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The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.

If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.

Get on board, and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!

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Before you go on, you may want to check out 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 of OpenSea.

OpenSea as an NFT Marketplace 1 Nft To Php

The aim of OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no additional fees. There are additional features that let you sell your art without too many problems.

For registration, you won’t have to give all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It is also based on the Polygon blockchain, which allows for the lowest cost and speediest trading.

With these two types of blockchains available you can pick which one you’d like to upload your NFT on as seller. This ensures the safety of your NFT and the people who want to buy it. All transactions will be made using this blockchain, which is why you need to think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to official art from an artist you admire. Anyone can be a seller, but it takes a while for anyone to be an established one.

There’s a huge selection in the collection on OpenSea and you can join in with the collection! You can create your own marketplace here, along with finding NFTs you’d like to buy 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 a lot of millennials have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.

One of the latest ways you can buy can be an NFT. The NFT is a non-fungible token that is very individual and cannot be replaced. It can be an item of rarity like rare baseball trading cards in mint condition or a unique vinyl album.

There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. In simpler terms, you could simply consider the NFT to be a type of digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling dibs to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the marketplace, and you’re 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 very simple process to mint your NFTs. All you have to do is visit the store and then creating a collection to start! Input the appropriate and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain, money transfer tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.

You can watch and see how transactions progress from now to see whether OpenSea is the best marketplace for you.

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What NFTs can you get here?

At this point you’re probably thinking about what kind of NFTs can be found here and what you can sell should you decide to go down that path. The kind of NFT it is indefinite as there’s a variety of options for how to go about it.

It is possible to sell digital items, trading cards games, domain names, and even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that separates OpenSea from the others. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you sell because you don’t need to pay on extra fees.

Not many NFT marketplaces have this feature, so this can be a fantastic way to make a huge profit from your portfolio.

Referral Program

This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer benefits when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which means you can earn more cash through this action.

Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over the other marketplaces.

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Mobile Application

There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.

OpenSea’s mobile apps are available on both iOS as well as Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re interested in 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 through these platforms. 1 Nft To Php

You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:

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

All of them have the option to exchange for ETH which is the most common crypto payment in OpenSea.

Crypto Wallets

While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based around an ETH blockchain, all wallets that share this network are appropriate for this site.

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

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

*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. 1 Nft To Php

For more information about the service to learn more, check out their FAQs for the steps you can start and what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:

Pros

  • Mobile apps available for iOS and Android.
  • Smart contracts are utilized for transactions.
  • High-level security with the support of blockchain.
  • The best option for beginners to the crypto market and NFTs.

Cons

  • Allows royalty rates of 10% to artists (low royalty).
  • Cannot buy or sell via this mobile application.
  • Only supports cryptocurrency as its method of payment.
  • The use of a Crypto digital wallet must be used to access this marketplace.

Pricing

OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the 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 To Php

What is OpenSea?

OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists using for selling NFTs due to its no gas fees and low commission fee rate that you have to pay.

You can browse and shop for an array of digital goods in this NFT marketplace and you must take a look!

Is OpenSea legit & safe?

Short answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Since its system is built on a blockchain that is secure, you can say that your transactions are protected and secured.

Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will appear on your account or collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure users are protected.

How can I earn royalties on OpenSea?

However, as an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared with other NFT marketplaces.

What are the cryptocurrency options offered in OpenSea?

Ethereum (ETH) has been widely used on this site as well as many others to accommodate the increasing number of crypto users. These are other cryptos you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

Which are the accepted payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.

Does OpenSea have a desktop or mobile app?

As mentioned before There is an official mobile app by OpenSea that is available for iOS and Android. Install it from their app store, and you can start browsing through the collection right now!

A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to 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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