Devin – OpenSea

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The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto coins. Markets have popped up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.

If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.

Now hop aboard, and let’s see what you can do with OpenSea, along with checking what NFTs you can 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 Devin – OpenSea

The goal of OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional fees. There are additional features that allow you to sell your work without having to deal with many issues.

When it comes to the registration process, you don’t have to worry about giving all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that without going through many hassles when you enter 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, which is the system that runs it and is used to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.

There are two types of blockchains available, you can choose which one you would like to publish your NFT as a seller. This ensures the safety of your NFT, along with those who wish to buy it. Every transaction will be conducted along with this blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to official art by an artist you admire. Anyone can become a seller however, it takes some time before anyone can become an established seller.

There are a variety of NFTs in the collection of NFTs available at OpenSea and you could join in with this! You can create your own market here, along with finding NFTs that you would like to purchase yourself.

Devin - OpenSea

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What is an NFT?

A recent change in the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t sure exactly what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.

One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible token which is extremely individual and cannot be changed. This can be an item of rarity like rare baseball trading cards in mint condition or a uncommon vinyl record.

There’s no limit on what an NFT can be as it’s a non-fungible item you’re selling on the internet. More straightforwardly, you can just think of as an NFT to be a type of digital collectible which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling the shots for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to the market place, but you’re putting it up for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and submit it for sale on.

On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use it with (e.g. blockchain or payment tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.

You can watch and see how the transactions go from here on out to see if OpenSea is the marketplace for you.

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What NFTs are available here?

At this point, you’re probably wondering which kind of NFT can be purchased here and what you can also sell if you decide to pursue that route. The kind of NFT it isn’t limited as there’s a variety of how you can do it.

It is possible to sell digital items, trading cards game assets, domain names, and even physical assets! Explore what you believe can reap the best rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The collection Manager feature is what sets OpenSea from the others. There are no gas costs for using this feature to create and market NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on additional fees.

Very few NFT marketplaces have this feature, so this is a great way to earn a high return from your portfolio.

Referral Program

A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more cash through this action.

Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea has over them.

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Mobile Application

There is an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.

The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can at least look through the options you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available for you to use to convert your fiat money into cryptocurrency through these platforms. Devin – OpenSea

You can convert your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex, and other things!

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

Crypto Wallets

Although OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than other. Since it is built mainly around an ETH blockchain, any wallets which are part of that network will be suitable for this site.

Here’s a list several crypto wallets you can utilize in OpenSea:

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

*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, only mobile usage as well as the capability to buy cryptocurrency using credit cards. Devin – OpenSea

To know more about it to learn more, check out their FAQs for a rundown of how you can start and also what other crypto 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 the only one to have this. It is possible to read about its pros and pros here:

Pros

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

Cons

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

Pricing

OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can easily recover that amount when you sell regularly since there is no additional fee for it.

Frequently Asked Questions Devin – OpenSea

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 form of payment. It’s an excellent platform for artists using for selling NFTs due to its no gas fees and the low commission rate that you have to pay.

You can browse and shop for an array of digital items on the NFT marketplace which is why you should definitely take a look!

Is OpenSea legit & safe?

The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of the year of 2018. Because its system is built on a blockchain that is secure, you can say that your transactions are safe and secure.

Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or any collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.

How can I earn royalties from OpenSea?

As an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared to others NFT marketplaces.

What cryptocurrency is accessible in OpenSea?

Ethereum (ETH) can be widely used on this site as well as numerous others to cater for more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

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

OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through secure platforms that accept 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 and Android. Install it from their app store and you can start exploring the collection now!

A version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive 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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