Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and discover 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 review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace What Can Be Grown Nft Hydro
The purpose of OpenSea was to offer an online marketplace for artists to upload commissions, without having to pay any additional costs. It has more functions which allow you to market your artwork without any difficulties.
When it comes to registration, you won’t have to give all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains it is possible to choose which one you’d like to transfer your NFT to as a seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions are made along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist you admire. Anyone can be a seller, but it takes a while for anyone to become a reputable one.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you could join in with the collection! You can set up your own market there, and also find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible token that is very exclusive and cannot be replaced. This can be a piece of rareness like mint-condition baseball trading cards or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can simply consider the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling the shots on your own NFTs. You’re claiming the owner of the item or token that you have uploaded to the marketplace, and you’re offering it for sale. Typically, this is official once you fill out the correct information about the NFT and add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and making a collection to begin! Fill out the proper and correct information regarding your NFT and select the type of settings you want to use it with (e.g. blockchain, payment tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
You can watch and see how transactions progress from here on out to determine if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
In this moment you’re probably asking yourself the kind of NFTs you shop for here and what you can sell should you decide to pursue that route. The kind of NFT that you can purchase isn’t limited because there’s a wide range of how you can go about it.
You can be selling trade cards, digital goods, game assets domain names, even physical assets! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There are no gas costs for using this feature to create and market NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, so this is great for you to earn a high return from your portfolio.
Referral Program
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal to convert your fiat money into cryptocurrency using these platforms. What Can Be Grown Nft Hydro
You can convert your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and many more!
All of these have the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than others. Since it is built using an ETH blockchain, any wallets which are part of that network will be suitable for this site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. What Can Be Grown Nft Hydro
To learn more about it, you can check their FAQs for a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
Pros
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
Cons
- Allows royalty rates of 10% for artists (low royalty).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used for this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions What Can Be Grown Nft Hydro
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using the platform to market NFTs due to its no gas fees and low commission fee rate you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception in 2018. Because its system is built on blockchain technology, it is safe to declare that transactions are protected and secured.
Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned on your account or collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties from OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is widely used on this site and numerous others to cater for more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and 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 app?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store and then you can begin browsing through the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
