Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking 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. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace What Can I Grow In A Cropking Nft System
The aim of OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional costs. It has more functions that let you sell your artwork without any issues.
In terms of registration, you don’t need to worry about giving too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be 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 most processes. It also functions using the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains that are available, you can 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 buy it. Every transaction will be conducted by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can become a seller however, it takes some time before anyone can become an established one.
There’s a huge selection of NFTs available at OpenSea and you can become a part of that! You can create your own personal market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible that is very unique and can’t be substituted. This can be a piece of rarity like mint-condition baseball trading cards or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing you’re selling online. It is simpler to simply think of the NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. You are calling ownership over that particular token/item you uploaded on market, as you’re offering it for sale. Usually, this becomes official once you fill out the correct information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and simply making a collection to begin! Fill out the proper and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g. blockchain and payment tokens). After you’ve completed the process, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see the way transactions are handled from now to see if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself which kind of NFT can be found here, and what you could sell should you decide to pursue that route. The kind of NFT that you can purchase is unlimited because there’s a wide range of options for how to approach it.
You could be selling trade cards, digital goods games domain names, some physical items! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from other companies. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces provide this feature, so this is a great way to earn a high return from your portfolio.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can earn more money by this method.
Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on both iOS in addition to Android. Even though you can’t buy or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. What Can I Grow In A Cropking Nft System
You can exchange your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built around the ETH blockchain, any wallets with a connection to the same network are suitable for this site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage and the ability to purchase cryptocurrency using credit cards. What Can I Grow In A Cropking Nft System
To know more about it You can go through their FAQs to get an overview of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions What Can I Grow In A Cropking Nft System
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists using for selling NFTs because of its zero gas costs and low commission fees that you have to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in 2018. Since the system it operates on is built on a blockchain that is secure, you can say that your transactions are safe and secure.
In addition as a seller you can become verified once you’ve earned a reputation. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties on OpenSea?
As an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared against other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before, there is definitely an official mobile app from OpenSea for both iOS as well as Android. Download it at their respective app store and you can start browsing through the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and get notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).