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Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto-coins. Markets have popped up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.

If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.

Now hop aboard, and let’s see what you can do with OpenSea and also see 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Get All Coins Ethereum Nft

The purpose to create OpenSea was to offer an online marketplace for artists to upload their commissions without any extra charges. It also has additional functions that allow you to sell your work without having to deal with many issues.

For registration, you don’t need to give any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency 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 is also based on the Polygon blockchain to ensure low-cost and quicker trading.

With these two types of blockchains available it is possible to choose which one you would like to publish your NFT as a seller. This ensures the safety of your NFT and the people who want to purchase it. All transactions are made using this blockchain, which is why you need to think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist you admire. Anyone can become a seller however, it takes time before anyone can become an established one.

There is a wide variety in the collection at OpenSea and you could also be a part of the collection! You can start your own marketplace on this site, as well as find NFTs you want to purchase yourself.

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What is an NFT?

In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials are familiar with it , but not exactly sure what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.

One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is very unique and can’t be replaced. It could be a piece of rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.

There’s no limit to what an NFT could be, since it’s a non-fungible thing that you can sell online. In simpler terms, you could simply imagine the NFT as a digital item that is paid for using cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the marketplace, and selling it. 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 very simple procedure to create your own NFTs by visiting the store and then create a collection! Input the appropriate and complete information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain or payments tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.

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

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What NFTs are available here?

So, at this point you’re probably asking yourself what kind of NFTs be found here and what kind of NFTs you can also sell if you choose to go down that path. The type of NFT it isn’t limited since there’s a broad range of how you can do it.

You can be selling trade cards, digital goods games domain names, even physical assets! Find out what you think will yield the most profit by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager features is one of the things that separates OpenSea from the others. There’s no cost for gas for using this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.

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

Referral Program

A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more money by this method.

Other NFT marketplaces do not have this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.

The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least explore the products you’re looking for on the move.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency on these platforms. Get All Coins Ethereum Nft

You can exchange your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:

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

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

Crypto Wallets

Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, wallets which are part of the same network are suitable for this site.

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

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

Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency using a credit card. Get All Coins Ethereum Nft

To learn more about it You can go through their FAQs for an overview of how you can start and what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:

Pros

  • Mobile apps are available that are compatible with iOS or Android.
  • Smart contracts are used 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 up to 10% for artists (low royalty).
  • It is not possible to buy or sell items via this mobile application.
  • Only accepts cryptocurrency as a method of payment.
  • The use of a Crypto wallet is required to use this marketplace.

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.

Frequently Asked Questions Get All Coins Ethereum Nft

What is OpenSea?

OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use it to sell NFTs because of its zero cost of gas and low commission fees that you have to pay.

You can browse and purchase a vast collection of digital items on the NFT marketplace and you must go through it!

Is OpenSea real and is it safe?

The short answer is yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are protected and secured.

Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned next to your account or any collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are safe.

How do I earn royalties from OpenSea?

As an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared to other NFT marketplaces.

What cryptocurrency is accessible in OpenSea?

Ethereum (ETH) can be frequently used on this site and numerous others to cater for many 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 utilize to use OpenSea.

Which are the accepted payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.

Does OpenSea have a desktop/mobile app?

As mentioned before there’s an official mobile application from OpenSea for both iOS and Android. Install it from their app store, and you can start exploring the collection right now!

There is also a desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and get alerts on any updates that affect 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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