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The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth looking into.

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

Now hop aboard, and let’s see what you can do with OpenSea and also see what NFTs you can view!

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

OpenSea as an NFT Marketplace Contact Info On Nft Aquaponic Systems

The aim for OpenSea was to simply provide an online marketplace for artists to upload commissions without any extra fees. It also has additional functions which allow you to market your artwork without any difficulties.

When it comes to the registration process, you don’t have to provide any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also functions on the Polygon blockchain to ensure the lowest cost and speediest trading.

With these two kinds of blockchains that are available you can pick which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT, along with those who wish to buy it. All transactions will be made by using the blockchain, which is why you need to think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy 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 an established seller.

There’s a huge selection from the selection on OpenSea and you could become a part of that! You can create your own marketplace on this site, as well as find NFTs you want to purchase yourself.

Contact Info On Nft Aquaponic Systems

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What is an NFT?

In a recent development for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it actually means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.

One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. It can be an item of any rareness like mint-condition baseball trading cards or unique vinyl album.

There is no limit to what an NFT can be since it’s a non-fungible object that you can sell online. In simpler terms, you could just think of an NFT being a virtual item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling dibs for your personal NFTs. You are calling ownership over that particular token/item that you have uploaded to the market place, but you’re putting it up for sale. Usually, this becomes official when you have filled in the correct information about the NFT and upload it to the marketplace.

On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and simply creating a collection to start! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain and payments tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.

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

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What NFTs are available here?

So, at this point you’re probably thinking about the kind of NFTs be found here and what you can sell should you decide to pursue that route. The kind of NFT it can be is indefinite because there’s a wide range of how you can go about it.

You can be selling digital items, trading cards game assets, domain names, and even physical assets! Find out what you think will bring the greatest rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that differentiates OpenSea from the other options. There are no gas costs for using this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t need to spend on extra fees.

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

This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you make more money through this action.

Other NFT marketplaces don’t have the same feature, so that’s just 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 to browse through the marketplace. You can’t buy or sell anything while you scroll through the list.

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

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available at your disposal to convert your fiat money into cryptocurrency using these platforms. Contact Info On Nft Aquaponic Systems

You can convert your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:

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

All of them have the option of converting them into ETH which is the primary cryptocurrency used in OpenSea.

Crypto Wallets

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

Here’s a list of several crypto wallets you can use in 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, mobile-only usage as well as the capability to purchase cryptocurrency with a credit card. Contact Info On Nft Aquaponic Systems

To learn more about it You can go through their FAQs to see 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 every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:

Pros

  • Available as mobile apps that are compatible with iOS or Android.
  • Smart contracts are used for transactions.
  • Security at the highest level with the help of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalties of only 10% for artists (low royalties).
  • Cannot buy or sell via this mobile application.
  • Only accepts cryptocurrency as a type of payment.
  • An Crypto wallet is required for this marketplace.

Pricing

OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly regain that when you actively sell because there’s no additional cost for it.

Frequently Asked Questions Contact Info On Nft Aquaponic Systems

What is OpenSea?

OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists using it to sell NFTs because of its zero cost of gas and the low commission rate that you have to pay.

You can browse and shop for a vast collection of digital products on this NFT marketplace which is why you should definitely go through it!

Is OpenSea legit & is it safe?

The short answer is yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are safe and secure.

Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or the collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure that users are secure.

How do I earn royalties from OpenSea?

However, as an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared against others NFT marketplaces.

What cryptocurrency is offered in OpenSea?

Ethereum (ETH) has been frequently used on this site as well as many others to accommodate 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 make use of for OpenSea.

What are the payment options for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges through 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 transaction.

Does OpenSea have a desktop or mobile application?

As previously mentioned there’s an official mobile application from OpenSea available for both iOS and Android. Install it from their app store, and begin exploring the collection right now!

The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts as well as receive alerts on any updates that affect 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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