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Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto coins. Markets have popped up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.

If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.

Get on board, and discover what you can do with OpenSea and also see 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review.

OpenSea as an NFT Marketplace Nba Nft Tokens

The purpose for OpenSea was to offer an online marketplace for artists to upload their commissions without any extra charges. There are additional features that let you sell your work without having to deal with many difficulties.

In terms of registration, you don’t need to give all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for most processes. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.

There are two types of blockchains available you can pick which one you want to upload your NFT on as seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions are made by using the blockchain, which is why you need to think about where you should upload it.

OpenSea: NFT Collection Galore

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

There are a variety of NFTs of NFTs available on OpenSea, and you can become a part of that! You can create your own marketplace here, along with finding NFTs that you would like to purchase for yourself.

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What is an NFT?

In a recent development for the crypto market the term “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t sure exactly what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.

One of the new things you can buy includes an NFT. The NFT is a non-fungible token which is extremely unique and can’t be substituted. It could be a piece of rarity like authentic baseball cards or unique vinyl album.

There’s no limit on what an NFT could be, since it’s a non-fungible object you’re selling online. In simpler terms, you could simply think of an NFT as a digital item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and you’re offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and submit it for sale on.

On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and 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, money transfer tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.

It is possible to wait and see how the transactions go from now on to see if OpenSea is the marketplace for you.

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What NFTs can you find here?

At this point you’re probably thinking about the kind of NFTs be found here, and what you could also sell if you decide to pursue that route. The type of NFT it is indefinite as there’s a variety of how you can do it.

It is possible to sell trade cards, digital goods, game assets domain names, even physical assets! Find out what you think will reap the best rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The collection Manager features is one of the things that separates 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 receive the maximum profits when you start selling because you won’t need to spend on any additional charges.

Very few NFT marketplaces have this feature, and it 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 admire. Like traditional online marketplaces that offer rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to earn more money from this act.

Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea has over them.

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Mobile Application

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

The mobile apps from OpenSea are accessible for both iOS and Android. Although you aren’t able to purchase or sell things, you can at least browse through the selections you’re looking for on the move.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency using these platforms. Nba Nft Tokens

You can swap the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:

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

All of them have the option of converting them into ETH which is the most common cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Because it is based using the ETH blockchain, all wallets with a connection to this network are appropriate for this site.

Here’s a list different crypto wallets you can utilize in 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 wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with the credit card. Nba Nft Tokens

To know more about it You can go through their FAQs for a rundown of how you can start and which other wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:

Pros

  • Mobile apps available for iOS as well as Android.
  • Smart contracts are used for transactions.
  • Security at the highest level with the help of blockchain.
  • Ideal for those who are new to the crypto industry and NFTs.

Cons

  • Allows royalty rates of 10% for artists (low royalty).
  • It is not possible to buy or sell items via our mobile apps.
  • Only accepts cryptocurrency as a method of payment.
  • A Crypto account is needed to use this marketplace.

Pricing

OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you actively sell because there is no additional fee for it.

Frequently Asked Questions Nba Nft Tokens

What is OpenSea?

OpenSea can be described as 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 ideal platform for artists who use the platform to market NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.

You can browse and shop for an array of digital goods in this NFT marketplace, so you should check it out!

Is OpenSea legit & safe?

Short answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of the year of 2018. Because its system is based on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.

Additionally, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned on your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the contents to ensure users are safe.

How can I earn royalties on OpenSea?

As an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison with the other NFT marketplaces.

What cryptocurrency is accessible in OpenSea?

Ethereum (ETH) is widely used on this site as well as numerous others to cater for more cryptocurrency users. Here are the other cryptocurrencies 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 methods for OpenSea?

OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.

Does OpenSea has a mobile or desktop app?

As mentioned before There is an official mobile app by OpenSea that is available for iOS or Android. You can download it through their app store, and you can start exploring the collection now!

There is also a desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and get notifications on updates regarding your account when 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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