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

If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.

Get on board, and discover what you can do with OpenSea as well as examining the NFTs available to view!

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

OpenSea as an NFT Marketplace Alz50 Nft (Davies Lab, Mouse Mono) 555

The aim of OpenSea was to simply provide an online marketplace for artists to upload their commissions with no additional charges. There are additional features that let you sell your art without too many issues.

When it comes to registration, you won’t have to provide any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on 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 to ensure lower costs and faster trading.

There are two types of blockchains that are available you can pick which one you would like to upload your NFT on as seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions are made using this blockchain, which is why you need to think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to an official artwork by an artist you admire. Anyone can be a seller however, it takes a while before anyone can become an established seller.

There’s a huge selection of NFTs available at OpenSea and you could also be a part of the collection! You can set up your own market there, and also find NFTs you’d like to buy yourself.

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What is an NFT?

A recent change in the cryptocurrency industry, the term “NFT” has been going around so long on the internet that many millennials have heard of it but not exactly sure what it means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.

One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token that is exclusive and cannot be substituted. It could be an item of rareness like authentic baseball cards or rare vinyl record.

There is no limit to what an NFT can be as it’s a non-fungible item that you can sell online. More straightforwardly, you can simply think of the NFT as a digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling the shots for your personal NFTs. You are calling ownership over that particular token/item you uploaded on the marketplace, and you’re offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and then add it on the market.

On OpenSea, it’s a simple process to mint your NFTs by going to the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain and money transfer tokens). Once that’s all done then you’re able to upload it, if it’s within the 100 MB limit.

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

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What NFTs are available here?

At this point you’re probably asking yourself what kind of NFTs be found here, and what you could sell should you decide to pursue that route. The kind of NFT it is indefinite since there’s a broad range of ways to approach it.

You could be selling digital products, trading cards game assets, domain names, and even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager feature is what differentiates OpenSea from the others. There’s no cost for gas for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on extra fees.

Not many NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return from your collection.

Referral Program

A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you make more money by this method.

Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea has over them.

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Mobile Application

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

OpenSea’s mobile apps are available for both iOS as well as Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re interested in on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency on these platforms. Alz50 Nft (Davies Lab, Mouse Mono) 555

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

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

Each of them has the option to exchange for ETH that is the standard cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, all wallets which are part of the same network are suitable for this website.

Here’s a list of several crypto wallets you can utilize in 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 including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with the credit card. Alz50 Nft (Davies Lab, Mouse Mono) 555

To learn more about it You can go through their FAQs to get a rundown of how you can start and also what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:

Pros

  • Available as mobile apps that are compatible with iOS or Android.
  • Smart contracts are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • Ideal for those who are new to the crypto industry and NFTs.

Cons

  • Allows royalty rates of 10% to artists (low royalty rates).
  • It is not possible to buy or sell items via our mobile apps.
  • Only supports cryptocurrency as its type of payment.
  • A Crypto digital wallet must be used to use this marketplace.

Pricing

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

Frequently Asked Questions Alz50 Nft (Davies Lab, Mouse Mono) 555

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its no cost of gas and the low commission rate that you have to pay.

You can browse and purchase the vast array of digital items on the NFT marketplace, so you should take a look!

Is OpenSea legitimate and safe?

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

Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned to your account or the collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure that users are secure.

How can I earn royalties from OpenSea?

As an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison with other NFT marketplaces.

What are the cryptocurrency options accessible in OpenSea?

Ethereum (ETH) is widely used on this site as well as other sites to provide many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

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

OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have 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’s an official mobile app from OpenSea available for both iOS or Android. Download it at their respective app store and you can start exploring the collection right now!

A 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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