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The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.

If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.

So, hop on board and discover the possibilities of OpenSea as well as examining the NFTs available to 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. After, you will want to read the rest of the article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft-03D

The aim for OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions with no additional charges. There are additional features which allow you to market your work without having to deal with many problems.

For registration, you won’t have to provide any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without much hassle as you step into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for most processes. It is also based on the Polygon blockchain, which allows for the lowest cost and speediest trading.

With these two kinds of blockchains that are available it is possible to choose which one you would like to transfer your NFT to as a seller. This is to ensure the security of your NFT as well as those who would like to purchase it. Every transaction will be conducted using this blockchain, which is why you need to consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an online shopping mall that is endless 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 a piece of art from an artist you admire. Anyone can sell however it takes a while before anyone can become an established one.

There’s a huge selection of NFTs available of NFTs available at OpenSea and you can become a part of the collection! You can create your own personal market on this site, as well as find NFTs that you would like to purchase yourself.

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What is an NFT?

A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials have heard of it but not exactly sure what it is. 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 newest things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible currency that is unique and can’t be changed. This can be an item of rareness like mint-condition baseball trading cards or a unique vinyl album.

There’s no limit to what an NFT could be, since it’s a non-fungible item that you sell online. In simpler terms, you could just think of an NFT to be a type of digital collectible which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but selling it. Usually, this becomes official after you fill in the proper information regarding the NFT and upload it to the marketplace.

On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like for it (e.g., blockchain, payments tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.

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

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What NFTs can you find here?

So, at this point, you’re probably wondering the kind of NFTs be purchased here and what you can also sell if you decide to pursue that route. The kind of NFT it can be is unlimited as there’s a variety of how you can do it.

It is possible to sell digital products, trading cards games domain names, some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The collection Manager function is the one that sets OpenSea from the other options. There are no gas costs when you utilize this feature when you make and then sell the 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 any additional charges.

Very few NFT marketplaces have this feature, so 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. Similar to traditional online markets there are advantages by referring your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you earn more money from this act.

Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.

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Mobile Application

There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.

The mobile apps of OpenSea are available on both iOS as well as Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re looking for on the move.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency through these platforms. Nft-03D

You can swap your fiat money via the credit card, or Paypal via these reputable 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 standard crypto payment in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built on the ETH blockchain, any wallets with a connection to that network will be suitable for this site.

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

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

*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only and the ability to buy cryptocurrency using the credit card. Nft-03D

To learn more about it You can go through their FAQs to see an overview of how you can get started and what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets, each one has its advantages and disadvantages. 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 utilized for transactions.
  • High-level security , with the backing of blockchain.
  • Ideal for those who are new to the crypto market and NFTs.

Cons

  • Allows royalties of only 10% for artists (low royalty).
  • It is not possible to buy or sell items through our mobile apps.
  • Only supports cryptocurrency as its method of payment.
  • An Crypto account is needed to use this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly recover this amount if you are actively selling since there’s no additional cost for it.

Frequently Asked Questions Nft-03D

What is OpenSea?

OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an ideal option for artists who want to use the platform to market NFTs because of its zero cost of gas and low commission fees which you are required to pay.

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

Is OpenSea legitimate and is it safe?

Short answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.

Furthermore 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 anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are protected.

How can I earn royalties on OpenSea?

However, as an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison with the other NFT marketplaces.

What are the cryptocurrency options accessible in OpenSea?

Ethereum (ETH) can be commonly used on this site and 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 core cryptocurrencies you can utilize to use OpenSea.

What are the payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.

Does OpenSea has a mobile or desktop application?

As previously mentioned There is an official mobile application from OpenSea for both iOS as well as Android. Install it from their app store and then you can begin exploring the collection right now!

A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and get 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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