The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto coins. Markets have popped up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
If you’re interested in crypto, you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and discover the possibilities of OpenSea, along with checking 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Castle Defence
The purpose for OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. There are additional features that allow you to sell your artwork without any issues.
For the registration process, you don’t have to provide too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also functions with the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains that are available you can pick which one you want to transfer your NFT to as an seller. This is to ensure the security of your NFT as well as those who would like to buy it. All transactions will be made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art by an artist you admire. Anyone can sell however, it takes a while before anyone can become a reputable one.
There is a wide variety from the selection at OpenSea and you can become a part of the collection! You can create your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible token that is individual and cannot be replaced. It can be an item of rarity like rare baseball trading cards in mint condition or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item you’re selling online. It is simpler to simply consider the NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token that you have uploaded to the marketplace, and you’re putting it up for sale. Usually, this becomes official after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and select the type of settings you’d like for it (e.g. blockchain, money transfer tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself which kind of NFT can you shop for here and what kind of NFTs you can also sell if you choose to pursue that route. The kind of NFT that you can purchase isn’t limited because there’s a wide range of ways to approach it.
You can be selling trade cards, digital goods game assets, domain names, and also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from other companies. There’s no cost for gas when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t have to spend on any additional charges.
Not many NFT marketplaces offer this feature, and it can be a fantastic way to earn a high return from your NFT collection.
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. While you’re not able to buy or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use to convert your fiat money into cryptocurrency on these platforms. Nft Castle Defence
You can convert your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option to exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than other. Because it is based around an ETH blockchain, wallets with a connection to this network are appropriate for this website.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage, and the function to purchase cryptocurrency using a credit card. Nft Castle Defence
To know more about it to learn more, check out their FAQs to get an overview of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces 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 are available for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Castle Defence
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero cost of gas and the low commission rate you must pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.
Additionally, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear to your account or any collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared to other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be widely used on this site as well as many others to accommodate many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app from OpenSea for both iOS or Android. Download it at their respective app store and you can start browsing through the collection right now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts as well as 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/).