Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Nate Chastain Nftsweeks
The goal to create OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional charges. It has more functions that let you sell your work without having to deal with many difficulties.
In terms of registration, you won’t have to give any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains it is possible to choose which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT and the people who want to buy it. All transactions will be made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art by an artist you admire. Anyone can sell, but it takes some time before anyone can become an established one.
There is a wide variety in the collection at OpenSea and you can become a part of this! 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 crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t exactly sure what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy can be an NFT. A NFT is a non-fungible currency which is extremely unique and can’t be replaced. It can be a piece of rareness like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can just consider the NFT being a virtual item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling the ownership of the particular item that you posted to the marketplace, and selling it. Usually, this is recognized when you have filled in the correct information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain or payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from now to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about which kind of NFT be found here and what you can sell should you decide to go down that path. The kind of NFT it can be isn’t limited since there’s a broad range of ways to go about it.
It is possible to sell trade cards, digital goods game assets domain names, some physical items! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There are zero gas fees for using this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you don’t need to pay 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 NFT collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which means you can earn more cash from this act.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly 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 for both iOS as well as Android. Even though you can’t buy or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency on these platforms. OpenSea Nate Chastain Nftsweeks
You can convert your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option to exchange for ETH, which is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly around the ETH blockchain, wallets with a connection to the same network are suitable for this 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 wallet has its own restrictions including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using a credit card. OpenSea Nate Chastain Nftsweeks
For more information about the service to learn more, check out their FAQs to see the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps for 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 market and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Nate Chastain Nftsweeks
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using it to sell NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year of 2018. Because its system is built on blockchain technology that is secure, you can claim that your transactions are safe and secure.
Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark is placed to your account or the collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be widely used on this site as well as numerous others to cater for more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile app from OpenSea available for both iOS and Android. Download it at their respective app store and you can start browsing through the collection right now!
There is also a Desktop application that OpenSea can be downloaded via 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/).