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The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto-coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.

If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.

Now hop aboard, and discover the possibilities of OpenSea, along with checking what NFTs you can view!

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

OpenSea as an NFT Marketplace 3/16 X 1 Nft Button Head Socket Cap Screws

The goal of OpenSea was to provide a platform/marketplace for artists to upload their commissions, without having to pay any additional costs. It also has additional functions that let you sell your art without too many difficulties.

For registration, you won’t have to provide all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also operates with the Polygon blockchain, which ensures low-cost and quicker trading.

With these two kinds of blockchains you can pick which one you want to transfer your NFT to as a seller. This ensures the safety of your NFT, along with the people who want to purchase it. All transactions are made by using the blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller, but it takes a while for anyone to be an established seller.

There is a wide variety in the collection at OpenSea and you can join in with that! You can set up your own market here, along with finding NFTs you want to purchase yourself.

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What is an NFT?

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

One of the new things you can buy is an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be changed. It could be an item of any rareness, such as rare baseball trading cards in mint condition or a rare vinyl record.

There’s no limit on what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. It is simpler to just consider as an NFT as a digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. You’re claiming ownership over that particular token/item that you have uploaded to market, as selling it. Typically, this is official after you fill in the correct information about the NFT and then add it on the market.

On OpenSea it’s a straightforward process to mint your NFTs by going to the store and making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you want to use it with (e.g. blockchain and payment tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.

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

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What NFTs are available here?

So, at this point you’re probably asking yourself what kind of NFTs be purchased here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT that you can purchase is indefinite since there’s a broad range of options for how to go about it.

You could be selling trade cards, digital goods games, domain names, and even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees for using this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on additional fees.

Very few NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your collection.

Referral Program

A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can earn more money by this method.

Other NFT marketplaces do not have the same 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 app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listings.

The mobile apps from OpenSea are accessible for both iOS and Android. While you’re not able to buy or sell things, you can at least explore the products you’re looking for on the move.

Crypto Exchange Platforms

Various crypto exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency on these platforms. 3/16 X 1 Nft Button Head Socket Cap Screws

You can exchange the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:

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

All of these have the option of converting them into ETH, which is the standard crypto payment in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than other. Since it is built using an ETH blockchain, any wallets which are part of the same network are suitable for the site.

Here’s a list various crypto wallets that you can use 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 one has its own set of limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with credit cards. 3/16 X 1 Nft Button Head Socket Cap Screws

To learn more about it, you can check their FAQs to see the steps you can get started and which other wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:

Pros

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

Cons

  • Allows royalties of only 10% to artists (low royalty).
  • Cannot buy or sell via this mobile application.
  • Only accepts cryptocurrency as a form of payment.
  • The use of a Crypto wallet is required to access this marketplace.

Pricing

OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.

Frequently Asked Questions 3/16 X 1 Nft Button Head Socket Cap Screws

What is OpenSea?

OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online, and to accept cryptocurrency as their form of payment. It’s an ideal option for artists who want to use the platform to market NFTs because of its zero gas costs 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 take a look!

Is OpenSea legit & safe?

The short answer is yes! OpenSea has been a reliable marketplace since it was established at the end of the year 2018. Because its system is built on blockchain technology and is secured, it is safe to claim that your transactions are safe and secure.

In addition, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear to your account or any collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure that users are secure.

How do I earn royalties from OpenSea?

Unfortunately, as an artist, you will get only 10 percent of the royalties after you upload the NFT. This is believed to be reasonably low compared to other NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) can be frequently used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can utilize to use OpenSea.

Which are the accepted payment methods for OpenSea?

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

Does OpenSea has a mobile or desktop application?

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

The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as receive 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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