Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Pvc Pipe Size For Nft Aquaponics
The aim of OpenSea was to offer an online marketplace for artists to upload commissions, without having to pay any additional costs. There are additional features that allow you to sell your art without too many difficulties.
For registration, you don’t need to provide 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 widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based on the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains available you can pick which one you’d like to transfer your NFT to as seller. This will ensure the security of your NFT as well as those who wish to purchase it. Every transaction will be conducted by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist you admire. Anyone can sell however, it takes a while for anyone to become an established one.
There are a variety of NFTs from the selection on OpenSea, and you can also be a part of this! You can start 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 crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but not exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible that is very exclusive and cannot be substituted. It can be an item of rarity like authentic baseball cards or rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can simply think of as an NFT being a virtual item that is paid for using cryptocurrency only.
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 putting it up 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 simple procedure to create your own NFTs. All you have to do is visit the store and then creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain, payments tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from now on to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT you shop for here, and what you could also sell if you choose to go down that path. The kind of NFT it is unlimited as there’s a variety of ways to go about it.
You could be selling digital items, trading cards games domain names, some physical items! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the others. There are no gas costs when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your collection.
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to make more money by this method.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
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 something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. Pvc Pipe Size For Nft Aquaponics
You can swap your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
All of these have the option of exchange for ETH, which is the primary crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly around an ETH blockchain, wallets that share this network are appropriate for this site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. Pvc Pipe Size For Nft Aquaponics
To learn more about it, you can check their FAQs to see a rundown of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for 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 royalty rates).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Pvc Pipe Size For Nft Aquaponics
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online to receive cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Because its system is based on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
In addition as a seller you will be verified after you build up your reputation. A blue checkmark will appear on your account or collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared against others 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 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 use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before There is an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store and begin exploring the collection now!
The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).