The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto coins. Markets have popped up across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Mike Whelan Nft
The aim of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional costs. There are additional features which allow you to market your artwork without any difficulties.
In terms of registration, you don’t need to provide all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains that are available, you can choose which one you’d like to transfer your NFT to as seller. This ensures the safety of your NFT as well as those who would like to buy it. Every transaction will be conducted along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to an official artwork by an artist you admire. Anyone can sell however it takes time before anyone can become an established one.
There is a wide variety in the collection on OpenSea and you can also be a part of the collection! You can start your own marketplace there, and also find 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 for so long on internet that many millennials have heard of it but aren’t sure exactly what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy is an NFT. An NFT is a non-fungible token which is extremely unique and can’t be changed. It could be an item of any rareness like mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you can sell online. In simpler terms, you could just think of as an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token you uploaded on the market place, but putting it up for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and simply create a collection! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain or payments tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now on to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering what kind of NFTs be purchased here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT it can be is indefinite because there’s a wide range of options for how to approach it.
You could be selling trade cards, digital goods, game assets, domain names, and even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the others. There are no gas costs when you utilize this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you don’t need to pay on extra fees.
Very few NFT marketplaces have this feature, so this is a great way to earn a high return from your collection.
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, letting you earn more cash through this action.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency through these platforms. Mike Whelan Nft
You can convert your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
All of these have the option to exchange for ETH, which is the standard crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly using an ETH blockchain, wallets that share that network will be suitable for this website.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only, and the function to purchase cryptocurrency with the credit card. Mike Whelan Nft
To know more about it to learn more, check out their FAQs for an overview of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- You cannot buy or sell products on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Mike Whelan Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established in the year of 2018. Because its system is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
In addition 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’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison against the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as numerous others to cater for more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned There is an official mobile application from OpenSea for both iOS or Android. Download it at their respective app store, and you can start exploring the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).