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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 all over the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.

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

Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!

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Before you go on, you may want to watch 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 of OpenSea.

OpenSea as an NFT Marketplace New York Times Nft

The goal of OpenSea was to offer a platform/marketplace for artists to upload commissions with no additional charges. There are additional features that allow you to sell your art without too many problems.

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

OpenSea: Blockchain

The most popular cryptocurrency to use on 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 also operates using the Polygon blockchain to ensure low-cost and quicker trading.

With these two kinds of blockchains that are available it is possible to choose which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT as well as those who would like to buy it. All transactions will be made by using the blockchain, and you must consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes some time for anyone to be an established one.

There’s a huge selection in the collection on OpenSea and you can become a part of that! You can start your own marketplace here, along with finding NFTs that you would like to purchase yourself.

New York Times Nft

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What is an NFT?

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

One of the latest ways you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is very exclusive and cannot be changed. It could be an item of any rarity like authentic baseball cards, or a uncommon vinyl record.

There’s no limit to what an NFT can be since it’s a non-fungible object that you sell online. It is simpler to just consider as an NFT to be a type of digital item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling dibs for your personal NFTs. You’re claiming the ownership of the particular item that you have uploaded to the market place, but offering it for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and upload it to the marketplace.

On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you want for it (e.g., blockchain and payments tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.

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

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What NFTs can you get here?

At this point you’re probably asking yourself which kind of NFT be purchased here, and what you could also sell if you choose to go down that path. The type of NFT it isn’t limited since there’s a broad range of how you can go about it.

It is possible to sell trade cards, digital goods games domain names, even physical assets! 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 differentiates OpenSea from other companies. There are no gas costs when you utilize 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 don’t need to pay on additional fees.

Not many NFT marketplaces offer this feature, which is why this is great for you to earn a high return from your NFT collection.

Referral Program

A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you make more money from this act.

Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listings.

OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still explore the products you’re interested in on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are for you to use to trade your fiat currency for cryptocurrency through these platforms. New York Times Nft

You can exchange your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex, and other things!

All of them have the option of exchange for ETH, which is the standard cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly around the ETH blockchain, wallets with a connection to that network will be suitable for the site.

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

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

*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. New York Times Nft

For more information about the service to learn more, check out their FAQs for 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 its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:

Pros

  • Available as mobile apps for iOS and 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 world and NFTs.

Cons

  • Allows royalties of only up to 10% for artists (low royalties).
  • Cannot buy or sell on this mobile application.
  • Only accepts cryptocurrency as a method of payment.
  • An Crypto account is needed for this marketplace.

Pricing

OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can easily recover that amount when you actively sell because there’s no extra charge for it.

Frequently Asked Questions New York Times Nft

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use for selling NFTs due to its low gas costs and the low commission rate that you have to pay.

You can shop and browse the vast array of digital items on the NFT marketplace which is why you should definitely check it out!

Is OpenSea legitimate and safe?

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

In addition as a seller you can become verified once you build up your reputation. A blue checkmark will appear on your account or any collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure that users are protected.

How can I earn royalties on OpenSea?

As an artist, you can get only 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared to others NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) can be frequently used on this site as well as numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can utilize to access OpenSea.

Which are the accepted payment options for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.

Does OpenSea has a mobile or desktop app?

As mentioned before there’s an official mobile app by OpenSea for both iOS and Android. You can download it through their app store and you can start exploring the collection right now!

There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and receive alerts on any updates that affect your account while 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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