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The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto-coins. Marketplaces are popping up across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth a look.

If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.

So, hop on board and let’s explore 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 review. After, you will want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace An To Nft Fittings Home Depot

The aim of OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional fees. There are additional features that let you sell your artwork without any issues.

For registration, you won’t have to give all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.

There are two types of blockchains available it is possible to choose which one you’d like to publish your NFT as an seller. This will ensure the security of your NFT as well as the people who want to purchase it. Every transaction will be conducted along with this blockchain, which is why you need to think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to an official artwork by an artist you admire. Anyone can sell however, it takes time for anyone to become a reputable one.

There is a wide variety in the collection at OpenSea, and you can also be a part of this! You can start your own market here, along with finding NFTs you’d like to buy yourself.

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What is an NFT?

In a recent development for the crypto industry, the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.

One of the new things you can buy is an NFT. A NFT is a non-fungible currency which is extremely unique and can’t be replaced. This can be a piece of rarity like authentic baseball cards or unique vinyl album.

There’s no limit to what an NFT can be since it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could just think of an NFT as a digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and then submit it for sale on.

On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and simply making a collection to begin! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain or money transfer tokens). After you’ve completed the process, you can finally upload it, if it’s within the limit of 100MB.

You can watch and see how transactions progress from here on out to determine if OpenSea is the right marketplace for you.

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What NFTs can you find here?

So, at this point you’re probably asking yourself the kind of NFTs be purchased here and what you can sell should you decide to go down that path. The type of NFT that you can purchase isn’t limited as there’s a variety of options for how to approach it.

You could be selling digital items, trading cards game assets domain names, even physical assets! Find out what you think will reap the best rewards by trying OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs when you utilize this feature to create and market NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t need to spend on extra fees.

Not many NFT marketplaces have this feature, and it is great for you to receive high profit from your collection.

Referral Program

The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are benefits when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to make more money through this action.

Other NFT marketplaces don’t have this feature This is a further advantage OpenSea has over the other marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.

OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re looking for on the move.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency through these platforms. An To Nft Fittings Home Depot

You can exchange your fiat money via the 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 to exchange for ETH, which is the most common cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly using an ETH blockchain, wallets which are part of the same network are suitable for this site.

Here’s a list various crypto wallets that which you can use with OpenSea:

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

*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage, and the function to purchase cryptocurrency using a credit card. An To Nft Fittings Home Depot

To learn more about it, you can check their FAQs for the steps you can start and also what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:

Pros

  • Mobile apps are available for iOS or Android.
  • Smart contracts are utilized for transactions.
  • Security at the highest level with the help of blockchain.
  • Best for beginners in the crypto world and NFTs.

Cons

  • Allows royalties 10% to artists (low royalties).
  • You cannot buy or sell products via our mobile apps.
  • Only accepts cryptocurrency as a method of payment.
  • An Crypto digital wallet must be used to use this marketplace.

Pricing

OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can easily recover that amount when you are actively selling since there is no additional fee for it.

Frequently Asked Questions An To Nft Fittings Home Depot

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online and receive cryptocurrency as a method of payment. It’s a great platform for artists who use it to sell NFTs due to its no cost of gas and the low commission rate you must pay.

You can shop and browse a vast collection of digital items on the NFT marketplace and you must check it out!

Is OpenSea legit & secure?

Short answer: Yes! OpenSea has been a reliable marketplace since it was established in the year 2018. Since the system it operates on is based on a blockchain that is secure, you can say that your transactions are secure and safe.

In addition as a seller you can become verified once you build up your reputation. A blue checkmark is placed to your account or collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the contents to ensure users are safe.

How do I earn royalties from OpenSea?

Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison with the other NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) is frequently utilized on this website and many others to accommodate 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 for OpenSea.

What are the payment options for OpenSea?

OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.

Does OpenSea have a desktop/mobile application?

As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS as well as Android. Install it from their app store, and then you can begin browsing through the collection right now!

The desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and receive alerts on any updates that affect your account from 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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