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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 sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth checking out.

If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.

So, hop on board and discover what you can do with OpenSea as well as examining the NFTs available to 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. After, you’ll want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft 901 Gro Tank

The aim to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra charges. There are additional features that let you sell your artwork without any problems.

When it comes to registration, you don’t need 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 simple as that without going through much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It also functions on the Polygon blockchain to ensure the lowest cost and speediest trading.

With these two kinds of blockchains available you can pick which one you’d like to transfer your NFT to as seller. This ensures the safety of your NFT and those who would like to buy it. All transactions will be made along with this blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist you admire. Anyone can become a seller however, it takes some time before anyone can become an established one.

There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you can become a part of 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?

In a recent development for the cryptocurrency industry the term “NFT” has been going around for so long on the internet that the majority of young people are familiar with 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 cryptocurrency.

One of the newest things you can buy includes an NFT. A NFT is a non-fungible token that is very unique and can’t be changed. It can be an item of rareness, such as authentic baseball cards or a uncommon vinyl record.

There is no limit to what an NFT can be as it’s a non-fungible object that you can sell on the internet. It is simpler to just consider an NFT as a digital collectible which is only paid in cryptocurrency.

Minting NFTs

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

On OpenSea, it’s a simple process to mine your NFTs by going to the store and simply creating a collection to start! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain, payments tokens). After that, you can finally upload it if it fits the limit of 100MB.

You can watch and see how the transactions go from now on to determine if OpenSea is the best marketplace for you.

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What NFTs can you find here?

So, at this point you’re probably asking yourself what kind of NFTs be found here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT it is indefinite because there’s a wide range of ways to approach it.

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

OpenSea: Collection Manager Feature

The Collection Manager features is one of the things that sets OpenSea from the others. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you don’t need to pay on extra fees.

There aren’t many NFT marketplaces provide this feature, so this is a great way to earn a high return from your NFT collection.

Referral Program

The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which means you can earn more money from this act.

Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea has over them.

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Mobile Application

There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything while you browse through the listing.

The mobile apps of OpenSea are available for both iOS in addition to Android. Although you aren’t able to purchase or sell things, you can browse through the selections you’re interested in on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are for you to use You can also convert your fiat money into cryptocurrency on these platforms. Nft 901 Gro Tank

You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex, and many more!

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

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets still more compatible with it than other. Because it is based using the ETH blockchain, any wallets which are part of that network will be suitable for the site.

Here is a list of several crypto wallets which you can use with OpenSea:

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

*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. Nft 901 Gro Tank

For more information about the service, you can check their FAQs for an overview of how you can get started and which other wallets work with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:

Pros

  • Mobile apps are available that are compatible with iOS or Android.
  • Smart contracts are used for transactions.
  • High-level security with the support of blockchain.
  • Ideal for those who are new to the crypto market and NFTs.

Cons

  • Allows royalties of only up to 10% for artists (low royalties).
  • Cannot buy or sell via this mobile application.
  • Only supports cryptocurrency as its method of payment.
  • An Crypto digital wallet must be used to use this marketplace.

Pricing

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

Frequently Asked Questions Nft 901 Gro Tank

What is OpenSea?

OpenSea is an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists using the platform to market NFTs due to its low cost of gas and the low commission rate you must pay.

You can shop and browse an array of digital goods in this NFT marketplace, so you should take a look!

Is OpenSea legitimate and safe?

Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Because its system is built on a blockchain, it is safe to claim that your transactions are protected and secured.

In addition, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned on your account or any collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure users are secure.

How do I earn royalties from OpenSea?

Unfortunately, as an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared with others NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) is widely used on this site and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can make use of to access OpenSea.

Which are the accepted payment options for OpenSea?

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

Does OpenSea have a desktop/mobile application?

As previously mentioned, there is definitely an official mobile app from OpenSea that is available for iOS or Android. You can download it through their app store, and then you can begin exploring the collection right now!

A desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts as well as receive 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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