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Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto-coins. Marketplaces are popping up across the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.

If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.

So, hop on board and let’s explore the possibilities of OpenSea and also see the NFTs that you can see!

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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’ll want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft Abbreviation Ultrasound

The purpose to create OpenSea was to offer an online marketplace for artists to upload commissions with no additional charges. It has more functions which allow you to market your artwork without any issues.

When it comes to the registration process, you don’t have to give all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency 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 is also based with the Polygon blockchain, which ensures low-cost and quicker trading.

There are two types of blockchains that are available, you can choose which one you want to publish your NFT as an seller. This is to ensure the security of your NFT and those who wish to purchase it. All transactions are made using this blockchain, which is why you need to consider where to upload it.

OpenSea: NFT Collection Galore

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

There’s a huge selection from the selection of NFTs available at OpenSea, and you can join in with this! You can start your own marketplace here, along with finding NFTs that you would like to purchase yourself.

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What is an NFT?

In a recent advancement for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.

One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is unique and can’t be changed. It can be an item of rarity like rare baseball trading cards in mint condition or a unique vinyl album.

There’s no limit to what an NFT can be since it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could simply consider the NFT to be a type of digital collectible paid via cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and you’re putting it up for sale. Usually, this is recognized after you fill in the correct information about the NFT and then add it on the market.

On OpenSea it’s a straightforward process to mint your NFTs by going to the store and then create a collection! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain or money transfer tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.

You can watch and see the way transactions are handled from here on out to determine if OpenSea is the right marketplace for you.

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What NFTs are available here?

So, at this point you’re probably asking yourself the kind of NFTs can be found here, and what you could sell should you decide to pursue that route. The type of NFT that you can purchase is indefinite as there’s a variety of ways to approach it.

You can be selling digital items, trading cards games, domain names, and even physical assets! Explore what you believe can yield the most profit by experimenting with OpenSea.

OpenSea: Collection Manager Feature

This 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 make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you won’t have to spend on additional fees.

Very few NFT marketplaces have this feature, so this is great for you to earn a high return from your collection.

Referral Program

A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more cash through this action.

Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea has over them.

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Mobile Application

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

The mobile apps from OpenSea are accessible for both iOS in addition to Android. Even though you can’t buy or sell something, you can at least look through the options you’re interested in on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are to you to exchange your fiat money for cryptocurrency through these platforms. Nft Abbreviation Ultrasound

You can exchange the fiat currency you have with a the credit card, or 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 most common cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based around the ETH blockchain, all wallets that share the same network are suitable for the site.

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

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

Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. Nft Abbreviation Ultrasound

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

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Pros and Cons of OpenSea

As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:

Pros

  • Mobile apps are available that are compatible with iOS and Android.
  • Smart contracts are utilized for transactions.
  • High-level security with the support of blockchain.
  • Best for beginners in the crypto market and NFTs.

Cons

  • Allows royalty rates of 10% for artists (low royalties).
  • It is not possible to buy or sell items on our mobile apps.
  • Only supports cryptocurrency as its type of payment.
  • An Crypto wallet is required for this marketplace.

Pricing

OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll easily recover that amount when you actively sell because there is no additional fee for it.

Frequently Asked Questions Nft Abbreviation Ultrasound

What is OpenSea?

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

You can browse and purchase a vast collection of digital goods in this NFT marketplace and you must check it out!

Is OpenSea real and secure?

Answer: Yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since the system it operates on is built on a blockchain, it is safe to say that your transactions are safe and secure.

Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear next to your account or the collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure that users are protected.

How do I earn royalties on OpenSea?

Unfortunately, as an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison with others NFT marketplaces.

What cryptocurrency is offered in OpenSea?

Ethereum (ETH) can be widely utilized on this website and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment options for OpenSea?

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

Does OpenSea have a desktop/mobile application?

As mentioned before There is an official mobile app by OpenSea available for both iOS as well as Android. You can download it through their app store and you can start exploring the collection now!

There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and 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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