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Cryptocurrency is booming right now, and you’re probably wondering 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 among them and is worth a look.

If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.

Now hop aboard, and let’s see what you can do with OpenSea as well as examining what NFTs you can view!

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

OpenSea as an NFT Marketplace Lettuce Nft Inserts

The aim for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions without any extra fees. It also has additional functions which allow you to market your artwork without any issues.

When it comes to registration, you don’t need to give all of your personal details. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for most processes. It also operates using the Polygon blockchain, which ensures the lowest cost and speediest trading.

With these two types of blockchains available you can pick which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made along with this blockchain, so you should consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to official art from an artist you admire. Anyone can sell however, it takes time for anyone to become an established one.

There are a variety of NFTs from the selection of NFTs available at OpenSea and you could join in with the collection! 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, the term “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.

One of the new things you can buy includes an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be changed. This can be an item of rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.

There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell on the internet. It is simpler to simply consider the NFT to be a type of digital item paid via cryptocurrency only.

Minting NFTs

Minting is like calling the shots on your own NFTs. It is a way of claiming the ownership of the particular item you uploaded on the market place, but selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and submit it for sale on.

On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and then creating a collection to start! Fill out the proper and complete information about your NFT and select the type of settings you’d like to use 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 100 MB limit.

You can watch and see how the transactions go from now to see if OpenSea is the best 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 you shop for here and what you can sell should you decide to go down that path. The kind of NFT it can be isn’t limited because there’s a wide range of ways to do it.

It is possible to sell digital items, trading cards, game assets domain names, even physical assets! Find out what you think will yield the most profit by trying OpenSea.

OpenSea: Collection Manager Feature

The collection Manager features is one of the things that sets OpenSea from other companies. There are no gas costs for using this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t have to spend on additional fees.

There aren’t many NFT marketplaces have this feature, which is why this is a great way to earn a high return from your portfolio.

Referral Program

This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages by referring your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more cash by this method.

Other NFT marketplaces do not have the same feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

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

The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can at least explore the products you’re interested in on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency using these platforms. Lettuce Nft Inserts

You can convert 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 more!

Each of them has the option of converting them into ETH, which is the primary cryptocurrency payment option in OpenSea.

Crypto Wallets

While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built on the ETH blockchain, all wallets with a connection to this network are appropriate for this site.

Here’s a list several crypto wallets you can utilize in OpenSea:

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

*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage and the ability to buy cryptocurrency using credit cards. Lettuce Nft Inserts

For more information about the service, you can check their FAQs to see an overview of how you can get started and which other 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 read about its pros and cons here:

Pros

  • Mobile apps are available for iOS and Android.
  • Smart contracts are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • Ideal for those who are new to the crypto industry and NFTs.

Cons

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

Pricing

OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, 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 are actively selling since there is no additional fee for it.

Frequently Asked Questions Lettuce Nft Inserts

What is OpenSea?

OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its no 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, so you should go through it!

Is OpenSea legitimate and secure?

Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Since its system is built on a blockchain and is secured, it is safe to claim 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’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the contents to ensure users are secure.

How can I earn royalties on OpenSea?

As an artist, you can receive only up to 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared against others NFT marketplaces.

What are the cryptocurrency options offered in OpenSea?

Ethereum (ETH) can be widely utilized on this website and many others to accommodate the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary 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. It is easy to buy 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 has a mobile or desktop app?

As previously mentioned, there is definitely an official mobile application from OpenSea available for both iOS as well as Android. You can download it through their app store and then you can begin exploring the collection now!

A version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get notifications on updates regarding your account while 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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