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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 currency. Marketplaces are popping up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth a look.

If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.

Now hop aboard, and let’s see the possibilities of OpenSea as well as examining what NFTs you can 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. Afterward, you will want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft 2Ac Ligowave Poe Image

The aim to create OpenSea was to offer a platform/marketplace for artists to upload commissions, without having to pay any additional charges. It also has additional functions that let you sell your work without having to deal with many difficulties.

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 can be as simple as that and without much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also functions on the Polygon blockchain, which allows for low-cost and quicker trading.

With these two types of blockchains it is possible to choose which one you would like to transfer your NFT to as seller. This ensures the safety 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 think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to an official artwork by an artist you admire. Anyone can sell, but it takes some time for anyone to become an established one.

There is a wide variety of NFTs available of NFTs available at OpenSea, and you can become a part of this! You can start your own personal market here, along with finding NFTs you’d like to buy for yourself.

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What is an NFT?

In a recent development for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the 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 newest things you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible token that is very unique and can’t be changed. It can be a piece of rarity like mint-condition baseball trading cards or a rare vinyl record.

There’s no limit on what an NFT can be since it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could just think of the NFT as a digital item paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs on your own NFTs. You’re claiming the ownership of the particular item that you posted to the market place, but putting it up for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and finally add it on the market.

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

You can watch and see the way transactions are handled from now to determine whether OpenSea is the marketplace for you.

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What NFTs can you get here?

So, at this point you’re probably asking yourself what kind of NFTs you shop for here and what you can also sell if you choose to pursue that route. The kind of NFT it is unlimited because there’s a wide range of ways to approach it.

You can be selling digital items, trading cards, game assets domain names, also physical goods! Consider what you believe will reap the best rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager features is one of the things that differentiates OpenSea from the others. There are zero gas fees for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t have to spend on extra fees.

There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to make a huge profit from your collection.

Referral Program

The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more cash from this act.

Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea has over them.

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Mobile Application

There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.

The mobile apps from OpenSea are accessible for both iOS in addition to Android. Even though you can’t buy or sell things, you can at least browse through the selections you’re looking for on the move.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Nft 2Ac Ligowave Poe Image

You can convert 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!

All of these have the option to exchange for ETH that is the primary cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than other. Since it is built mainly around an ETH blockchain, any wallets that share 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 much more!

*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only, and the function to purchase cryptocurrency using a credit card. Nft 2Ac Ligowave Poe Image

For more information about the service, you can check their FAQs to get the steps you can get started and which other wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:

Pros

  • Mobile apps available that are compatible with iOS as well as Android.
  • Smart contracts can be used to perform transactions.
  • High-level security , with the backing of blockchain.
  • Ideal for those who are new to the crypto market and NFTs.

Cons

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

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.

Frequently Asked Questions Nft 2Ac Ligowave Poe Image

What is OpenSea?

OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists using for selling NFTs because of its zero gas costs and low commission fee rate you must pay.

You can browse and shop for a vast collection of digital products on this NFT marketplace, so you should take a look!

Is OpenSea legitimate and safe?

Answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are protected and secured.

Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will appear on your account or collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure that users are protected.

How do I earn royalties from OpenSea?

However, as an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared to the other NFT marketplaces.

What is the most popular cryptocurrency available in OpenSea?

Ethereum (ETH) is frequently used on this site and numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can utilize for OpenSea.

How do I pay for OpenSea? What are my payment methods for OpenSea?

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

Does OpenSea have a desktop/mobile app?

As we mentioned earlier there’s an official mobile app by OpenSea available for both iOS and Android. Install it from their app store and you can start exploring the collection now!

The desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications about updates to 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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