The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto-coins. Markets have popped up all over the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and discover the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Pvc Nft Hydroponics System
The purpose of OpenSea was to simply provide a platform/marketplace for artists to upload commissions, without having to pay any additional fees. There are additional features that let you sell your art without too many issues.
In terms of registration, you won’t have to provide all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions using the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains, you can choose which one you’d like to upload your NFT on as a seller. This is to ensure the security of your NFT, along with the people who want to purchase it. All transactions are made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to official art by an artist you admire. Anyone can become a seller however, it takes time before anyone can become an established seller.
There’s a huge selection of NFTs available at OpenSea and you could become a part of this! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t sure exactly what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can buy can be an NFT. The NFT is a token that is non-fungible that is exclusive and cannot be substituted. This can be an item of rareness, such as rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell online. It is simpler to just imagine as an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You’re claiming the ownership of the particular item that you posted to market, as you’re offering it for sale. Typically, this is official after you fill in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and create a collection! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain, payments tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering what kind of NFTs can you shop for here and what you can sell should you decide to go down that path. The kind of NFT it is indefinite as there’s a variety of ways to approach it.
You can be selling digital products, trading cards games, domain names, and even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs for using this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you sell because you won’t have to spend on extra fees.
Not many NFT marketplaces provide this feature, and it is great for you to receive high profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets, you can receive advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can earn more money by this method.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use to convert your fiat money into cryptocurrency through these platforms. Pvc Nft Hydroponics System
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
Each of them has the option to exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built around an ETH blockchain, any wallets which are part of the same network are suitable for this website.
Here’s a list various crypto wallets that 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 wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with credit cards. Pvc Nft Hydroponics System
To learn more about it, you can check their FAQs to see an overview of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalties).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Pvc Nft Hydroponics System
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to market their work online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in 2018. Because its system is built on a blockchain, it is safe to declare that transactions are secure and safe.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned on your account or the collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties on OpenSea?
As an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison with other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is commonly used on this site as well as numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS or Android. Install it from their app store and begin exploring the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts as well as receive 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/).