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The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.

If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.

So, hop on board and let’s see the possibilities of OpenSea, along with checking what NFTs you can view!

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Before you continue, 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 Nft 80 Million

The purpose of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional fees. It also has additional functions that allow you to sell your artwork without any problems.

For the registration process, you don’t have to provide all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also functions with the Polygon blockchain, which allows for the lowest cost and speediest trading.

There are two types of blockchains that are available it is possible to choose which one you want to transfer your NFT to as seller. This will ensure the security of your NFT as well as those who wish to buy it. All transactions are made by using the blockchain, and you must think about where you should upload it.

OpenSea: NFT Collection Galore

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

There is a wide variety from the selection on OpenSea and you can join in with the collection! You can create your own personal market there, and also find NFTs you want to purchase for yourself.

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What is an NFT?

A recent change in the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it but aren’t exactly sure what it actually 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 latest ways you can purchase your cryptocurrency includes an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. It can 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 item that you can sell on the internet. More straightforwardly, you can simply think of as an NFT to be a type of digital item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling the shots for your personal NFTs. You’re claiming the owner of the item or token you uploaded on the market place, but you’re selling it. Usually, this becomes official after you fill in the proper information regarding the NFT and submit it for sale on.

On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and 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 or money transfer tokens). After that then you’re able to upload it to the internet if it’s in the 100 MB limit.

It is possible to wait and see how the transactions go from here on out to determine whether OpenSea is the best marketplace for you.

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What NFTs can you get here?

In this moment you’re probably asking yourself what kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT that you can purchase is indefinite since there’s a broad range of how you can go about it.

It is possible to sell trade cards, digital goods, game assets, domain names, and some physical items! Find out what you think will bring the greatest rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on extra fees.

There aren’t many NFT marketplaces offer this feature, so this is great for you to make a huge profit from your collection.

Referral Program

A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more cash from this act.

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

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Mobile Application

There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.

OpenSea’s mobile apps are available for both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re interested in on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency using these platforms. Nft 80 Million

You can swap your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:

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

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

Crypto Wallets

While OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than others. Since it is built on the ETH blockchain, any wallets that share that network will be suitable for the site.

Here is a list of several crypto wallets you can utilize in OpenSea:

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

*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with a credit card. Nft 80 Million

For more information about the service You can go through their FAQs to see 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 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

  • Available as mobile apps 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.
  • The best option for beginners to the crypto world and NFTs.

Cons

  • Allows royalties 10% for artists (low royalty).
  • Cannot buy or sell via the mobile app.
  • Only supports cryptocurrency as its form of payment.
  • The use of a Crypto wallet is required to use this marketplace.

Pricing

OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you actively sell because there’s no extra charge for it.

Frequently Asked Questions Nft 80 Million

What is OpenSea?

OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists who use for selling NFTs because of its zero gas costs and the low commission rate you must pay.

You can shop and browse the vast array of digital goods in this NFT marketplace and you must check it out!

Is OpenSea legit & secure?

The short answer is yes! OpenSea has been a reliable marketplace since it was established at the end of the year of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.

Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed next to your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are protected.

How can I earn royalties on OpenSea?

As an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison to others NFT marketplaces.

What are the cryptocurrency options offered in OpenSea?

Ethereum (ETH) is widely used on this site and numerous others to cater for many more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can utilize to use OpenSea.

Which are the accepted payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.

Does OpenSea have a desktop or mobile application?

As mentioned before, there is definitely an official mobile app by OpenSea available for both iOS or Android. Install it from their app store, and you can start exploring the collection now!

The version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and receive notifications about updates to 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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