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The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping 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 familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.

So, hop on board and discover what you can do with OpenSea, along with checking the NFTs that you can see!

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

OpenSea as an NFT Marketplace 1 Nft Price

The purpose to create OpenSea was to provide artists with a marketplace/platform to upload their commissions, without having to pay any additional costs. It has more functions that allow you to sell your work without having to deal with many problems.

For registration, you don’t need to worry about giving all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.

With these two types of blockchains that are available you can pick which one you’d like to publish your NFT as a seller. This is to ensure the security of your NFT, along with those who wish to buy it. All transactions will be made by using the blockchain, and you must consider where to 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 in exchange for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can be a seller however, it takes time for anyone to be an established one.

There is a wide variety in the collection of NFTs available at OpenSea and you could join in with that! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.

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What is an NFT?

A recent change in the crypto market the term “NFT” has been going around for so long on internet that many millennials have heard of it but not exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.

One of the latest ways you can purchase your cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is very individual and cannot be changed. It can be an item of rareness like rare baseball trading cards in mint condition or unique vinyl album.

There’s no limit to what an NFT can be as it’s a non-fungible item you’re selling on the internet. In simpler terms, you could just consider the NFT as a digital item paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs to your NFTs. You’re claiming the owner of the item or token that you have uploaded to the market place, but you’re selling it. Typically, this is official once you fill out all the necessary information about the NFT and finally 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 then making a collection to begin! Fill out the proper and accurate information about your NFT and select the type of settings you want for it (e.g., blockchain and money transfer tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.

It is possible to wait and see how transactions progress from here on out to see whether OpenSea is the best marketplace for you.

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What NFTs are available here?

In this moment you’re probably asking yourself what kind of NFTs be found here and what you can also sell if you choose to go that route. The kind of NFT it is indefinite as there’s a variety of how you can do it.

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

OpenSea: Collection Manager Feature

The Collection Manager features is one of the things that sets 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 start selling because you won’t need to spend on extra fees.

Very few NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your NFT collection.

Referral Program

This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash through this action.

Other NFT marketplaces don’t offer this kind of feature either and that’s another advantage OpenSea has over them.

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Mobile Application

There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.

OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can at least look through the options you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency on these platforms. 1 Nft Price

You can exchange the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:

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

All of them have the option of exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly around the ETH blockchain, any wallets that share the same network are suitable for this website.

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

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

*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with the credit card. 1 Nft Price

To know more about it to learn more, check out their FAQs to see an overview of how you can begin 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 has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:

Pros

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

Cons

  • Allows royalty rates of 10% for artists (low royalty).
  • You cannot buy or sell products on our mobile apps.
  • Only supports cryptocurrency as its form of payment.
  • A Crypto digital wallet must be used to use this marketplace.

Pricing

OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly recover this amount if you sell regularly since there’s no extra charge for it.

Frequently Asked Questions 1 Nft Price

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists using 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 items on the NFT marketplace, so you should take a look!

Is OpenSea legitimate and safe?

Short answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Because its system is built on blockchain technology that is secure, you can say that your transactions are safe and secure.

In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned next to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are protected.

How can I earn royalties on OpenSea?

As an artist, you’ll get only 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared to other NFT marketplaces.

What cryptocurrency is offered in OpenSea?

Ethereum (ETH) has been commonly used on this site as well as many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can use to use OpenSea.

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

OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.

Does OpenSea have a desktop/mobile application?

As we mentioned earlier There is an official mobile app from OpenSea available for both iOS and Android. Download it at their respective app store, and begin exploring the collection right now!

A version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and receive notifications on updates regarding your account from 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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