Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Plants That Grow Well In Nft
The goal to create OpenSea was to provide a platform/marketplace for artists to upload commissions without any extra charges. It also has additional functions that allow you to sell your work without having to deal with many problems.
When it comes to 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 with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you want to publish your NFT as a seller. This is to ensure the security of your NFT, along with the people who want to buy it. All transactions are made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist you admire. Anyone can sell however, it takes some time before anyone can become an established seller.
There is a wide variety from the selection at OpenSea, and you can also be a part of the collection! You can set up your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials have heard of it but not exactly sure what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be changed. It could be a piece of rarity like mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you can sell online. More straightforwardly, you can just consider an NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming ownership over that particular token/item you uploaded on the marketplace, and you’re offering it for sale. Typically, this is official once you fill out the proper information regarding the NFT and finally add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and then create a collection! Complete the correct and accurate information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain, payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT can you shop for here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT that you can purchase isn’t limited as there’s a variety of how you can do it.
It is possible to sell digital products, trading cards, game assets domain names, even physical assets! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more money from this act.
Other NFT marketplaces do not have this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS as well as Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to convert your fiat money into cryptocurrency through these platforms. Plants That Grow Well In Nft
You can exchange 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 many more!
All of them have the option of exchange for ETH, which is the standard crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Since it is built using an ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here’s a list of various crypto wallets that you can use in OpenSea:
- 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, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. Plants That Grow Well In Nft
To know more about it to learn more, check out their FAQs for an overview of how 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 disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Plants That Grow Well In Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great option for artists who want to use for selling NFTs because of its zero gas fees and the low commission rate which you are required to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year 2018. Since its system is built on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
In addition as a seller you will be verified after you have built up your credibility. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is frequently used on this site and many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile app by OpenSea that is available for iOS as well as Android. Install it from their app store and begin exploring the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app 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/).