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Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.

If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.

Now hop aboard, and let’s explore the possibilities of OpenSea and also see the NFTs available to 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 the article for a more comprehensive review.

OpenSea as an NFT Marketplace Cuisinart Ctg-04-Nft Barrell Handle Fish Turner

The goal for OpenSea was to offer an online marketplace for artists to upload their commissions with no additional fees. There are additional features that let you sell your work without having to deal with many difficulties.

When it comes to registration, you won’t have to give too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It also functions on the Polygon blockchain, which allows for lower costs and faster trading.

With these two kinds of blockchains that are available you can pick which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions are made by using the blockchain, and you must 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 trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however, it takes some time for anyone to become an established seller.

There are a variety of NFTs in the collection on OpenSea and you could join in with that! You can start your own marketplace on this site, as well as find NFTs you’d like to buy for yourself.

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What is an NFT?

In a recent advancement for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it , but not exactly sure what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.

One of the new things you can purchase your cryptocurrency is an NFT. The NFT is a token that is non-fungible that is very unique and can’t be changed. This can be an item of any rarity like mint-condition baseball trading cards or rare vinyl record.

There is no limit to what an NFT could be, since it’s a non-fungible object that you sell online. It is simpler to simply think of an NFT as a digital collectible paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and you’re offering it for sale. Typically, this is official once you fill out the correct information about the NFT and upload it to the marketplace.

On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and create a collection! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain or payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.

It is possible to wait and see how transactions progress from now to see if OpenSea is the best marketplace for you.

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What NFTs are available here?

At this point you’re probably asking yourself which kind of NFT can be purchased here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT that you can purchase isn’t limited because there’s a wide range of options for how to approach it.

You could be selling digital products, trading cards, game assets domain names, some physical items! Explore what you believe can bring the greatest rewards by trying OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager features is one of the things that separates OpenSea from the others. There are no gas costs for using this feature when you mint and sell NFTs. This means you’ll get the most profit when you start selling because you don’t need to pay on additional fees.

Very few NFT marketplaces offer this feature, so this is great for you to make a huge profit from your NFT collection.

Referral Program

This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can earn more cash from this act.

Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea has over the other marketplaces.

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Mobile Application

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

OpenSea’s mobile apps are available on both iOS as well as Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available to you to exchange your fiat money for cryptocurrency through these platforms. Cuisinart Ctg-04-Nft Barrell Handle Fish Turner

You can convert your fiat currency using a the credit card, or Paypal via these reputable websites for cryptocurrency:

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

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

Crypto Wallets

While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly around the ETH blockchain, any wallets with a connection to the same network are suitable for this website.

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

  • WalletConnect
  • Coinbase
  • TrustWallet
  • OperaTouch
  • Bitski
  • Authereum and 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, and the function to purchase cryptocurrency using the credit card. Cuisinart Ctg-04-Nft Barrell Handle Fish Turner

To know more about it to learn more, check out their FAQs to get a rundown of how you can start and what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:

Pros

  • Mobile apps available for iOS as well as Android.
  • Smart contracts are used for transactions.
  • High-level security , with the backing of blockchain.
  • The best option for beginners to the crypto market and NFTs.

Cons

  • Allows royalties up to 10% for artists (low royalty rates).
  • You cannot buy or sell products through this mobile application.
  • Only supports cryptocurrency as its method of payment.
  • A Crypto account is needed for this marketplace.

Pricing

OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you sell regularly since there’s no extra charge for it.

Frequently Asked Questions Cuisinart Ctg-04-Nft Barrell Handle Fish Turner

What is OpenSea?

OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online and receive cryptocurrency as a form of payment. It’s a great platform for artists using it to sell NFTs due to its low gas costs and low commission fees which you are required to pay.

You can browse and purchase the vast array of digital products on this NFT marketplace and you must go through it!

Is OpenSea legit & secure?

Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year 2018. Because its system is built on blockchain technology, it is safe to declare that transactions are safe and secure.

Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned on your account or any collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure that users are secure.

How do I earn royalties on OpenSea?

Unfortunately, as an artist, you can get only 10% of the royalties once you upload the NFT. This is considered to be a reasonable amount compared against others NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) is frequently used on this site as well as many others to accommodate many more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

How do I pay for OpenSea? What are my payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.

Does OpenSea has a mobile or desktop app?

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

The version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and get notifications on updates regarding 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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