The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto-coins. Markets have popped up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s see the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, 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.
OpenSea as an NFT Marketplace Nft Lettuce Varietals
The purpose to create OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional charges. It has more functions that let you sell your artwork without any difficulties.
In terms of registration, you don’t need to give all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It is also based using the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you’d like to upload your NFT on as seller. This is to ensure the security of your NFT as well as the people who want to purchase it. All transactions are made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can be a seller however, it takes some time for anyone to become an established one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you could become a part of that! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry, the term “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 means. Let’s look at 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 includes an NFT. A NFT is a non-fungible token which is extremely unique and can’t be substituted. This can be an item of any rarity like rare baseball trading cards in mint condition or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object you’re selling on the internet. In simpler terms, you could simply consider an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. You are calling ownership over that particular token/item that you have uploaded to market, as offering it for sale. Usually, this becomes official once you fill out the correct information about the NFT and add it on the market.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and then creating a collection to start! Fill out the proper and complete information about your NFT and then select what type of settings you’d like for it (e.g. blockchain or payment tokens). After you’ve completed the process, you can finally upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now on to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself what kind of NFTs be found here, and what you could also sell if you choose to go that route. The type of NFT it can be is unlimited as there’s a variety of options for how to go about it.
It is possible to sell trade cards, digital goods, game assets, domain names, and some physical items! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the others. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This means you’ll get the most profit when you begin selling since you won’t have to spend on any additional charges.
Very few NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your NFT collection.
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are rewards by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to convert your fiat money into cryptocurrency on these platforms. Nft Lettuce Varietals
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of exchange for ETH, which is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based on the ETH blockchain, wallets with a connection to this network are appropriate for this site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only, and the function to buy cryptocurrency using credit cards. Nft Lettuce Varietals
For more information about the service to learn more, check out their FAQs for 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 has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalties).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Lettuce Varietals
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use it to sell NFTs due to its low gas fees and low commission fee rate that you have to pay.
You can shop and browse an array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded in 2018. Since the system it operates on is built on a blockchain, it is safe to claim that your transactions are secure and safe.
Furthermore as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed on your account or any collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How can I earn royalties from OpenSea?
As an artist, you will receive only up to 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared against other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is frequently used on this site and numerous others to cater for many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile app by OpenSea available for both iOS as well as Android. You can download it through their app store, and begin exploring the collection now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app 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/).