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The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto coins. Markets have popped up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.

If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.

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

OpenSea as an NFT Marketplace Nft 14

The purpose of OpenSea was to provide an online marketplace for artists to easily upload their commissions, without having to pay any additional costs. It has more functions which allow you to market your artwork without any difficulties.

In terms of registration, you don’t need to provide too many details about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It also operates using the Polygon blockchain, which allows for the lowest cost and speediest trading.

There are two types of blockchains available, you can choose which one you’d like to publish your NFT as seller. This ensures the safety of your NFT, along with those who wish to purchase it. All transactions will be made using this blockchain, which is why you need to think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to official art from an artist you admire. Anyone can be a seller however it takes some time before anyone can become a reputable one.

There is a wide variety from the selection of NFTs available at OpenSea, and you can join in with the collection! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.

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What is an NFT?

In a recent advancement for the cryptocurrency industry the term “NFT” has been going around for so long on internet that many millennials have heard of it but aren’t sure exactly what it is. Let’s look at what an 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. A NFT is a non-fungible token which is extremely exclusive and cannot be substituted. It could be an item of rareness like rare baseball trading cards in mint condition or a uncommon vinyl record.

There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell on the internet. It is simpler to simply think of an NFT to be a type of digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to market, as selling it. Usually, this becomes official after you fill in the correct information about the NFT and then add it on the market.

On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and creating a collection to start! Complete the correct and correct information regarding your NFT and select the type of settings you want for it (e.g. blockchain or money transfer tokens). After that you are able to upload it if it fits the limit of 100MB.

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

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What NFTs can you find here?

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

You could be selling digital items, trading cards game assets domain names, even physical assets! Explore what you believe can reap the best rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The collection Manager function is the one that sets OpenSea from the others. There are no gas costs when you utilize this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on extra fees.

Very few NFT marketplaces have this feature, and it is great for you to receive high profit from your collection.

Referral Program

A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits by referring 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 percent of the sales amount, which means you can earn more money by this method.

Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

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

The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell anything, you can still explore the products you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency through these platforms. Nft 14

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

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

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

Crypto Wallets

Although OpenSea is an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than others. Because it is based on an ETH blockchain, all wallets that share this network are appropriate for this site.

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

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

Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency with the credit card. Nft 14

To know more about it to learn more, check out their FAQs for 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 many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:

Pros

  • Mobile apps are available for iOS and Android.
  • Smart contracts can be used to perform transactions.
  • Security at the highest level with the help of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalties of only 10% for artists (low royalty).
  • You cannot buy or sell products via our mobile apps.
  • Only accepts cryptocurrency as a type of payment.
  • An Crypto digital wallet must be used to use this marketplace.

Pricing

OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will easily recover that amount when you sell regularly since there is no additional fee for it.

Frequently Asked Questions Nft 14

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero gas fees and the low commission rate that you have to pay.

You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely go through it!

Is OpenSea legitimate and safe?

Short answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year 2018. Because its system is based on a blockchain that is secure, you can claim that your transactions are secure and safe.

Additionally, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned next to your account or any collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.

How can I earn royalties on OpenSea?

However, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is believed to be reasonably low compared with others NFT marketplaces.

What are the cryptocurrency options accessible in OpenSea?

Ethereum (ETH) is frequently used on this site as well as many others to accommodate more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can utilize for OpenSea.

What are the payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.

Does OpenSea have a desktop/mobile application?

As we mentioned earlier There is an official mobile app from OpenSea for both iOS as well as Android. You can download it through their app store and then you can begin exploring the collection now!

The version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications on updates regarding 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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