The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and discover what you can do with OpenSea and also see what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Lettuce Nft System
The goal to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions without any extra charges. It also has additional functions which allow you to market your art without too many problems.
In terms of registration, you don’t need to provide all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you want to publish your NFT as seller. This is to ensure the security of your NFT as well as those who would like to purchase it. All transactions are made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name, to a piece of art by an artist you admire. Anyone can be a seller, but it takes time before anyone can become an established one.
There are a variety of NFTs from the selection at OpenSea and you could also be a part of this! You can create your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto industry the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but not exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible currency that is very unique and can’t be replaced. It can be an item of rarity like mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item you’re selling online. More straightforwardly, you can just consider as an NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You are calling ownership over that particular token/item you uploaded on market, as selling it. Usually, this is recognized once you fill out the correct information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and creating a collection to start! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g. blockchain, money transfer tokens). After you’ve completed the process then you’re 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 determine if OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering what kind of NFTs can be found here, and what you could also sell if you choose to go down that path. The type of NFT it can be isn’t limited as there’s a variety of options for how to go about it.
You can be selling digital items, trading cards, game assets domain names, even physical assets! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the other options. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you start selling because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can earn more money through this action.
Other NFT marketplaces do not have the same feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to convert your fiat money into cryptocurrency on these platforms. Lettuce Nft System
You can exchange your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
Each of them has the option of converting them into ETH that is the most common crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly on the ETH blockchain, wallets that share this network are appropriate for the site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Lettuce Nft System
To know more about it You can go through their FAQs to get a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has 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 for iOS or 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 industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Lettuce Nft System
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists who use the platform to market NFTs due to its no gas costs and low commission fee rate you must pay.
You can shop and browse a vast collection of digital products on this NFT marketplace and you must check it out!
Is OpenSea real and safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can declare that transactions are protected and secured.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or any collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be quite low in comparison to the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile app from OpenSea that is available for iOS and Android. You can download it through their app store and you can start exploring the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can 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/).