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The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.

If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.

Now hop aboard, and let’s see what you can do with OpenSea as well as examining the NFTs that you can see!

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

OpenSea as an NFT Marketplace Family 1, Class 6B, Afnor Nft 36.005

The goal for OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional costs. It also has additional functions that allow you to sell your work without having to deal with many issues.

In terms of registration, you won’t have to worry about giving too many details about yourself. All you need 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 hurdles as you walk into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.

With these two types of blockchains available you can pick which one you want to publish your NFT as a seller. This will ensure the security of your NFT, along with those who wish to purchase it. All transactions will be made by using the blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can be a seller however it takes some time for anyone to be an established one.

There are a variety of NFTs of NFTs available on OpenSea, and you can become a part of the collection! You can start your own market there, and also find NFTs you’d like to buy for yourself.

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What is an NFT?

In a recent development for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.

One of the latest ways you can buy is an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be substituted. It can be an item of rareness like rare baseball trading cards in mint condition, or a rare vinyl record.

There is no limit to what an NFT can be as it’s a non-fungible item you’re selling online. It is simpler to simply think of as an NFT as a digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the market place, but selling it. Usually, this is recognized after you fill in the correct information about the NFT and then upload it to the marketplace.

On OpenSea it’s a straightforward process to mint your NFTs by going to the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and then select what type of settings you want for it (e.g., blockchain or payments tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.

It is possible to wait and see how the transactions go from here on out to determine whether OpenSea is the marketplace for you.

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What NFTs are available here?

So, at this point you’re probably thinking about which kind of NFT you shop for here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT it can be is unlimited as there’s a variety of how you can do it.

You could be selling digital products, trading cards games, domain names, and also physical goods! Explore what you believe can bring the greatest rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager feature is what sets OpenSea from other companies. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t need to spend on additional fees.

There aren’t many NFT marketplaces provide this feature, which is why this is great for you to earn a high return from your portfolio.

Referral Program

The Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to make more money from this act.

Other NFT marketplaces do not have this feature This is a further advantage OpenSea has over the other marketplaces.

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Mobile Application

There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.

The mobile apps from OpenSea are accessible for both iOS and Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re interested in on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are to you You can also convert your fiat money into cryptocurrency through these platforms. Family 1, Class 6B, Afnor Nft 36.005

You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites to exchange it for crypto:

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

Each of them has the option of exchange for ETH, which is the standard cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built using an ETH blockchain, wallets that share the same network are suitable for the site.

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

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

Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. Family 1, Class 6B, Afnor Nft 36.005

For more information about the service, you can check their FAQs for an overview of how you can begin and which other 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 disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:

Pros

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

Cons

  • Allows royalty rates of 10% for artists (low royalty).
  • You cannot buy or sell products via our mobile apps.
  • Only supports cryptocurrency as its form of payment.
  • A Crypto wallet is required to use this marketplace.

Pricing

OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly regain that when you sell regularly since there’s no additional cost for it.

Frequently Asked Questions Family 1, Class 6B, Afnor Nft 36.005

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s a great platform for artists who use for selling NFTs due to its no gas fees and the low commission rate you must pay.

You can browse and purchase an array of digital products on this NFT marketplace and you must check it out!

Is OpenSea legitimate and safe?

The short answer is yes! OpenSea has been a reliable marketplace since its inception in the year 2018. Since its system is based on a blockchain, it is safe to say that your transactions are safe and secure.

In addition as a seller you can become verified once you build up your reputation. A blue checkmark is placed to your account or the collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are protected.

How do I earn royalties from OpenSea?

As an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.

What cryptocurrency is offered in OpenSea?

Ethereum (ETH) has been frequently used on this site and many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can utilize for OpenSea.

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

OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.

Does OpenSea has a mobile or desktop app?

As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS as well as Android. You can download it through their app store, and then you can begin exploring the collection now!

The desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and get 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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