The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Get on board, and discover the possibilities of OpenSea and also see what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Warehouse Nft System Lettuce
The goal of OpenSea was to simply provide an online marketplace for artists to upload their commissions without any extra fees. It also has additional functions that allow you to sell your art without too many issues.
For registration, you won’t have to provide too many details about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also functions with the Polygon blockchain to ensure the lowest cost and speediest 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 using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist that you admire. Anyone can be a seller, but it takes a while before anyone can become an established seller.
There is a wide variety in the collection at OpenSea and you can become a part of that! You can set up your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t sure exactly what it actually means. 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 new things you can buy is an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. It could be an item of rarity like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object that you sell online. More straightforwardly, you can simply think of the NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item that you have uploaded to market, as you’re selling it. Usually, this is recognized when you have filled in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and then creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain and payments tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering the kind of NFTs can you shop for here and what you can also sell if you decide to pursue that route. The type of NFT that you can purchase is indefinite since there’s a broad range of options for how to approach it.
You can be selling trade cards, digital goods games domain names, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
Not many NFT marketplaces offer this feature, which is why this is great for you to receive high profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t have this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency using these platforms. Warehouse Nft System Lettuce
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of them have the option to exchange for ETH, which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly around an ETH blockchain, any wallets with a connection to the same network are suitable for the site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage, and the function to purchase cryptocurrency with a credit card. Warehouse Nft System Lettuce
For more information about the service, you can check their FAQs for an overview of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Warehouse Nft System Lettuce
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists using the platform to market NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded in the year of 2018. Since its system is built on blockchain technology and is secured, it is safe to claim that your transactions are secure and safe.
Additionally as a seller you will be verified after you build up your reputation. A blue checkmark will be assigned on your account or any collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier There is an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store and begin browsing through the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).