The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea and also see 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Lettuce Nutrients
The aim of OpenSea was to simply provide a platform/marketplace for artists to upload commissions, without having to pay any additional costs. It has more functions which allow you to market your work without having to deal with many issues.
For registration, you don’t need to worry about giving too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based on the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you want to publish your NFT as an seller. This ensures the safety of your NFT and those who wish to buy it. Every transaction will be conducted along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist that you admire. Anyone can be a seller however it takes some time for anyone to become an established one.
There is a wide variety from the selection on OpenSea, and you can become a part of this! You can set up your own market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible token that is very exclusive and cannot be replaced. It can be an item of rareness, such as mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object that you sell on the internet. In simpler terms, you could simply consider the NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming 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 finally submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and then making a collection to begin! Fill out the proper and accurate information about your NFT and select the type of settings you want to use it with (e.g. blockchain, payment tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about which kind of NFT can be purchased here, and what you could also sell if you choose to pursue that route. The type of NFT it can be is unlimited as there’s a variety of how you can go about it.
You can be selling trade cards, digital goods games domain names, some physical items! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the other options. There are no gas costs when you use this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you start selling because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, and it is a great way to make a huge profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more money by this method.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. Even though you can’t buy or sell anything, you can still explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to convert your fiat money into cryptocurrency on these platforms. Nft Lettuce Nutrients
You can swap your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option to exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based around the ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only, and the function to purchase cryptocurrency using a credit card. Nft Lettuce Nutrients
To learn more about it, you can check their FAQs to see the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Lettuce Nutrients
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 a method of payment. It’s an ideal platform for artists who use it to sell NFTs because of its zero gas fees and low commission fees you must pay.
You can shop and browse an array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Because its system is built on a blockchain that is secure, you can claim that your transactions are safe and secure.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned next to your account or the collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared to other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is frequently used on this site as well as numerous others to cater for many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile application from OpenSea available for both iOS or Android. Install it from their app store and begin exploring the collection now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts as well as receive 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/).