The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
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 rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!
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.
OpenSea as an NFT Marketplace Prune Roots Nft
The purpose for OpenSea was to offer a platform/marketplace for artists to upload their commissions with no additional costs. It also has additional functions which allow you to market your work without having to deal with many difficulties.
In terms of registration, you don’t need to provide all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains available, you can choose which one you’d like to upload your NFT on as a seller. This will ensure the security of your NFT, along with those who wish to buy it. Every transaction will be conducted along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes some time for anyone to be an established seller.
There is a wide variety in the collection of NFTs available at OpenSea, and you can become a part of this! You can create your own personal market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be replaced. It could be an item of any rarity like mint-condition baseball trading cards, or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item you’re selling online. It is simpler to just imagine 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 are calling ownership over that particular token/item that you have uploaded to the marketplace, and putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and select the type of settings you want to use it with (e.g. blockchain, money transfer tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from now on to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself which kind of NFT be found here, and what you could also sell if you choose to pursue that route. The kind of NFT it isn’t limited because there’s a wide range of options for how to go about it.
You can be selling digital products, trading cards games domain names, also physical goods! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the others. There are zero gas fees when you utilize this feature to make and then sell the NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on any additional charges.
Not many NFT marketplaces have this feature, so this can be a fantastic way to receive high profit from your collection.
This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps of OpenSea are available on both iOS as well as Android. While you’re not able to buy or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal to exchange your fiat money for cryptocurrency through these platforms. Prune Roots Nft
You can convert the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option of exchange for ETH which is the standard crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based using the ETH blockchain, wallets which are part of that network will be suitable for this site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only and the ability to buy cryptocurrency using a credit card. Prune Roots Nft
To learn more about it You can go through their FAQs for the steps you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Prune Roots Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use it to sell NFTs due to its low gas costs and low commission fees that you have to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year 2018. Because its system is built on blockchain technology, it is safe to declare that transactions are safe and secure.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned next to your account or any collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties from OpenSea?
As an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison to other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide the increasing number of cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier there’s an official mobile app from OpenSea available for both iOS and Android. Download it at their respective app store and you can start exploring the collection now!
A version for desktops that OpenSea can be downloaded via 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/).