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Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto-coins. Markets have popped up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth looking into.

If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.

Get on board, and let’s see what you can do with OpenSea as well as examining the NFTs available to 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 will want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace 3/8 In Nft Prpane T

The aim of OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional charges. It also has additional functions which allow you to market your work without having to deal with many difficulties.

When it comes to the registration process, you don’t have to give too many details about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.

With these two kinds of blockchains available you can pick which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT, along with those who would like to purchase it. All transactions are made using this blockchain, and you must think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can be a seller, but it takes some time for anyone to become an established seller.

There are a variety of NFTs in the collection of NFTs available at OpenSea, and you can also be a part of this! You can set up your own marketplace there, and also 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”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.

One of the latest ways you can buy is an NFT. A NFT is a token that is non-fungible which is extremely individual and cannot be changed. It can be an item of any rareness, such as authentic baseball cards, or a rare vinyl record.

There’s no limit to what an NFT can be since it’s a non-fungible item you’re selling online. It is simpler to simply imagine as an NFT as a digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling dibs to your NFTs. You are calling the owner of the item or token that you have uploaded to the market place, but you’re selling it. Usually, this becomes official when you have filled in the correct information about the NFT and add it on the market.

On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and simply making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain, payments tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.

It is possible to wait and see how the transactions go from now on to determine whether OpenSea is the best marketplace for you.

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What NFTs can you find here?

So, at this point you’re probably asking yourself which kind of NFT be found here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT it can be is indefinite since there’s a broad range of options for how to approach it.

You can be selling digital products, trading cards, game assets domain names, even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager function is the one that separates OpenSea from other companies. There are zero gas fees for using this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on any additional charges.

Not many NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your NFT collection.

Referral Program

The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to make more money by this method.

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

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Mobile Application

There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.

The mobile apps from OpenSea are accessible on both iOS and Android. While you’re not able to buy or sell things, you can at least 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 convert your fiat money into cryptocurrency through these platforms. 3/8 In Nft Prpane T

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

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

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

Crypto Wallets

While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly using an ETH blockchain, all wallets that share this network are appropriate for this site.

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

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

*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only, and the function to purchase cryptocurrency with the credit card. 3/8 In Nft Prpane T

To know more about it to learn more, check out their FAQs for an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:

Pros

  • Mobile apps available that are compatible with iOS or Android.
  • Smart contracts are used for transactions.
  • High-level security , with the backing of blockchain.
  • The best option for beginners to the crypto world and NFTs.

Cons

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

Pricing

OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you are actively selling since there is no additional fee for it.

Frequently Asked Questions 3/8 In Nft Prpane T

What is OpenSea?

OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use for selling NFTs due to its no cost of gas and low commission fee rate that you have to pay.

You can shop and browse a vast collection of digital goods in this NFT marketplace and you must check it out!

Is OpenSea real and is it safe?

The short answer is yes! OpenSea has been a reliable marketplace since it was established in 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are protected and secured.

In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark is placed to your account or the collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure that users are secure.

How can I earn royalties on OpenSea?

However, as an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison with the other NFT marketplaces.

What are the cryptocurrency options accessible in OpenSea?

Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can make use of to use OpenSea.

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

OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.

Does OpenSea has a mobile or desktop app?

As we mentioned earlier there’s an official mobile app from OpenSea for both iOS or Android. Install it from their app store, and you can start exploring the collection now!

A version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and 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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