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The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth a look.

If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.

So, hop on board and discover what you can do with OpenSea and also see the NFTs that you can see!

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Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Hofstra Nft

The goal of OpenSea was to offer a platform/marketplace for artists to upload commissions with no additional charges. It also has additional functions that let you sell your art without too many issues.

For registration, you won’t have to worry about giving any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for most processes. It is also based using the Polygon blockchain, which allows for the lowest cost and speediest trading.

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

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can be a seller, but it takes a while for anyone to be an established seller.

There’s a huge selection of NFTs available of NFTs available at OpenSea, and you can also be a part of that! You can set up your own personal market 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 crypto market,”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 is. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.

One of the new things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible token that is very exclusive and cannot be replaced. It can be an item of any rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.

There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell online. More straightforwardly, you can just consider as an NFT to be a type of digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and you’re putting it up for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and finally add it on the market.

On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and then creating a collection to start! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain, payments tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.

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

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What NFTs can you find here?

At this point you’re probably thinking about which kind of NFT can you shop for here, and what you could also sell if you decide to go down that path. The kind of NFT it can be is indefinite as there’s a variety of how you can go about it.

It is possible to sell trade cards, digital goods, game assets domain names, even physical assets! Explore what you believe can bring the greatest rewards by trying OpenSea.

OpenSea: Collection Manager Feature

The collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees when you use this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on additional fees.

Not many NFT marketplaces have this feature, so this is a great way to make a huge profit from your NFT collection.

Referral Program

The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer rewards by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to earn more cash through this action.

Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listings.

OpenSea’s mobile apps are available for both iOS and Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are to you to exchange your fiat money for cryptocurrency using these platforms. Hofstra Nft

You can convert your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:

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

All of these have the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based on an ETH blockchain, any wallets that share this network are appropriate 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 found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. Hofstra Nft

For more information about the service, you can check their FAQs to get an overview of how you can get started and also what other crypto wallets work 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. It is possible to read about its pros and cons here:

Pros

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

Cons

  • Allows royalties of only 10% for artists (low royalties).
  • You cannot buy or sell products via our mobile apps.
  • Only accepts cryptocurrency as a method of payment.
  • A Crypto digital wallet must be used for this marketplace.

Pricing

OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly regain that when you actively sell because there’s no additional cost for it.

Frequently Asked Questions Hofstra Nft

What is OpenSea?

OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists using for selling NFTs because of its zero cost of gas and low commission fees which you are required to pay.

You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely go through it!

Is OpenSea legitimate and is it safe?

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

Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned on your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are secure.

How can I earn royalties on OpenSea?

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

What cryptocurrency is available in OpenSea?

Ethereum (ETH) is commonly used on this site as well as other sites to provide the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

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

OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.

Does OpenSea have a desktop/mobile app?

As previously mentioned there’s an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store, and begin exploring the collection now!

The desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications about updates to 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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