The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and discover the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Youtube Hydroponic Nft Vertical Tower
The goal of OpenSea was to provide a platform/marketplace for artists to upload commissions without any extra fees. It has more functions which allow you to market your work without having to deal with many issues.
For registration, you won’t have to provide too many details about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It is also based using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains available 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 as well as the people who want to purchase it. All transactions are made using this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name, to a piece of art by an artist you admire. Anyone can become a seller however, it takes some time for anyone to be an established seller.
There is a wide variety from the selection of NFTs available at OpenSea and you can become a part of this! You can create your own market there, and also find NFTs you want to purchase 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 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 those who are just beginning to get started in cryptocurrency.
One of the new things you can buy includes an NFT. The NFT is a non-fungible currency that is very individual and cannot be replaced. It can be a piece of rareness, such as authentic baseball cards, or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object that you sell on the internet. It is simpler to simply think of an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the marketplace, and selling it. Usually, this becomes official once you fill out the proper information regarding 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 simply create a collection! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain and payments tokens). After that you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how the transactions go from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering what kind of NFTs you shop for here, and what you could also sell if you decide to go down that path. The type of NFT it can be isn’t limited because there’s a wide range of how you can do it.
It is possible to sell trade cards, digital goods, game assets, domain names, and some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the others. There’s no cost for gas when you utilize 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 begin selling since you won’t need to spend on additional fees.
Not many NFT marketplaces provide this feature, which is why this is a great way to receive high profit from your collection.
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t have this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. While you’re not able to buy or sell something, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. Youtube Hydroponic Nft Vertical Tower
You can convert the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
All of these have the option of converting them into ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly on the ETH blockchain, wallets which are part of the same network are suitable for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage, and the function to buy cryptocurrency using a credit card. Youtube Hydroponic Nft Vertical Tower
To learn more about it to learn more, check out their FAQs to see a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Youtube Hydroponic Nft Vertical Tower
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists using for selling NFTs due to its low cost of gas and low commission fees you must pay.
You can shop and browse the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of the year of 2018. Since the system it operates on is based on a blockchain that is secure, you can say that your transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or any collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been widely used on this site as well as many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before There is an official mobile application from OpenSea for both iOS or Android. Download it at their respective app store and you can start exploring the collection now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts as well as 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/).