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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 all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is one of 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 largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.

So, hop on board and let’s see what you can do with 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 review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Fs/Nft

The goal of OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional charges. It also has additional functions that let you sell your work without having to deal with many problems.

For registration, you don’t need to provide too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for most processes. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.

There are two types of blockchains available, you can choose which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT, along with those who wish to purchase it. Every transaction will be conducted by using the blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to official art from an artist that you admire. Anyone can become a seller however it takes time before anyone can become an established one.

There’s a huge selection from the selection of NFTs available at OpenSea and you could become a part of that! You can set up your own personal market there, and also find NFTs you want to purchase yourself.

Fs/Nft

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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 for so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.

One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency that is very unique and can’t be changed. This can be an item of any rareness like mint-condition baseball trading cards, or a uncommon vinyl record.

There is no limit to what an NFT can be since it’s a non-fungible object that you sell on the internet. It is simpler to just imagine the NFT as a digital collectible paid via cryptocurrency only.

Minting NFTs

Minting is like calling the shots on your own NFTs. You are calling ownership over that particular token/item that you posted to the market place, but you’re offering it for sale. Usually, this becomes official once you fill out the correct information about the NFT and submit it for sale on.

On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and creating a collection to start! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g. blockchain, money transfer tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.

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

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What NFTs can you find here?

So, at this point, you’re probably wondering which kind of NFT can you shop for here, and what you could also sell if you decide to pursue that route. The type of NFT it can be is unlimited since there’s a broad range of ways to do it.

It is possible to sell digital products, trading cards game assets domain names, some physical items! Consider what you believe will reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t need to spend on any additional charges.

Not many NFT marketplaces offer this feature, so this can be a fantastic way to receive high profit from your NFT collection.

Referral Program

This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are advantages when you refer a friend 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, letting you earn more money from this act.

Other NFT marketplaces don’t have this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

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

OpenSea’s mobile apps are available on the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still look through the options you’re interested in on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available at your disposal to convert your fiat money into cryptocurrency through these platforms. Fs/Nft

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

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

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

Crypto Wallets

Although OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than other. Since it is built on the ETH blockchain, any wallets which are part of this network are appropriate for this site.

Here is a list of several crypto wallets you can use in OpenSea:

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

*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with the credit card. Fs/Nft

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

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Pros and Cons of OpenSea

As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:

Pros

  • Available as mobile apps for iOS as well as Android.
  • Smart contracts are used for transactions.
  • High-level security with the support of blockchain.
  • Ideal for those who are new to the crypto industry and NFTs.

Cons

  • Allows royalties 10% to artists (low royalties).
  • You cannot buy or sell products on this mobile application.
  • Only accepts cryptocurrency as a form of payment.
  • The use of a Crypto account is needed for this marketplace.

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly recover this amount if you are actively selling since there is no additional fee for it.

Frequently Asked Questions Fs/Nft

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use for selling NFTs because of its zero cost of gas and low commission fees that you have to pay.

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

Is OpenSea real and secure?

Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year of 2018. Because its system is built on a blockchain that is secure, you can declare that transactions are secure and safe.

In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure users are protected.

How can I earn royalties on OpenSea?

As an artist, you will be paid only 10% of the royalties once you upload the NFT. This is considered to be a reasonable amount compared to other NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) is commonly utilized on this website and many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can use for OpenSea.

What are the payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.

Does OpenSea has a mobile or desktop app?

As previously mentioned there’s an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store, and you can start browsing through the collection right now!

There is also a desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as receive 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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