Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, 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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Pvc Pipe For Nft Aquaponics Plans
The purpose of OpenSea was to offer an online marketplace for artists to upload their commissions, without having to pay any additional costs. It has more functions which allow you to market your artwork without any issues.
In terms of the registration process, you don’t have to provide too many details about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also operates with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains, you can choose which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions are made along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist you admire. Anyone can sell however it takes time for anyone to become an established one.
There is a wide variety of NFTs available at OpenSea, and you can become a part of this! You can set up your own personal market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can buy can be an NFT. The NFT is a token that is non-fungible that is very exclusive and cannot be changed. It can be an item of rareness like rare baseball trading cards in mint condition or unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible item that you can sell online. More straightforwardly, you can just consider as an NFT being a virtual item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item that you posted to the market place, but offering it for sale. Typically, this is official once you fill out the correct information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and simply creating a collection to start! Fill out the proper and complete information about your NFT and select the type of settings you want to use it with (e.g., blockchain and payment tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about which kind of NFT can you shop for here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT that you can purchase isn’t limited since there’s a broad range of ways to approach it.
You could be selling trade cards, digital goods, game assets domain names, also physical goods! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the others. There are no gas costs for using this feature when you create and market NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces don’t have this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can trade your fiat currency for cryptocurrency on these platforms. Pvc Pipe For Nft Aquaponics Plans
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option of exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly around an ETH blockchain, all wallets with a connection to this network are appropriate for this website.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. Pvc Pipe For Nft Aquaponics Plans
To know more about it, you can check their FAQs to get a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- You cannot buy or sell products via this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Pvc Pipe For Nft Aquaponics Plans
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 their form of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero cost of gas and the low commission rate which you are required to pay.
You can shop and browse an array of digital items on the NFT marketplace and you must go through it!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year 2018. Since its system is built on blockchain technology and is secured, it is safe to say that your 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 next to your account or collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be widely utilized on this website and many others to accommodate many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile app by OpenSea available for both iOS and Android. Install it from their app store, and begin exploring the collection now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts as well as receive alerts on any updates that affect 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/).