The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining 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 overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Planting Lettuce In An Nft System
The purpose for OpenSea was to simply provide a platform/marketplace for artists to upload commissions, without having to pay any additional charges. It has more functions that let you sell your artwork without any problems.
In terms of registration, you won’t have to give all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple 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 marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also functions with 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 want to transfer your NFT to as seller. This ensures the safety of your NFT as well as those who wish to purchase 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 like an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes some time for anyone to become a reputable one.
There are a variety of NFTs from the selection on OpenSea and you could join in with that! You can set up your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market, the term “NFT” has been going around so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible token which is extremely individual and cannot be substituted. It can be an item of any rareness, such as rare baseball trading cards in mint condition or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you sell on the internet. In simpler terms, you could just think of the NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming the owner of the item or token you uploaded on the market place, but offering it for sale. Typically, this is official once you fill out the correct information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and making a collection to begin! Complete the correct and correct information regarding your NFT and select the type of settings you’d like to use it with (e.g. blockchain and payments tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from here on out to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about the kind of NFTs can be found here and what you can also sell if you decide to go down that path. The kind of NFT it can be is unlimited because there’s a wide range of how you can go about it.
It is possible to sell digital items, trading cards game assets domain names, some physical items! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from other companies. There are no gas costs when you use this feature to create and market NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, so this is great for you to receive high profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive rewards when you refer your friend 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 cash by this method.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS as well as Android. While you’re not able to buy or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to convert your fiat money into cryptocurrency through these platforms. Planting Lettuce In An Nft System
You can swap your fiat money via the credit card, or Paypal via these reputable websites 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.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than other. Because it is based around the ETH blockchain, all wallets which are part of this network are appropriate for the site.
Here’s a list of different crypto wallets 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 has its own limitations including simple registration, mobile-only usage and the ability to buy cryptocurrency using credit cards. Planting Lettuce In An Nft System
To know more about it, you can check their FAQs to get a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- You cannot buy or sell products through 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 has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Planting Lettuce In An Nft System
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online to receive cryptocurrency as a form of payment. It’s a great platform for artists who use it to sell NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded 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.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark will appear to your account or the collection you uploaded to reassure every customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be a reasonable amount compared to other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile app from OpenSea available for both iOS as well as Android. You can download it through their app store, and then you can begin exploring the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and get notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).