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Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. Markets have popped up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth looking into.

If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.

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

OpenSea as an NFT Marketplace Jay Z Nfl Partnership

The aim for OpenSea was to provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. It has more functions that allow you to sell your art without too many difficulties.

In terms of the registration process, you don’t have to provide too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It is also based using the Polygon blockchain to ensure low-cost and quicker trading.

There are two types of blockchains it is possible to choose which one you want to publish your NFT as a seller. This will ensure the security of your NFT, along with those who would like to buy it. All transactions are made by using the blockchain, so you should consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name, to a piece of art by an artist you admire. Anyone can sell however, it takes time for anyone to be a reputable one.

There are a variety of NFTs from the selection on OpenSea, and you can also be a part of that! You can create your own personal market on this site, as well as find NFTs that you would like to purchase yourself.

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What is an NFT?

In a recent advancement for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t sure exactly what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.

One of the newest things you can buy can be an NFT. A NFT is a non-fungible currency that is exclusive and cannot be replaced. It can be a piece of rareness, such as mint-condition baseball trading cards or a rare vinyl record.

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

Minting NFTs

Minting is similar to calling for dibs for your personal NFTs. You’re claiming the ownership of the particular item that you posted to the market place, but putting it up for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and finally upload it to the marketplace.

On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and then create a collection! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g., blockchain or 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 wait and observe how transactions progress from now on to determine if OpenSea is the right marketplace for you.

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What NFTs are available here?

In this moment, you’re probably wondering which kind of NFT be found here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT it can be is indefinite since there’s a broad range of options for how to do it.

You could be selling digital items, trading cards games domain names, some physical items! Consider what you believe will bring the greatest rewards by trying OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager function is the one that sets OpenSea from the other options. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on extra fees.

There aren’t many NFT marketplaces offer this feature, and it is a great way to earn a high return from your collection.

Referral Program

A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, letting you earn more cash by this method.

Other NFT marketplaces do not have this feature This is a further advantage OpenSea has over the other marketplaces.

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Mobile Application

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

The mobile apps from OpenSea are accessible for both iOS in addition to Android. Even though you can’t buy or sell things, you can at least browse through the selections you’re interested in on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency through these platforms. Jay Z Nfl Partnership

You can swap your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:

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

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

Crypto Wallets

While OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than others. Since it is built using an ETH blockchain, all wallets with a connection to the same network are suitable for this website.

Here’s a list of several crypto wallets which you can use with OpenSea:

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

*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. Jay Z Nfl Partnership

To learn more about it to learn more, check out their FAQs to see a rundown of how you can get started and which other wallets work with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:

Pros

  • Mobile apps are available for iOS and Android.
  • Smart contracts can be used to perform transactions.
  • High-level security with the support of blockchain.
  • Best for beginners in the crypto market and NFTs.

Cons

  • Allows royalty rates of up to 10% for artists (low royalty rates).
  • You cannot buy or sell products via the mobile app.
  • Only accepts cryptocurrency as a type of payment.
  • A Crypto digital wallet must be used to access this marketplace.

Pricing

OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll easily recover that amount when you sell regularly since there is no additional fee for it.

Frequently Asked Questions Jay Z Nfl Partnership

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use the platform to market NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.

You can browse and shop for the vast array of digital products on this NFT marketplace and you must check it out!

Is OpenSea real and is it safe?

Short answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of 2018. Since its system is based on a blockchain, it is safe to say that your transactions are protected and secured.

Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear on your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure users are secure.

How do I earn royalties on OpenSea?

However, as an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared with others NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) has been widely utilized on this website and numerous others to cater for more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

Which are the accepted payment options for OpenSea?

OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.

Does OpenSea have a desktop/mobile app?

As mentioned before There is an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store and you can start exploring the collection now!

The desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts as well as receive 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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