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The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.

If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.

Now hop aboard, and discover the possibilities of 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’ll want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Ligowave Nft 2N

The goal of OpenSea was to simply provide a platform/marketplace for artists to upload their commissions with no additional charges. It has more functions that let you sell your art without too many problems.

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

OpenSea: Blockchain

The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also functions with the Polygon blockchain, which allows for low-cost and quicker trading.

With these two types of blockchains that are available it is possible to choose which one you want to transfer your NFT to as seller. This ensures the safety of your NFT and the people who want to buy it. Every transaction will be conducted by using the blockchain, which is why you need to think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name, to a piece of art by an artist 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 could also be a part of that! You can set up your own personal market here, along with finding NFTs you’d like to buy 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 a lot of millennials are familiar with it , but not exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.

One of the newest things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is exclusive and cannot be changed. It could be an item of any rareness, such as authentic baseball cards, or a rare vinyl record.

There’s no limit on what an NFT can be as it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can just imagine the NFT to be a type of digital item that is paid for using cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs for your personal NFTs. You are calling the ownership of the particular item you uploaded on market, as selling it. Typically, this is official after you fill in the correct information about the NFT and finally upload it to the marketplace.

On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and making a collection to begin! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like for it (e.g. blockchain or payments tokens). After you’ve completed the process then you’re able to upload it, if it’s within the limit of 100MB.

You can wait and observe how transactions progress from here on out to see if OpenSea is the right marketplace for you.

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What NFTs are available here?

In this moment you’re probably asking yourself what kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT it is indefinite because there’s a wide range of how you can go about it.

You could be selling digital items, trading cards games domain names, some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager feature is what separates OpenSea from the others. There’s no cost for gas for using this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you don’t need to pay on additional fees.

Very few NFT marketplaces provide this feature, so this can be a fantastic way to receive high profit from your NFT collection.

Referral Program

This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, letting you make more money through this action.

Other NFT marketplaces don’t offer this kind of feature either This is a further benefit OpenSea is able to offer over other NFT 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 while you browse through the listings.

The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell things, you can look through the options you’re looking for on the move.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are for you to use to convert your fiat money into cryptocurrency through these platforms. Ligowave Nft 2N

You can convert the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:

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

All of them have the option of exchange for ETH that is the most common crypto payment in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, wallets that share that network will be suitable for this website.

Here is a list of several crypto wallets you can use in OpenSea:

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

Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. Ligowave Nft 2N

For more information about the service You can go through their FAQs to get an overview 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 all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:

Pros

  • Mobile apps available that are compatible with iOS as well as Android.
  • Smart contracts can be used to perform transactions.
  • Security at the highest level with the help of blockchain.
  • Best for beginners in the crypto market and NFTs.

Cons

  • Allows royalties up to 10% for artists (low royalty rates).
  • Cannot buy or sell via our mobile apps.
  • Only accepts cryptocurrency as a method of payment.
  • The use of a Crypto account is needed for this marketplace.

Pricing

OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly regain that when you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Ligowave Nft 2N

What is OpenSea?

OpenSea is an NFT marketplace that seeks to offer artists a way for selling their artwork online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists using it to sell NFTs because of its zero gas fees and low commission fee rate you must pay.

You can browse and shop for an array of digital goods in this NFT marketplace and you must go through it!

Is OpenSea real and secure?

Short answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year 2018. Since the system it operates on is based on a blockchain that is secure, you can say that your transactions are safe and secure.

In addition as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or the collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are safe.

How do I earn royalties on OpenSea?

However, as an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared against others NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) has been commonly used on this site as well as many others to accommodate many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

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

OpenSea only allows cryptocurrency exchanges on 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 exchange.

Does OpenSea have a desktop or mobile application?

As mentioned before there’s an official mobile app by OpenSea for both iOS and Android. Download it at their respective app store and begin browsing through the collection right now!

There is also 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 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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