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Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.

If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.

Get on board, and let’s see what you can do with OpenSea, along with checking the NFTs available to view!

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

OpenSea as an NFT Marketplace Hole To Hole Nft Spacing

The purpose to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional fees. It has more functions which allow you to market your art without too many problems.

In terms of registration, you don’t need to give too many details about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used to carry out the majority of processes. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.

With these two kinds of blockchains available it is possible to choose which one you want to publish your NFT as a seller. This will ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted using this blockchain, and you must think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to official art from an artist that you admire. Anyone can become a seller however it takes some time for anyone to be a reputable one.

There are a variety of NFTs in the collection of NFTs available at OpenSea and you can also be a part of the collection! You can set up your own market on this site, as well as find NFTs that you would like to purchase for yourself.

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What is an NFT?

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

One of the latest ways you can buy includes an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be substituted. It can be a piece of rareness, such as authentic baseball cards or rare vinyl record.

There is no limit to what an NFT could be, since it’s a non-fungible thing that you sell on the internet. It is simpler to just think of the NFT being a virtual item paid via cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the market place, but you’re offering it for sale. Usually, this is recognized when you have filled in the correct information about the NFT and add it on the market.

On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and creating a collection to start! Complete the correct and complete information about 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 can finally upload it to the internet if it’s in the limit of 100MB.

You can watch and see the way transactions are handled from now to determine whether OpenSea is the marketplace for you.

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What NFTs can you get here?

In this moment you’re probably thinking about what kind of NFTs be found here, and what you could sell should you decide to pursue that route. The type of NFT it is indefinite because there’s a wide range of ways to go about it.

You could be selling digital products, trading cards game assets domain names, even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The collection Manager function is the one that separates OpenSea from other companies. There are no gas costs for using this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you won’t have to spend on any additional charges.

Very few NFT marketplaces provide this feature, which is why this is a great way to make a huge profit from your portfolio.

Referral Program

The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer benefits by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you earn more money through this action.

Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea has over the other marketplaces.

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Mobile Application

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

OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can at least look through the options you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available to you You can also trade your fiat currency for cryptocurrency using these platforms. Hole To Hole Nft Spacing

You can swap your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:

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

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

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly around an ETH blockchain, all wallets that share that network will be suitable for this website.

Here is a list of various crypto wallets that you can utilize in OpenSea:

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

*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency using credit cards. Hole To Hole Nft Spacing

To learn more about it, you can check their FAQs to see a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:

Pros

  • Mobile apps are available that are compatible with iOS or Android.
  • Smart contracts can be used to perform 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 10% for artists (low royalty rates).
  • You cannot buy or sell products through the mobile app.
  • Only supports cryptocurrency as its method of payment.
  • 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 a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.

Frequently Asked Questions Hole To Hole Nft Spacing

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs due to its low gas costs and low commission fees which you are required to pay.

You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely go through it!

Is OpenSea legitimate and secure?

Short answer: Yes! OpenSea is a reputable marketplace since it was established in the year of 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are protected and secured.

Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.

How can I earn royalties on OpenSea?

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

What cryptocurrency is accessible in OpenSea?

Ethereum (ETH) can be frequently used on this site as well as other sites to provide more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can use to use OpenSea.

What are the payment methods for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.

Does OpenSea have a desktop or mobile app?

As previously mentioned, there is definitely an official mobile app from OpenSea for both iOS and Android. Install it from their app store, and then you can begin browsing through the collection right now!

There is also a Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application 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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