The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto currency. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy 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 watch 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 Defense
The goal of OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional fees. It has more functions which allow you to market your work without having to deal with many issues.
In terms of registration, you won’t have to provide too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for the majority of transactions. It also operates using the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains available you can pick which one you’d like 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. Every transaction will be conducted using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes some time for anyone to be a reputable one.
There are a variety of NFTs of NFTs available on OpenSea and you can become a part of that! You can create your own market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT,” a popular term in the crypto industry “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 any beginners in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible that is individual and cannot be changed. It could be an item of rarity like rare baseball trading cards in mint condition or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you sell on the internet. In simpler terms, you could simply imagine the NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to market, as selling it. Usually, this is recognized after you fill in the correct information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and 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 to use it with (e.g. blockchain, payment tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how the transactions go from now to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering which kind of NFT be purchased here and what kind of NFTs you can also sell if you choose to go down that path. The type of NFT it can be is unlimited as there’s a variety of ways to approach it.
You can be selling digital products, trading cards, game assets domain names, some physical items! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from other companies. There are zero gas fees when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50% of the sale amount, letting you make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you to convert your fiat money into cryptocurrency through these platforms. Nft Castle Defense
You can convert your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
All of them have the option of converting them into ETH, which is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are still more compatible with it than other. Because it is based around the ETH blockchain, all wallets with a connection to this network are appropriate for this site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage as well as the capability to buy cryptocurrency using the credit card. Nft Castle Defense
To learn more about it, you can check their FAQs for an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world 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 supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are 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 actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Castle Defense
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its no gas costs and low commission fees you must pay.
You can browse and shop for an array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since its system is built on blockchain technology that is secure, you can declare that transactions are safe and secure.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed to your account or collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be commonly used on this site and many others to accommodate many more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before, there is definitely an official mobile app from OpenSea available for both iOS as well as Android. You can download it through their app store and begin exploring the collection now!
A desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).