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The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.

If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.

So, hop on board and discover the possibilities of OpenSea and also see 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 review. After, you will want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Buy Nft Channels

The goal of OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional costs. It has more functions which allow you to market your artwork without any difficulties.

When it comes to registration, you won’t have to give any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It also operates with the Polygon blockchain, which allows for the lowest cost and speediest trading.

With these two kinds of blockchains it is possible to choose which one you want to publish your NFT as an seller. This ensures the safety of your NFT, along with the people who want to buy it. All transactions will be made along with this blockchain, and you must think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name to official art from an artist you admire. Anyone can sell however, it takes a while before anyone can become a reputable one.

There is a wide variety of NFTs available at OpenSea and you could become a part of that! You can start your own market there, and also find NFTs you want to purchase for yourself.

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What is an NFT?

A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.

One of the new things you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible token that is very exclusive and cannot be replaced. This can be a piece of rareness like mint-condition baseball trading cards, or a rare vinyl record.

There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling online. It is simpler to simply imagine the NFT as a digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs to your NFTs. You are calling the ownership of the particular item that you posted to the marketplace, and you’re selling it. Usually, this is recognized once you fill out the correct information about the NFT and then upload it to the marketplace.

On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and create a collection! Fill out the proper and complete information about your NFT and choose what kind of settings you want for it (e.g., blockchain and money transfer tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.

You can wait and observe the way transactions are handled from now to see if OpenSea is the right marketplace for you.

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What NFTs are available here?

At this point, you’re probably wondering what kind of NFTs you shop for here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT it can be is unlimited as there’s a variety of ways to go about it.

It is possible to sell digital items, trading cards games, domain names, and also physical goods! Consider what you believe will yield the most profit by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The collection Manager function is the one that sets OpenSea from the other options. There’s no cost for gas when you utilize this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t need to spend on any additional charges.

Very few NFT marketplaces have this feature, which is why this can be a fantastic way to receive high profit from your portfolio.

Referral Program

The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to earn more money from this act.

Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

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

The mobile apps of OpenSea are available for 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 looking for on the move.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency on these platforms. Buy Nft Channels

You can convert your fiat currency using a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:

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

All of them have the option of exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built around the ETH blockchain, all wallets that share this network are appropriate for this site.

Here’s a list of several crypto wallets which you can use with OpenSea:

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

*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage, and the function to purchase cryptocurrency with the credit card. Buy Nft Channels

To know more about it You can go through their FAQs for the steps you can begin and which other wallets work with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:

Pros

  • Mobile apps are available that are compatible with iOS or Android.
  • Smart contracts can be used to perform transactions.
  • High-level security with the support of blockchain.
  • Ideal for those who are new to the crypto market and NFTs.

Cons

  • Allows royalties of only 10% to artists (low royalty).
  • It is not possible to buy or sell items through the mobile app.
  • Only accepts cryptocurrency as a form of payment.
  • An Crypto wallet is required to access this marketplace.

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.

Frequently Asked Questions Buy Nft Channels

What is OpenSea?

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

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

Is OpenSea real and safe?

The short answer is yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year 2018. Because its system is built on a blockchain that is secure, you can say that your transactions are protected and secured.

Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark will appear on your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are safe.

How do I earn royalties from OpenSea?

Unfortunately, as an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared against other NFT marketplaces.

What cryptocurrency is accessible in OpenSea?

Ethereum (ETH) has been commonly used on this site as well as other sites to provide many more 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 use to access OpenSea.

Which are the accepted payment methods for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.

Does OpenSea have a desktop or mobile application?

As mentioned before there’s an official mobile application from OpenSea that is available for iOS as well as Android. You can download it through their app store, and you can start exploring the collection now!

There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts as well as receive notifications on updates regarding 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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