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Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.

If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the largest 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 go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Beacon Ny Design Studio Nft

The goal to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional charges. It also has additional functions that let you sell your work without having to deal with many issues.

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

OpenSea: Blockchain

The most well-known 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 which is utilized for most processes. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.

With these two kinds of blockchains that are available, you can choose which one you want to upload your NFT on as an seller. This will ensure the security of your NFT and those who wish to buy 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 mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to official art by an artist you admire. Anyone can become a seller however it takes a while before anyone can become an established one.

There are a variety of NFTs of NFTs available of NFTs available at OpenSea, and you can also be a part of this! You can create your own marketplace there, and also find NFTs that you would like to purchase yourself.

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What is an NFT?

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

One of the newest things you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible currency that is very exclusive and cannot be changed. It can be an item of rareness, such as authentic baseball cards, or a uncommon vinyl record.

There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. It is simpler to simply imagine the NFT to be a type of digital item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling the shots on your own NFTs. You are calling ownership over that particular token/item that you posted to the market place, but selling it. Typically, this is official when you have filled in all the necessary information about the NFT and submit it for sale on.

On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and select the type of settings you want for it (e.g., blockchain or payments tokens). After that you are able to upload it if it fits the limit of 100MB.

You can watch and see the way transactions are handled from now on to see if OpenSea is the marketplace for you.

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What NFTs can you get here?

At this point you’re probably thinking about the kind of NFTs be found here, and what you could also sell if you decide to go that route. The kind of NFT it can be is indefinite since there’s a broad range of how you can approach it.

It is possible to sell digital products, trading cards games domain names, even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that sets OpenSea from other companies. There’s no cost for gas for using this feature when you create and market NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on any additional charges.

There aren’t many NFT marketplaces offer this feature, which is why this is great for you to receive high profit from your collection.

Referral Program

The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits when you refer someone else 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, letting you make more money from this act.

Other NFT marketplaces do not have this feature This is a further advantage OpenSea has over them.

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Mobile Application

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

The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell things, you can explore the products you’re interested in on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Beacon Ny Design Studio Nft

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

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

All of them have the option to exchange for ETH, which is the most common cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly using an ETH blockchain, any wallets which are part of that network will be suitable for the site.

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

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

*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. Beacon Ny Design Studio Nft

For more information about the service You can go through their FAQs for an overview of how you can get started and 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 advantages and drawbacks. 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 and Android.
  • Smart contracts are utilized for transactions.
  • High-level security with the support of blockchain.
  • The best option for beginners to the crypto industry and NFTs.

Cons

  • Allows royalties of only up to 10% for artists (low royalty rates).
  • Cannot buy or sell on this mobile application.
  • Only supports cryptocurrency as its type of payment.
  • An Crypto digital wallet must be used to access this marketplace.

Pricing

OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you actively sell because there is no additional fee for it.

Frequently Asked Questions Beacon Ny Design Studio Nft

What is OpenSea?

OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists using it to sell NFTs due to its low gas costs and the low commission rate you must pay.

You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely take a look!

Is OpenSea legitimate and secure?

The short answer is yes! OpenSea is a reputable marketplace since it was established in 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.

Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will appear next to your account or any collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure that users are protected.

How can I earn royalties from OpenSea?

Unfortunately, as an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison against others NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) can be commonly used on this site and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.

Does OpenSea have a desktop/mobile application?

As mentioned before, there is definitely an official mobile application from OpenSea that is available for iOS or Android. Install it from their app store and then you can begin browsing through the collection right now!

A Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications on updates regarding your account when 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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