Is OpenSea Decentraland

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Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.

If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.

Get on board, and discover 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.

OpenSea as an NFT Marketplace Is OpenSea Decentraland

The aim to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions which allow you to market your work without having to deal with many difficulties.

When it comes to registration, you won’t have to give all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency that is 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 for the majority of transactions. It is also based with the Polygon blockchain, which ensures the lowest cost and speediest trading.

With these two kinds of blockchains that are available, you can choose which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT and those who would like to purchase it. All transactions will be made by using the blockchain, and you must think about where to 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. It is possible to purchase anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can be a seller however it takes time before anyone can become a reputable one.

There’s a huge selection from the selection of NFTs available at OpenSea, and you can become a part of this! You can start your own personal market here, along with finding NFTs you’d like to buy for yourself.

Is OpenSea Decentraland

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What is an NFT?

In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t sure exactly what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.

One of the new things you can purchase your cryptocurrency includes an NFT. A NFT is a token that is non-fungible that is very exclusive and cannot be substituted. This can be a piece of rareness, such as mint-condition baseball trading cards or a unique vinyl album.

There is no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply imagine the NFT to be a type of digital item paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs to your NFTs. You’re claiming the ownership of the particular item that you posted to the market place, but selling it. Usually, this becomes official when you have filled in the proper information regarding the NFT and then upload it to the marketplace.

On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain and money transfer tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.

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

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What NFTs are available here?

At this point, you’re probably wondering what kind of NFTs can be purchased here, and what you could sell should you decide to go down that path. The type of NFT it isn’t limited as there’s a variety of ways to do it.

You can be selling trade cards, digital goods games, domain names, and also physical goods! Find out what you think will reap the best rewards by trying OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas for using this feature when you mint and sell NFTs. This means you’ll get the most profit when you begin selling since you won’t have to spend on any additional charges.

There aren’t many NFT marketplaces have this feature, and it is a great way to receive high profit from your collection.

Referral Program

A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive benefits when you refer your friend to OpenSea! If you invite 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 from this act.

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

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Mobile Application

There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you browse through the listing.

The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency on these platforms. Is OpenSea Decentraland

You can exchange 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 more!

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

Crypto Wallets

While OpenSea is an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than others. Since it is built around an ETH blockchain, wallets with a connection to the same network are suitable for the site.

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

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using credit cards. Is OpenSea Decentraland

To know more about it, you can check their FAQs to see a rundown 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 disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:

Pros

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

Cons

  • Allows royalties of only 10% to artists (low royalty).
  • Cannot buy or sell on the mobile app.
  • Only accepts cryptocurrency as a method of payment.
  • The use of a Crypto account is needed for this marketplace.

Pricing

OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly regain that when you actively sell because there is no additional fee for it.

Frequently Asked Questions Is OpenSea Decentraland

What is OpenSea?

OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists using for selling NFTs because of its zero gas costs and low commission fees that you have to pay.

You can browse and purchase an array of digital goods in this NFT marketplace and you must take a look!

Is OpenSea legit & safe?

The short answer is yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year 2018. Because its system is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.

Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.

How do I earn royalties on OpenSea?

Unfortunately, as an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison against others NFT marketplaces.

What are the cryptocurrency options accessible in OpenSea?

Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can make use of for OpenSea.

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

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

Does OpenSea have a desktop or mobile app?

As we mentioned earlier, there is definitely an official mobile app by OpenSea for both iOS or Android. Install it from their app store, and begin exploring the collection now!

There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you can 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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