The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto-coins. Markets have popped up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Lettuce Explained
The purpose to create OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra fees. There are additional features that let you sell your work without having to deal with many issues.
For registration, you don’t need to give too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also functions with the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains it is possible to choose which one you would like to transfer your NFT to as an seller. This will ensure the security of your NFT, along with those who wish to buy it. All transactions will be made along with this blockchain, which is why you need to think about where to 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. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can sell, but it takes time for anyone to become an established seller.
There are a variety of NFTs of NFTs available on OpenSea and you could join in with that! You can set up your own personal market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but not exactly sure what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be changed. This can be a piece of rareness like mint-condition baseball trading cards or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could simply consider as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You’re claiming the ownership of the particular item that you have uploaded to market, as putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like for it (e.g. blockchain, money transfer tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how transactions progress from here on out to see if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering which kind of NFT be found here, and what you could sell should you decide to go down that path. The kind of NFT it is unlimited because there’s a wide range of ways to approach it.
You can be selling trade cards, digital goods, game assets, domain names, and some physical items! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the other options. There are no gas costs when you use this feature when you create and market NFTs. This means you’ll be able to make the highest profits once you sell because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces have this feature, and it is a great way to receive high profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available on both iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also exchange your fiat money for cryptocurrency using these platforms. Nft Lettuce Explained
You can convert your fiat currency using a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly on the ETH blockchain, wallets which are part of this network are appropriate for this site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using credit cards. Nft Lettuce Explained
For more information about the service You can go through their FAQs to see an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. 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 as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Lettuce Explained
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use it to sell NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea real and safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Since its system is built on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Furthermore as a seller you will be verified after you’ve earned a reputation. 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 content to ensure that users are secure.
How do I earn royalties from OpenSea?
As an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared to other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile app from OpenSea available for both iOS as well as Android. Install it from their app store, and you can start exploring the collection now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts as well as receive 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/).