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Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.

If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.

Now hop aboard, and discover the possibilities of OpenSea as well as examining the NFTs that you can see!

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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. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Microsoft Nft Framewor

The purpose to create OpenSea was to offer an online marketplace for artists to upload commissions without any extra fees. It has more functions which allow you to market your artwork without any problems.

For registration, you won’t have to give all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). The 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.

There are two types of blockchains it is possible to choose which one you want to transfer your NFT to as an seller. This ensures the safety of your NFT as well as those who would like to buy it. All transactions are made using this blockchain, and you must consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes time for anyone to become a reputable one.

There’s a huge selection of NFTs available of NFTs available at OpenSea, and you can also be a part of the collection! You can start your own personal market here, along with finding NFTs that you would like to purchase yourself.

Microsoft Nft Framewor

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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 is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.

One of the new things you can buy is an NFT. A NFT is a token that is non-fungible that is individual and cannot be substituted. This can be a piece of rareness like rare baseball trading cards in mint condition or rare vinyl record.

There’s no limit on what an NFT could be, since it’s a non-fungible object you’re selling online. It is simpler to just imagine 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 ownership over that particular token/item that you posted to the marketplace, and you’re putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and finally add it on the market.

On OpenSea, it’s a simple process to mint your NFTs by going to the store and then making a collection to begin! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use it with (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.

It is possible to wait and see how transactions progress from now to determine if OpenSea is the right marketplace for you.

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What NFTs can you get here?

So, at this point, you’re probably wondering what kind of NFTs can be purchased here, and what you could also sell if you choose to go that route. The kind of NFT that you can purchase isn’t limited since there’s a broad range of how you can go about it.

You can be selling digital products, trading cards, game assets domain names, some physical items! Find out what you think will reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager feature is what differentiates OpenSea from the others. There’s no cost for gas when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you sell because you don’t need to pay on extra fees.

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

Referral Program

A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to 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’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.

OpenSea’s mobile apps are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are at your disposal to convert your fiat money into cryptocurrency on these platforms. Microsoft Nft Framewor

You can exchange your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:

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

All of these have the option of exchange for ETH which is the standard crypto payment in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built mainly using the ETH blockchain, all wallets which are part of this network are appropriate for this site.

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

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage, and the function to purchase cryptocurrency using a credit card. Microsoft Nft Framewor

To know more about it to learn more, check out their FAQs to see the steps you can start and which other 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 drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:

Pros

  • Mobile apps available that are compatible with iOS as well as Android.
  • Smart contracts are utilized for transactions.
  • High-level security with the support of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalty rates of up to 10% for artists (low royalty rates).
  • You cannot buy or sell products on this mobile application.
  • Only supports cryptocurrency as its type of payment.
  • An Crypto account is needed to use this marketplace.

Pricing

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

Frequently Asked Questions Microsoft Nft Framewor

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online to receive cryptocurrency as a 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 which you are required to pay.

You can browse and purchase an array of digital items on the NFT marketplace, so you should take a look!

Is OpenSea legit & is it safe?

Answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are protected and secured.

Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or any collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are protected.

How do I earn royalties on OpenSea?

As an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison to other NFT marketplaces.

What are the cryptocurrency options offered in OpenSea?

Ethereum (ETH) has been widely used on this site and other sites to provide more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment options for OpenSea?

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

Does OpenSea have a desktop or mobile application?

As mentioned before There is an official mobile app from OpenSea for both iOS and Android. Install it from their app store, and begin exploring the collection right now!

The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and receive alerts on any updates that affect 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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