Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea as well as examining 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. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Pvc Pipe Size For Nft
The purpose of OpenSea was to provide an online marketplace for artists to upload commissions without any extra fees. It also has additional functions which allow you to market your artwork without any problems.
For registration, you don’t need to provide all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains available, you can choose which one you want to publish your NFT as a seller. This will ensure the security of your NFT and those who would like to buy it. All transactions are made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to official art from an artist you admire. Anyone can sell, but it takes time for anyone to become an established one.
There is a wide variety in the collection on OpenSea and you could also be a part of the collection! You can set up your own marketplace on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the 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 anyone who is new in cryptocurrency.
One of the latest ways you can buy can be an NFT. A NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. It could be an item of rareness, such as authentic baseball cards or unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling online. In simpler terms, you could simply consider an NFT as a digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and you’re selling it. Typically, this is official after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then create a collection! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain, payments tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see how the transactions go from here on out to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about which kind of NFT be purchased here and what you can sell should you decide to go that route. The type of NFT that you can purchase is indefinite because there’s a wide range of options for how to do it.
It is possible to sell trade cards, digital goods, game assets domain names, also physical goods! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from other companies. There are zero gas fees when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, so this is great for you to earn a high return from your collection.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive benefits by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more cash from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use to trade your fiat currency for cryptocurrency on these platforms. Pvc Pipe Size For Nft
You can exchange your fiat currency using a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of them have the option of converting them into ETH that is the standard cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than other. Because it is based on the ETH blockchain, wallets with a connection to the same network are suitable for the site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. Pvc Pipe Size For Nft
To learn more about it, you can check their FAQs to get a rundown of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS as well as 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 royalty rates of up to 10% for artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who owns any crypto coins 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 quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Pvc Pipe Size For Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s a great option for artists who want to use the platform to market NFTs because of its zero gas fees and the low commission rate that you have to pay.
You can browse and shop for an array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a reliable marketplace since its inception at the end of the year of 2018. Since the system it operates on is based on a blockchain and is secured, 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 appear next to your account or collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be widely used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile application from OpenSea available for both iOS and Android. You can download it through their app store, and begin browsing through the collection right now!
There is also a desktop application for OpenSea which can be downloaded from 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/).