Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto currency. Markets have popped up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see the NFTs available to view!
Before you continue, 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Lettuce Temperature
The purpose to create OpenSea was to offer an online marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions that let you sell your artwork without any problems.
For the registration process, you don’t have to provide too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also functions with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains it is possible to choose which one you want to upload your NFT on as seller. This ensures the safety of your NFT and those who wish to buy it. All transactions are made along with this 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 that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to an official artwork by an artist you admire. Anyone can become a seller, but it takes time before anyone can become a reputable one.
There is a wide variety in the collection at OpenSea and you can become a part of the collection! You can start your own personal market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t sure exactly what it is. 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 newest things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be changed. It could be an item of any rarity like mint-condition baseball trading cards or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can just consider as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling the ownership of the particular item that you have uploaded to the marketplace, and you’re selling it. Typically, this is official after you fill in the correct information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain or payments tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from now on to see if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs you shop for here, and what you could also sell if you decide to pursue that route. The type of NFT it can be isn’t limited because there’s a wide range of how you can do it.
You can be selling digital items, trading cards, game assets, domain names, and also physical goods! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from other companies. There’s no cost for gas for using this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, so this is great for you to earn a high return from your collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which means you can earn more money by this method.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available for both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you to convert your fiat money into cryptocurrency using these platforms. Nft Lettuce Temperature
You can exchange your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than others. Because it is based using an ETH blockchain, wallets with a connection to that network will be suitable for this website.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only, and the function to purchase cryptocurrency using a credit card. Nft Lettuce Temperature
For more information about the service to learn more, check out their FAQs to get a rundown of how you can get started 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 disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Lettuce Temperature
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists using it to sell NFTs because of its zero cost of gas and low commission fees which you are required to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year of 2018. Since its system is based on a blockchain that is secure, you can declare that transactions are safe and secure.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed on your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties from OpenSea?
As an artist, you’ll get only 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison to other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile app from OpenSea that is available for iOS or Android. Download it at their respective app store, and begin browsing through the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts as well as receive alerts on any updates that affect your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).