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The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto coins. Markets have popped up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.

If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.

So, hop on board and discover what you can do with OpenSea and also see what NFTs you can 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Liquid Media Group Nft

The goal for OpenSea was to provide a platform/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.

For registration, you won’t have to worry about giving any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for lower costs and faster trading.

With these two kinds of blockchains that are available, you can choose which one you’d like to upload your NFT on as an seller. This will ensure the security of your NFT, along with those who would like to purchase it. Every transaction will be conducted using this 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 trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller however it takes a while for anyone to be an established seller.

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

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What is an NFT?

In a recent advancement for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people have heard of it but not exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.

One of the newest things you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible currency that is individual and cannot be substituted. This can be an item of any rareness, such as authentic baseball cards or unique vinyl album.

There’s no limit on what an NFT can be as it’s a non-fungible object you’re selling on the internet. In simpler terms, you could just think of as an NFT to be a type of digital collectible which is only paid in cryptocurrency.

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 market, as you’re offering it for sale. Usually, this becomes official once you fill out the correct information about the NFT and then submit it for sale on.

On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then create a collection! Complete the correct and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g. blockchain, payment tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.

You can wait and observe the way transactions are handled from now on to determine if OpenSea is the right marketplace for you.

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What NFTs can you find here?

At this point you’re probably asking yourself which kind of NFT you shop for here and what you can sell should you decide to go down that path. The type of NFT it isn’t limited because there’s a wide range of how you can do it.

You could be selling digital items, trading cards game assets, domain names, and even physical assets! Find out what you think will reap the best rewards by trying OpenSea.

OpenSea: Collection Manager Feature

The collection Manager feature is what differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t have to spend on additional fees.

Not many NFT marketplaces have this feature, and it is great for you to earn a high return from your portfolio.

Referral Program

A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, letting you make 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’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.

The mobile apps of OpenSea are available on both iOS and Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re looking for on the move.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency on these platforms. Liquid Media Group Nft

You can swap your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:

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

All of these have the option of converting them into ETH, which is the standard crypto payment in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based using an ETH blockchain, wallets which are part of this network are appropriate for this site.

Here’s a list of various crypto wallets that you can use in OpenSea:

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

*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. Liquid Media Group Nft

To know more about it You can go through their FAQs to get an overview of how you can start and which other wallets work with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:

Pros

  • Mobile apps are available that are compatible with iOS and Android.
  • Smart contracts can be used to perform transactions.
  • High-level security with the support of blockchain.
  • The best option for beginners to the crypto industry and NFTs.

Cons

  • Allows royalties of only 10% for artists (low royalties).
  • Cannot buy or sell via the mobile app.
  • Only accepts cryptocurrency as a form of payment.
  • An Crypto digital wallet must be used to access this marketplace.

Pricing

OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can easily recover that amount when you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Liquid Media Group Nft

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists who use for selling NFTs because of its zero gas fees and low commission fees you must pay.

You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely take a look!

Is OpenSea real and secure?

Short answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year of 2018. Because its system is built on a blockchain, it is safe to say that your transactions are safe and secure.

In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear on your account or any collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the contents to ensure users are secure.

How can I earn royalties from OpenSea?

However, as an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared with the other NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) can be widely utilized on this website and many others to accommodate 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.

What are the payment options for OpenSea?

OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through 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 we mentioned earlier There is an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store, and then you can begin exploring the collection now!

The version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app, 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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