The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s explore what you can do with OpenSea and also see 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Plants To Grow Together In Nft Hydroponic Garden
The goal to create OpenSea was to offer artists with a marketplace/platform to upload their commissions, without having to pay any additional charges. It also has additional functions that let you sell your art without too many problems.
When it comes to the registration process, you don’t have to provide all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains you can pick which one you would like to publish your NFT as a seller. This is to ensure the security of your NFT and those who wish to buy it. All transactions are made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist you admire. Anyone can sell however it takes some time for anyone to be an established one.
There is a wide variety in the collection on OpenSea and you can become a part of this! You can create your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency which is extremely individual and cannot be substituted. It can be a piece of rarity like mint-condition baseball trading cards, or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can just consider as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to market, as you’re offering it for sale. Typically, this is official once you fill out all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and simply create a collection! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain, payment tokens). After that, you can finally upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from now on to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself the kind of NFTs can be found here, and what you could also sell if you decide to pursue that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of ways to approach it.
You could be selling digital products, trading cards games domain names, also physical goods! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the other options. There are zero gas fees for using this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you won’t need to spend on any additional charges.
Not many NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, letting you earn more cash by this method.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you to exchange your fiat money for cryptocurrency on these platforms. Plants To Grow Together In Nft Hydroponic Garden
You can convert your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
Each of them has the option of exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly on an ETH blockchain, any wallets that share that network will be suitable for this site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to buy cryptocurrency using a credit card. Plants To Grow Together In Nft Hydroponic Garden
To know more about it to learn more, check out their FAQs for an overview of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required to use 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 percent commission fee for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Plants To Grow Together In Nft Hydroponic Garden
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to market their work online and receive cryptocurrency as a method of payment. It’s a great platform for artists using the platform to market NFTs because of its zero cost of gas and the low commission rate you must pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are protected and secured.
In addition as a seller you will be verified after you build up your reputation. A blue checkmark will appear to your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How can I earn royalties from OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared to others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely used on this site as well as other sites to provide many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app from OpenSea available for both iOS and Android. Install it from their app store, and then you can begin browsing through the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and receive alerts on any updates that affect 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/).