Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
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 largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s see the possibilities of OpenSea and also see the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Lettuce
The aim for OpenSea was to provide a platform/marketplace for artists to upload their commissions without any extra costs. It also has additional functions that let you sell your art without too many issues.
In terms of registration, you won’t have to worry about giving any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains that are available, you can choose which one you want to transfer your NFT to as an seller. This ensures the safety of your NFT as well as the people who want to buy it. All transactions are made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist you admire. Anyone can become a seller however it takes time for anyone to become an established one.
There’s a huge selection from the selection of NFTs available at OpenSea and you can become a part of that! You can set up your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”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 means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. This can be an item of rareness like authentic baseball cards, or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible object you’re selling on the internet. It is simpler to simply think of as an NFT being a virtual item paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming the ownership of the particular item that you posted to market, as you’re selling it. Usually, this is recognized once you fill out all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and simply creating a collection to start! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain or 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.
You can watch and see how the transactions go from now on to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about which kind of NFT you shop for here and what you can sell should you decide to go that route. The kind of NFT it can be isn’t limited because there’s a wide range of ways to do it.
You can be selling trade cards, digital goods game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from other companies. There are zero gas fees when you utilize this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t need to spend on extra fees.
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 distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive advantages when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS as well as Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can exchange your fiat money for cryptocurrency on these platforms. Nft Lettuce
You can convert your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of converting them into ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly using an ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and 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 purchase cryptocurrency with credit cards. Nft Lettuce
For more information about the service, you can check their FAQs to see the steps you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS as well as 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 royalties up to 10% for artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Lettuce
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs due to its low cost of gas and the low commission rate which you are required to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded in 2018. Because its system is built on blockchain technology, it is safe to declare that transactions are protected and secured.
In addition as a seller you will be verified after you build up your reputation. A blue checkmark will be assigned to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is frequently utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. Here are the other cryptocurrencies 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 buy and sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned There is an official mobile app by OpenSea available for both iOS as well as Android. Download it at their respective app store and then you can begin exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications about updates to 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/).