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Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto coins. Markets have popped up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.

If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.

Now hop aboard, and let’s see the possibilities of OpenSea as well as examining the NFTs available to view!

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

OpenSea as an NFT Marketplace 70858 80-Lb Scratch Nft Brown

The purpose to create OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional charges. There are additional features that allow you to sell your work without having to deal with many difficulties.

In terms of registration, you don’t need to worry about giving all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.

OpenSea: Blockchain

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

With these two types of blockchains it is possible to choose which one you’d like to upload your NFT on as an seller. This is to ensure the security of your NFT as well as those who would like to buy it. Every transaction will be conducted along with this blockchain, and you must consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs 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 sell, but it takes time for anyone to be a reputable one.

There are a variety of NFTs of NFTs available on OpenSea and you can also be a part of that! You can create your own personal market here, along with finding NFTs you want to purchase yourself.

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What is an NFT?

In a recent advancement for the cryptocurrency industry”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 sure exactly what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.

One of the latest ways you can purchase your cryptocurrency includes an NFT. An NFT is a token that is non-fungible which is extremely individual and cannot be substituted. It can be an item of rarity like authentic baseball cards, or a rare vinyl record.

There is no limit to what an NFT could be, since it’s a non-fungible thing that you can sell online. It is simpler to just think of as an NFT being a virtual collectible which is only paid in cryptocurrency.

Minting NFTs

Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item you uploaded on the marketplace, and 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 very simple procedure to create your own NFTs. All you have to do is visit the store and creating a collection to start! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like for it (e.g., blockchain or payment tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.

You can wait and observe the way transactions are handled from here on out to see whether OpenSea is the right marketplace for you.

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What NFTs can you find here?

So, at this point, you’re probably wondering which kind of NFT can be purchased here, and what you could also sell if you decide to go that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of ways to approach it.

You can be selling trade cards, digital goods, game assets, domain names, and even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager function is the one that sets OpenSea from other companies. There are no gas costs for using this feature when you create and market NFTs. This is essentially a way to ensure that you get the most profit when you sell because you don’t need to pay on extra fees.

There aren’t many NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your portfolio.

Referral Program

The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can earn more cash through this action.

Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea has over the other marketplaces.

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Mobile Application

There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.

OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can look through the options you’re interested in on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. 70858 80-Lb Scratch Nft Brown

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

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

All of them have the option of exchange for ETH that is the primary cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than other. Since it is built on an ETH blockchain, any wallets that share the same network are suitable for this site.

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

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

Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency using credit cards. 70858 80-Lb Scratch Nft Brown

For more information about the service You can go through their FAQs to see the steps you can begin and which other wallets work 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. It is possible to read about its pros and pros here:

Pros

  • Available as mobile apps that are compatible with iOS as well as Android.
  • Smart contracts are utilized for transactions.
  • Security at the highest level with the help of blockchain.
  • Ideal for those who are new to the crypto market and NFTs.

Cons

  • Allows royalties of only 10% to artists (low royalty rates).
  • Cannot buy or sell on this mobile application.
  • Only accepts cryptocurrency as a method of payment.
  • An Crypto wallet is required for this marketplace.

Pricing

OpenSea is accessible 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. In the end, you’ll quickly recover this amount if you are actively selling since there’s no additional cost for it.

Frequently Asked Questions 70858 80-Lb Scratch Nft Brown

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using it to sell NFTs due to its low gas costs and low commission fees that you have to pay.

You can browse and purchase the vast array of digital products on this NFT marketplace and you must go through it!

Is OpenSea legitimate and secure?

Short answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year of 2018. Since its system is built on a blockchain, it is safe to claim that your transactions are secure and safe.

Additionally as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or collection you uploaded to reassure any customer. The OpenSea team reviews regularly the contents to ensure users are protected.

How do I earn royalties on OpenSea?

Unfortunately, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared with others NFT marketplaces.

What cryptocurrency is accessible in OpenSea?

Ethereum (ETH) is widely used on this site and numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can utilize to access OpenSea.

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

OpenSea does not allow cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal for the transaction.

Does OpenSea has a mobile or desktop app?

As mentioned before There is an official mobile app by OpenSea for both iOS and Android. Install it from their app store, and begin exploring the collection right now!

The version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and get notifications on updates regarding 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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