Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. Markets have popped up all over the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea as well as examining 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 overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Lettuce Nft Spacing
The goal to create OpenSea was to offer an online marketplace for artists to upload commissions, without having to pay any additional charges. It has more functions that allow you to sell your work without having to deal with many difficulties.
When it comes to registration, you won’t have to provide all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also functions on the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains available, you can choose which one you’d like to upload your NFT on as an seller. This is to ensure the security of your NFT and the people who want to buy it. Every transaction will be conducted 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 an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist you admire. Anyone can sell however, it takes some time for anyone to become an established one.
There are a variety of NFTs of NFTs available at OpenSea, and you can become a part of that! You can start your own market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials have heard of it but not exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is very unique and can’t be substituted. It could be an item of any rareness like rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible object that you sell online. In simpler terms, you could just think of the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and you’re selling it. Typically, this is official once you fill out the correct information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and then create a collection! Input the appropriate and correct information regarding your NFT and then select what type of settings you want for it (e.g., blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
It is possible to wait and see how transactions progress from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself what kind of NFTs you shop for here, and what you could sell should you decide to go down that path. The type of NFT it can be is unlimited since there’s a broad range of options for how to go about it.
You could be selling digital items, trading cards game assets, domain names, and even physical assets! Consider what you believe will 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 no gas costs when you use this feature when you create and market NFTs. This is essentially a way to ensure that you get the most profit when you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces provide this feature, and it is a great way to earn a high return from your collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can earn more money through this action.
Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps of OpenSea are available on both iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal to convert your fiat money into cryptocurrency through these platforms. Lettuce Nft Spacing
You can swap the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option of converting them into ETH that is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly around an ETH blockchain, any wallets that share that network will be suitable for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with credit cards. Lettuce Nft Spacing
For more information about the service to learn more, check out their FAQs to see the steps you can begin and what other crypto 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. You can read about its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Lettuce Nft Spacing
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs because of its zero gas costs and low commission fees which you are required to pay.
You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
Answer: Yes! OpenSea is a reputable marketplace since its inception at the end of 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are safe and secure.
Additionally, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned to your account or the 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 on OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared to others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be widely utilized on this website and other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before, there is definitely an official mobile app by OpenSea available for both iOS or Android. Download it at their respective app store and begin exploring the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get notifications on updates regarding 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/).