transactions go from now to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering what kind of NFTs you shop for here and what you can also sell if you choose to go that route. The type of NFT it can be is unlimited because there’s a wide range of ways to do it.
You can be selling digital items, trading cards, game assets domain names, some physical items! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, so this is great for you to earn a high return from your collection.
This Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50% of the sale amount, letting you earn more money by this method.
Other NFT marketplaces do not have the same feature This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency using these platforms. Nft Vertical Hydroponics
You can convert the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based around the ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency with credit cards. Nft Vertical Hydroponics
For more information about the service, you can check their FAQs to get a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with 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 and Android.
- Smart contracts are used for transactions.
- High-level security with the support 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).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Vertical Hydroponics
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online and receive cryptocurrency as a method of payment. It’s a great platform for artists who use for selling NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can shop and browse an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established in the year 2018. Since its system is built on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will be assigned on your account or collection you uploaded to reassure every customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10% of the royalties once you upload the NFT. This is believed to be quite low in comparison to others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is widely used on this site as well as numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before There is an official mobile application from OpenSea available for both iOS and Android. Install it from their app store, and begin exploring the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and get notifications on updates regarding 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/).