Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s explore what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Weed Grown Nft Pics
The goal for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional costs. It also has additional functions that allow you to sell your work without having to deal with many difficulties.
When it comes to the registration process, you don’t have to worry about giving any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for the majority of transactions. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains that are available it is possible to choose which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT and the people who want to purchase it. All transactions are made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art by an artist you admire. Anyone can sell however, it takes a while for anyone to become an established seller.
There are a variety of NFTs in the collection at OpenSea and you could become a part of this! You can set up your own market on this site, as well as find NFTs you’d like to buy 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 so long on the internet that the majority of young people have heard of it but not exactly sure what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. An NFT is a token that is non-fungible that is individual and cannot be substituted. This can be a piece of rarity like authentic baseball cards or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object that you sell online. More straightforwardly, you can simply think of the NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to the market place, but you’re selling it. Usually, this becomes official when you have filled in the correct information about the NFT and add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and creating a collection to start! Complete the correct and complete information about your NFT and then select what type of settings you’d like for it (e.g., blockchain or payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how transactions progress from here on out to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself the kind of NFTs can be found here, and what you could sell should you decide to go down that path. The kind of NFT that you can purchase isn’t limited since there’s a broad range of ways to go about it.
You can be selling digital products, trading cards, game assets domain names, even physical assets! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There are no gas costs for using this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t need to spend on additional fees.
Very few NFT marketplaces provide this feature, and it can be a fantastic way to receive high profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits by referring your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you earn more money from this act.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on both iOS as well as Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. Weed Grown Nft Pics
You can swap your fiat money via your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option to exchange for ETH that is the standard cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly around the ETH blockchain, wallets that share this network are appropriate for this website.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to purchase cryptocurrency using the credit card. Weed Grown Nft Pics
To learn more about it to learn more, check out their FAQs for the steps you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Weed Grown Nft Pics
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online to receive cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs because of its zero gas fees and low commission fee rate you must pay.
You can shop and browse a vast collection of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in 2018. Since its system is based on a blockchain that is secure, you can declare that transactions are protected and secured.
In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will be assigned next to your account or any collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be quite low in comparison against other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier there’s an official mobile application from OpenSea available for both iOS or Android. Install it from their app store, and you can start exploring the collection right now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications on updates regarding 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/).