Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and let’s see what you can do with 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 overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Plans Nft A Frame Hydroponics
The purpose for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra fees. It has more functions that let you sell your art without too many problems.
When it comes to 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 with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based on the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains available you can pick which one you want to upload your NFT on as an seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions are made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can be a seller however it takes a while before anyone can become an established one.
There are a variety of NFTs from the selection at OpenSea, and you can also be a part of the collection! You can create your own personal market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t exactly sure what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be replaced. This can be a piece of rareness, such as mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing you’re selling on the internet. It is simpler to just imagine as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the marketplace, and you’re putting it up for sale. Usually, this is recognized when you have filled in the correct information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then creating a collection to start! Fill out the proper and complete information about your NFT and then select what type of settings you’d like to use for it (e.g., blockchain or payments tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how transactions progress from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about what kind of NFTs can you shop for here, and what you could also sell if you decide to go down that path. The kind of NFT it is indefinite as there’s a variety of how you can do it.
You could be selling digital items, trading cards, game assets, domain names, and some physical items! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs when you utilize this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t need to spend on any additional charges.
Not many NFT marketplaces provide this feature, which is why this is a great way to make a huge profit from your portfolio.
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which means you can earn more cash by this method.
Other NFT marketplaces do not have this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available for both iOS in addition to Android. Even though you can’t buy or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency through these platforms. Plans Nft A Frame Hydroponics
You can convert your fiat currency using a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option to exchange for ETH, which is the primary crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than other. Because it is based on the ETH blockchain, all wallets that share the same network are suitable for the site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with the credit card. Plans Nft A Frame Hydroponics
To know more about it You can go through their FAQs to get the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Plans Nft A Frame Hydroponics
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace and you must go through it!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded in the year 2018. Since the system it operates on is built on a blockchain, it is safe to say that your transactions are safe and secure.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you will get only 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be widely used on this site as well as many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile app by OpenSea that is available for iOS or Android. Download it at their respective app store, and begin browsing through the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to 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/).