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Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto coins. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.

If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.

Now hop aboard, and discover 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Cisco Nft Asr 900

The goal of OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no additional charges. There are additional features that allow you to sell your artwork without any difficulties.

In terms of the registration process, you don’t have to worry about giving any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also functions using the Polygon blockchain, which ensures the lowest cost and speediest trading.

With these two types of blockchains available it is possible to choose which one you would like to transfer your NFT to as an seller. This will ensure the security of your NFT and those who would like to purchase it. All transactions will be made using this blockchain, and you must think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist you admire. Anyone can sell, but it takes time for anyone to become an established seller.

There is a wide variety of NFTs available 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 that you would like to purchase for yourself.

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What is an NFT?

A recent change in the cryptocurrency industry the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but not 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 newest things you can buy can be an NFT. An NFT is a non-fungible currency that is very individual and cannot be substituted. It could be an item of rarity like authentic baseball cards, or a unique vinyl album.

There’s no limit on what an NFT can be since it’s a non-fungible item that you can sell online. It is simpler to just consider the NFT being a virtual item which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but you’re offering it for sale. Typically, this is official once you fill out all the necessary information about the NFT and upload it to the marketplace.

On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and simply creating a collection to start! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g. blockchain and money transfer tokens). After that you are able to upload it, if it’s within the 100 MB limit.

It is possible to wait and see the way transactions are handled from here on out to determine if OpenSea is the right marketplace for you.

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What NFTs can you get here?

So, at this point, you’re probably wondering which kind of NFT can you shop for here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT it is unlimited because there’s a wide range of how you can approach it.

You can be selling trade cards, digital goods game assets domain names, also physical goods! Explore what you believe can reap the best rewards by trying OpenSea.

OpenSea: Collection Manager Feature

The collection Manager feature is what separates OpenSea from other companies. There are no gas costs when you utilize this feature when you create and market NFTs. This means you’ll receive the maximum profits when you sell because you won’t have to spend on any additional charges.

There aren’t many NFT marketplaces offer this feature, so this is great for you to earn a high return from your NFT collection.

Referral Program

A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more money from this act.

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’s an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell anything while you browse through the listings.

OpenSea’s mobile apps are available for both iOS and Android. Even though you can’t buy or sell things, you can look through the options you’re interested in on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available at your disposal to convert your fiat money into cryptocurrency on these platforms. Cisco Nft Asr 900

You can exchange the fiat currency you have with a credit card or Paypal through these trusted sites for cryptocurrency:

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

All of these have the option of exchange for ETH that is the standard crypto payment in OpenSea.

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built on an ETH blockchain, all wallets that share that network will be suitable for this website.

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

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

*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. Cisco Nft Asr 900

To know more about it, you can check their FAQs to get the steps you can begin and what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:

Pros

  • Available as mobile apps for iOS or Android.
  • Smart contracts are used for transactions.
  • High-level security , with the backing of blockchain.
  • The best option for beginners to the crypto industry and NFTs.

Cons

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

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly recover this amount if you are actively selling since there’s no additional cost for it.

Frequently Asked Questions Cisco Nft Asr 900

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 to accept cryptocurrency as a method of payment. It’s an ideal platform for artists using for selling NFTs because of its zero gas costs and the low commission rate which you are required to pay.

You can browse and purchase the vast array of digital products on this NFT marketplace and you must take a look!

Is OpenSea legitimate and safe?

Short answer: Yes! OpenSea is a reputable marketplace since it was founded in the year 2018. Since the system it operates on is built on blockchain technology that is secure, you can declare that transactions are secure and safe.

Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned next to your account or the collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are secure.

How do I earn royalties from OpenSea?

As an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison against the other NFT marketplaces.

What cryptocurrency is accessible in OpenSea?

Ethereum (ETH) has been frequently used on this site as well as 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 core cryptocurrencies you can utilize for OpenSea.

What are the payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.

Does OpenSea has a mobile or desktop application?

As mentioned before, there is definitely an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store, and then you can begin exploring the collection now!

There is also a version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and get 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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