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The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.

If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.

So, hop on board and let’s explore the possibilities of OpenSea as well as examining what NFTs you can view!

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Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Das Fuenfte Element

The purpose of OpenSea was to offer an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. It has more functions that let you sell your artwork without any issues.

For the registration process, you don’t have to worry about giving too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions using the Polygon blockchain to ensure low-cost and quicker trading.

With these two kinds of blockchains you can pick which one you would like to transfer your NFT to as a seller. This ensures the safety of your NFT and the people who want to purchase it. All transactions are 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 that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can become a seller, but it takes a while for anyone to become an established one.

There are a variety of NFTs from the selection of NFTs available at OpenSea and you could join in with that! You can start your own marketplace there, and also find NFTs you’d like to buy yourself.

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What is an NFT?

In a recent advancement for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but not exactly sure what it means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.

One of the latest ways that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible currency that is very exclusive and cannot be substituted. It could be an item of rareness like rare baseball trading cards in mint condition or rare vinyl record.

There’s no limit on what an NFT can be as it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could just consider as an NFT to be a type of digital collectible which is only paid in cryptocurrency.

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. You’re claiming ownership over that particular token/item you uploaded on market, as you’re putting it up for sale. Typically, this is official after you fill in 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 by going to the store and then create a collection! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain, payments tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.

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

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What NFTs can you find here?

At this point you’re probably asking yourself what kind of NFTs can be found here and what you can sell should you decide to go that route. The kind of NFT that you can purchase isn’t limited since there’s a broad range of ways to do it.

You could be selling trade cards, digital goods games, domain names, and also physical goods! Explore what you believe can yield the most profit by trying OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager function is the one that differentiates OpenSea from the other options. There are zero gas fees when you use this feature when you make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on extra fees.

Not many NFT marketplaces provide this feature, so this is great for you to receive high profit from your collection.

Referral Program

A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets there are advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can earn more cash by this method.

Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over them.

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Mobile Application

There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell items as you browse through the listing.

OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re interested in while on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency on these platforms. Das Fuenfte Element

You can convert your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:

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

All of these have the option of converting them into ETH that is the most common crypto payment in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built on an ETH blockchain, wallets with a connection to the same network are suitable for the site.

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

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

*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage, and the function to purchase cryptocurrency using credit cards. Das Fuenfte Element

For more information about the service, you can check their FAQs to see a rundown of how you can begin and which other wallets are compatible with OpenSea.

ethereum-coins

> > Click Here to Explore OpenSea < <

Pros and Cons of OpenSea

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

Pros

  • Mobile apps are available for iOS as well as Android.
  • Smart contracts can be used to perform transactions.
  • High-level security , with the backing of blockchain.
  • Best for beginners in the crypto market and NFTs.

Cons

  • Allows royalty rates of 10% for artists (low royalty rates).
  • You cannot buy or sell products on our mobile apps.
  • Only accepts cryptocurrency as a type of payment.
  • An Crypto wallet is required to access this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no additional cost for it.

Frequently Asked Questions Das Fuenfte Element

What is OpenSea?

OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a method of payment. It’s a great platform for artists using for selling NFTs due to its no gas costs and the low commission rate which you are required to pay.

You can shop and browse the vast array of digital goods in this NFT marketplace, so you should go through it!

Is OpenSea legit & is it safe?

Short answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year of 2018. Since the system it operates on is based on a blockchain, it is safe to claim that your transactions are safe and secure.

Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark is placed on your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure users are safe.

How do I earn royalties on OpenSea?

However, as an artist, you’ll get only 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared to others NFT marketplaces.

What are the cryptocurrency options accessible in OpenSea?

Ethereum (ETH) can be frequently utilized on this website and other sites to provide many more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.

Does OpenSea has a mobile or desktop app?

As mentioned before There is an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store and then you can begin exploring the collection right now!

There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you can 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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