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The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.

If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.

Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking the NFTs that you can see!

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Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.

OpenSea as an NFT Marketplace 0 Nft Asset

The goal of OpenSea was to simply provide artists with a marketplace/platform to upload their commissions with no additional charges. It has more functions that allow you to sell your art without too many problems.

In terms of registration, you don’t need to give any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also operates using the Polygon blockchain to ensure the lowest cost and speediest trading.

With these two types of blockchains available you can pick which one you would like to transfer your NFT to as a 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 by using the blockchain, and you must think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can sell, but it takes time for anyone to be an established one.

There is a wide variety in the collection on OpenSea and you could also be a part of the collection! You can create your own personal market here, along with finding NFTs you’d like to buy yourself.

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What is an NFT?

In a recent development for the crypto market, the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s take a look at what NFT is for any beginners in cryptocurrency.

One of the latest ways you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency that is exclusive and cannot be substituted. This can be a piece of rareness like rare baseball trading cards in mint condition or a rare vinyl record.

There is no limit to what an NFT can be since it’s a non-fungible object that you sell on the internet. In simpler terms, you could just imagine the NFT to be a type of digital collectible paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token that you posted to the market place, but putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and submit it for sale on.

On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and simply creating a collection to start! Fill out the proper and correct information regarding your NFT and select the type of settings you want to use it with (e.g., blockchain or payments tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.

It is possible to wait and see how the transactions go from now on to see if OpenSea is the best marketplace for you.

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What NFTs can you find here?

So, at this point, you’re probably wondering what kind of NFTs can be purchased here and what you can also sell if you decide to go down that path. The type of NFT it can be is unlimited since there’s a broad range of how you can do 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 feature is what differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t have to spend on any additional charges.

There aren’t many NFT marketplaces offer this feature, and it is great for you to receive high profit from your collection.

Referral Program

A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can earn more cash through this action.

Other NFT marketplaces do not have this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything while you browse through the listing.

The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re interested in while on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency using these platforms. 0 Nft Asset

You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex, and other things!

All of them have the option of exchange for ETH which is the standard cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built mainly using the ETH blockchain, wallets which are part of this network are appropriate for the site.

Here is a list of different crypto wallets you can utilize in OpenSea:

  • WalletConnect
  • Coinbase
  • TrustWallet
  • OperaTouch
  • Bitski
  • Authereum and many more!

*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency with the credit card. 0 Nft Asset

To learn more about it You can go through their FAQs to see the steps you can begin and also what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:

Pros

  • Mobile apps available that are compatible with iOS as well as Android.
  • Smart contracts are used for transactions.
  • Security at the highest level with the help of blockchain.
  • Ideal for those who are new to the crypto industry and NFTs.

Cons

  • Allows royalties of only up to 10% for artists (low royalty rates).
  • You cannot buy or sell products on our mobile apps.
  • Only accepts cryptocurrency as a type of payment.
  • A Crypto account is needed for this marketplace.

Pricing

OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.

Frequently Asked Questions 0 Nft Asset

What is OpenSea?

OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online to receive cryptocurrency as a method of payment. It’s a great option for artists who want to use for selling NFTs because of its zero gas fees and low commission fee rate which you are required to pay.

You can browse and purchase the vast array of digital products on this NFT marketplace which is why you should definitely go through it!

Is OpenSea real and is it safe?

The short answer is yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in 2018. Since the system it operates on is built on a blockchain that is secure, you can declare that transactions are secure and safe.

In addition as a seller you will be verified after you build up your reputation. A blue checkmark is placed on your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the contents to ensure users are secure.

How do I earn royalties on OpenSea?

However, as an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison to the other NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) has been frequently utilized on this website and other sites to provide more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can utilize to access OpenSea.

How do I pay for OpenSea? What are my payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.

Does OpenSea has a mobile or desktop application?

As we mentioned earlier, there is definitely an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store, and you can start browsing through the collection right now!

The desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and receive alerts on any updates that affect 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/).

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