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The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto coins. Markets have popped up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.

If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.

Get 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 watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace 2 Nfta Bus Route

The aim to create OpenSea was to offer an online marketplace for artists to easily upload their commissions, without having to pay any additional fees. There are additional features that allow you to sell your work without having to deal with many issues.

For registration, you don’t need to provide too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter 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 is used for the majority of transactions. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.

With these two types of blockchains 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 and those who wish to purchase it. All transactions will be made along with this blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes time for anyone to be a reputable one.

There is a wide variety from the selection on OpenSea and you could also be a part of the collection! You can create your own market there, and also find NFTs you’d like to buy yourself.

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What is an NFT?

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

One of the latest ways you can buy can be an NFT. The NFT is a non-fungible currency that is unique and can’t be substituted. It could be a piece of rareness like rare baseball trading cards in mint condition, or a rare vinyl record.

There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell online. More straightforwardly, you can simply consider the NFT to be a type of digital collectible paid via cryptocurrency only.

Minting NFTs

Minting is like calling the shots on your own NFTs. You’re claiming the ownership of the particular item you uploaded on market, as offering it for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and finally upload it to the marketplace.

On OpenSea, it’s a simple process to mine your NFTs by going to the store and making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain and payment tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.

You can wait and observe how the transactions go 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 asking yourself what kind of NFTs can be purchased here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT that you can purchase is unlimited as there’s a variety of ways to go about it.

You can be selling trade cards, digital goods, game assets domain names, some physical items! Find out what you think will bring the greatest rewards by trying OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that separates OpenSea from the other options. There are no gas costs when you use this feature to make and then sell the NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on additional fees.

Very few NFT marketplaces have this feature, so this is great for you to receive high profit from your portfolio.

Referral Program

The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer advantages by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you earn more money by this method.

Other NFT marketplaces don’t have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.

OpenSea’s mobile apps are available for both iOS and Android. Even though you can’t buy or sell anything, you can still at least explore the products you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are available to you You can also trade your fiat currency for cryptocurrency through these platforms. 2 Nfta Bus Route

You can exchange your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:

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

All of these have the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are still more compatible with it than others. Because it is based using an ETH blockchain, wallets which are part of this network are appropriate for the site.

Here’s a list several crypto wallets you can use in OpenSea:

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage as well as the capability to purchase cryptocurrency using credit cards. 2 Nfta Bus Route

To know more about it, you can check 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

Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:

Pros

  • Mobile apps available for iOS and Android.
  • Smart contracts are used for transactions.
  • Security at the highest level with the help of blockchain.
  • The best option for beginners to the crypto market and NFTs.

Cons

  • Allows royalties 10% for artists (low royalties).
  • It is not possible to buy or sell items via this mobile application.
  • Only accepts cryptocurrency as a type of payment.
  • A Crypto wallet is required to access this marketplace.

Pricing

OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are 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 is no additional fee for it.

Frequently Asked Questions 2 Nfta Bus Route

What is OpenSea?

OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low cost of gas 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 which is why you should definitely take a look!

Is OpenSea legitimate and safe?

The short answer is yes! OpenSea has been a trusted marketplace since it was founded at the end of the year 2018. Since its system is based on a blockchain, it is safe to say that your transactions are protected and secured.

Additionally, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned next to your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are secure.

How do I earn royalties on OpenSea?

However, as an artist, you will get only 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison against other NFT marketplaces.

What are the cryptocurrency options offered in OpenSea?

Ethereum (ETH) has been commonly utilized on this website and other sites to provide the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can use for OpenSea.

Which are the accepted payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.

Does OpenSea have a desktop/mobile application?

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

There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and get notifications about updates to 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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