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Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up all over the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.

If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.

Get on board, and let’s explore what you can do with OpenSea, along with checking 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 review. After, you will want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Na Nft

The goal to create OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra charges. It has more functions which allow you to market your artwork without any difficulties.

For registration, you won’t have to provide any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also functions using the Polygon blockchain, which ensures low-cost and quicker trading.

With these two types of blockchains, you can choose which one you would like to transfer your NFT to as a seller. This is to ensure the security of your NFT, along with those who would like to purchase it. All transactions will be made by using the blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to an official artwork by an artist you admire. Anyone can become a seller however, it takes time before anyone can become an established one.

There’s a huge selection from the selection of NFTs available at OpenSea and you could become a part of that! You can start your own market here, along with finding NFTs that you would like to purchase 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 for so long on internet that a lot of millennials are familiar with it but not exactly sure what it is. Let’s take a look at what NFT is for any beginners in 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 replaced. It could be a piece of rareness like rare baseball trading cards in mint condition, or a rare vinyl record.

There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell online. It is simpler to just consider the NFT to be a type of digital collectible which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you have uploaded to market, as offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and finally add it on the market.

On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and simply creating a collection to start! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain and payment tokens). After that then you’re able to upload it if it fits the limit of 100MB.

You can wait and observe how transactions progress from here on out to determine whether 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 kind of NFTs you can sell should you decide to go that route. The kind of NFT it can be is indefinite since there’s a broad range of options for how to do it.

It is possible to sell trade cards, digital goods, game assets, domain names, and some physical items! Find out what you think will reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The collection Manager features is one of the things that sets OpenSea from the others. There are no gas costs for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t need to spend on additional fees.

Very few NFT marketplaces provide 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 unique aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more money by this method.

Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea has over them.

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Mobile Application

There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.

The mobile apps of OpenSea are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re interested in while on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency on these platforms. Na Nft

You can swap the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:

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

Each of them has the option of converting them into ETH that is the most common cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built around an ETH blockchain, all wallets that share the same network are suitable for the site.

Here’s a list various crypto wallets that which you can use with OpenSea:

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

*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. Na Nft

For more information about the service to learn more, check out their FAQs to get an overview of how you can start and what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces 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 for iOS or Android.
  • Smart contracts can be used to perform transactions.
  • Security at the highest level with the help of blockchain.
  • Ideal for those who are new to the crypto market and NFTs.

Cons

  • Allows royalty rates of 10% for artists (low royalty rates).
  • Cannot buy or sell via the mobile app.
  • Only supports cryptocurrency as its method of payment.
  • An Crypto wallet is required to access this marketplace.

Pricing

OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Na Nft

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no gas costs and low commission fees that you have to pay.

You can shop and browse the vast array of digital items on the NFT marketplace and you must take a look!

Is OpenSea legit & secure?

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

In addition as a seller you will be verified after you build up your reputation. A blue checkmark will be assigned to your account or any collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure that users are secure.

How do I earn royalties on OpenSea?

However, 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 cryptocurrency is accessible in OpenSea?

Ethereum (ETH) can be commonly used on this site and many others to accommodate many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can use to use OpenSea.

What are the payment methods for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.

Does OpenSea have a desktop or mobile app?

As previously mentioned there’s an official mobile app from OpenSea that is available for iOS and Android. You can download it through their app store and then you can begin exploring the collection now!

A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can 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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