Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Vs Drip Hydroponics
The aim to create OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional charges. It also has additional functions that allow you to sell your artwork without any difficulties.
For registration, you don’t need to provide any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains that are available it is possible to choose which one you want to upload your NFT on as an seller. This ensures the safety of your NFT and those who would like to buy it. All transactions are made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to official art from an artist that you admire. Anyone can be a seller however, it takes a while for anyone to become a reputable one.
There is a wide variety from the selection of NFTs available at OpenSea and you could also be a part of the collection! You can set up your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible currency that is exclusive and cannot be replaced. It can be a piece of rareness like authentic baseball cards or rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. It is simpler to simply think of as an NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the marketplace, and putting it up for sale. Usually, this becomes official after you fill in the correct information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and creating a collection to start! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use it with (e.g., blockchain or money transfer tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself which kind of NFT can be purchased here, and what you could also sell if you choose to go that route. The type of NFT it is indefinite because there’s a wide range of options for how to approach it.
You can be selling digital items, trading cards, game assets, domain names, and some physical items! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from other companies. There are no gas costs when you use this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, and it is great for you to earn a high return from your NFT collection.
The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces there are advantages by referring your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to earn more cash by this method.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on both iOS and Android. Even though you can’t buy or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal You can also exchange your fiat money for cryptocurrency using these platforms. Nft Vs Drip Hydroponics
You can exchange your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option to exchange for ETH, which is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly on an ETH blockchain, all wallets with a connection to this network are appropriate for this site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage, and the function to buy cryptocurrency using a credit card. Nft Vs Drip Hydroponics
For more information about the service to learn more, check out their FAQs to see an overview 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 its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Vs Drip Hydroponics
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online to receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its low gas costs and low commission fee rate that you have to pay.
You can browse and purchase an array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year of 2018. Because its system is based on a blockchain, it is safe to say that your transactions are safe and secure.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear on your account or the collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared with others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as other sites to provide the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned There is an official mobile app from OpenSea available for both iOS or Android. You can download it through their app store and then you can begin exploring the collection now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).