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The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto coins. Markets have popped up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.

If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.

Get on board, and discover what you can do with 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace E Nft Music

The goal to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. It also has additional functions which allow you to market your art without too many difficulties.

For the registration process, you don’t have to worry about giving any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It also operates using the Polygon blockchain, which allows for low-cost and quicker trading.

With these two types of blockchains available you can pick which one you’d like to publish your NFT as an seller. This ensures the safety of your NFT, along with those who would like 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’s an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can become a seller, but it takes some time for anyone to become an established one.

There is a wide variety of NFTs available of NFTs available at OpenSea and you can also be a part of the collection! You can create your own marketplace there, and also find NFTs you want to purchase yourself.

E Nft Music

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What is an NFT?

In a recent development 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 have heard of it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.

One of the latest ways you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible token that is individual and cannot be changed. It can be an item of any rareness like rare baseball trading cards in mint condition or uncommon vinyl record.

There’s no limit to what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can simply consider an NFT as a digital item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item that you have uploaded to the marketplace, and you’re selling it. Typically, this is official after you fill in the proper information regarding the NFT and upload it to the marketplace.

On OpenSea, it’s a simple process to mint your NFTs by visiting the store and making a collection to begin! Fill out the proper and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g. blockchain and payment tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.

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

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What NFTs can you find here?

In this moment you’re probably thinking about which kind of NFT can be found here and what kind of NFTs you can also sell if you choose to pursue that route. The kind of NFT it can be is unlimited as there’s a variety of how you can go about it.

You can be selling trade cards, digital goods, game assets domain names, some physical items! Consider what you believe will yield the most profit by trying OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that separates OpenSea from the other options. There are zero gas fees for using this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you won’t have to spend on extra fees.

Very few NFT marketplaces offer this feature, so this is a great way to receive high profit from your collection.

Referral Program

This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which means you can earn more cash through this action.

Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.

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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 anything as you scroll through the list.

The mobile apps from OpenSea are accessible for both iOS in addition to Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. E Nft Music

You can swap your fiat currency using a credit card or Paypal via these reputable websites to exchange it for crypto:

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

All of these have the option to exchange for ETH which 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 others. Since it is built using the ETH blockchain, any wallets with a connection to that network will be suitable for this website.

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

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

*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency using the credit card. E Nft Music

For more information about the service to learn more, check out their FAQs for an overview of how you can get started and which other wallets work 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 cons here:

Pros

  • Mobile apps are available that are compatible with iOS and Android.
  • Smart contracts are used for transactions.
  • High-level security with the support of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalties of only 10% for artists (low royalty rates).
  • It is not possible to buy or sell items on the mobile app.
  • Only supports cryptocurrency as its type of payment.
  • A Crypto digital wallet must be used to access this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency 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 actively sell because there’s no additional cost for it.

Frequently Asked Questions E Nft Music

What is OpenSea?

OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online and receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero gas costs and the low commission rate you must pay.

You can browse and purchase an array of digital items on the NFT marketplace and you must go through it!

Is OpenSea real and is it safe?

Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of 2018. Because its system is built on blockchain technology, it is safe to say that your transactions are safe and secure.

Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed on your account or 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 on OpenSea?

As an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared to other NFT marketplaces.

What is the most popular cryptocurrency accessible in OpenSea?

Ethereum (ETH) can be widely used on this site as well as many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

Which are the accepted payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using secure platforms that accept 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 previously mentioned, there is definitely an official mobile application from OpenSea available for both iOS as well as Android. Download it at their respective app store and you can start exploring the collection right now!

The Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts as well as receive notifications on updates regarding your account from 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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