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Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto coins. Markets have popped up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.

If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.

Now hop aboard, and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!

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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 the article for a more comprehensive review.

OpenSea as an NFT Marketplace 1/4 Jic Male 1/4 Nft Male

The purpose for OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional costs. It also has additional functions that let you sell your artwork without any issues.

In terms of the registration process, you don’t have to worry about giving any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It also functions on the Polygon blockchain to ensure the lowest cost and speediest trading.

With these two kinds of blockchains available you can pick which one you’d like to upload your NFT on 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 along with this blockchain, so you should consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can be a seller however it takes some time for anyone to be a reputable one.

There is a wide variety of NFTs available of NFTs available at OpenSea and you could become a part of this! You can create your own personal market there, and also find NFTs that you would like to purchase yourself.

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What is an NFT?

A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t sure exactly what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.

One of the latest ways you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible token that is very exclusive and cannot be replaced. It can be an item of rarity like mint-condition baseball trading cards or a uncommon vinyl record.

There is no limit to what an NFT can be as it’s a non-fungible thing that you sell online. In simpler terms, you could just consider the NFT to be a type of digital item paid via cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the market place, but you’re offering it for sale. 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 procedure to create your own NFTs by going to the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and choose what kind of settings you want for it (e.g., blockchain, payments tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.

You can wait and observe how transactions progress from now on to see if OpenSea is the marketplace for you.

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What NFTs are available here?

So, at this point you’re probably thinking about the kind of NFTs can you shop for here and what you can sell should you decide to pursue that route. The kind of NFT it can be isn’t limited since there’s a broad range of ways to do it.

You could be selling digital products, trading cards game assets, domain names, and even physical assets! Find out what you think will yield the most profit by experimenting with OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that sets OpenSea from the others. There’s no cost for gas for using this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you won’t have to spend on any additional charges.

Not many NFT marketplaces have this feature, which is why this is great for you to make a huge profit from your portfolio.

Referral Program

A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer benefits when you refer your 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 purchase amount, which means you can earn more money by this method.

Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea has over the other marketplaces.

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Mobile Application

There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.

OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can look through the options you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available to you You can also exchange your fiat money for cryptocurrency on these platforms. 1/4 Jic Male 1/4 Nft Male

You can exchange your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex and more!

All of them have the option of converting them into ETH that is the primary cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than other. Since it is built on an ETH blockchain, any wallets that share this network are appropriate for the site.

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

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

*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, only mobile usage, and the function to buy cryptocurrency using the credit card. 1/4 Jic Male 1/4 Nft Male

For more information about the service, you can check their FAQs to see the steps you can start and what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:

Pros

  • Mobile apps available that are compatible with iOS and Android.
  • Smart contracts can be used to perform transactions.
  • High-level security , with the backing of blockchain.
  • Best for beginners in the crypto world and NFTs.

Cons

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

Pricing

OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll quickly regain that when you are actively selling since there’s no additional cost for it.

Frequently Asked Questions 1/4 Jic Male 1/4 Nft Male

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online and receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use for selling NFTs due to its low gas costs and the low commission rate you must pay.

You can browse and shop for the vast array of digital goods in this NFT marketplace and you must go through it!

Is OpenSea legit & secure?

Short answer: Yes! OpenSea has been a reliable marketplace since it was established in the year 2018. Since its system is based on a blockchain, it is safe to declare that transactions are safe and secure.

Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned 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 safe.

How can I earn royalties on OpenSea?

As an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.

What is the most popular cryptocurrency available in OpenSea?

Ethereum (ETH) can be widely used on this site and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can use for OpenSea.

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

OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.

Does OpenSea have a desktop or mobile app?

As mentioned before, there is definitely an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store, and begin exploring the collection right now!

A version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and get 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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