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The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto coins. Markets have popped up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.

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

So, hop on board and let’s see the possibilities of OpenSea as well as examining the NFTs that you can see!

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Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft Alzheimer Paining

The aim to create OpenSea was to provide an online marketplace for artists to easily upload their commissions with no additional fees. There are additional features that let you sell your artwork without any issues.

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

OpenSea: Blockchain

The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It is also based using the Polygon blockchain, which ensures lower costs and faster trading.

With these two kinds of blockchains available you can pick which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT and those who wish to purchase it. All transactions will be made using this blockchain, so you should think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes a while for anyone to become a reputable one.

There is a wide variety from the selection of NFTs available at OpenSea and you could also be a part of this! You can create your own marketplace there, and also find NFTs you want to purchase for yourself.

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What is an NFT?

In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials have heard of 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 latest ways you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible currency which is extremely individual and cannot be substituted. This can be an item of rareness like mint-condition baseball trading cards or rare vinyl record.

There is no limit to what an NFT could be, since it’s a non-fungible item that you sell online. In simpler terms, you could simply think of an NFT being a virtual item paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs on your own NFTs. You are calling the owner of the item or token that you have uploaded to market, as you’re putting it up for sale. Usually, this becomes official after you fill in the correct information about the NFT and add it on the market.

On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and making a collection to begin! Complete the correct and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g. blockchain, payment tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.

It is possible to wait and see how transactions progress from now on to see if OpenSea is the right marketplace for you.

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What NFTs are available here?

So, at this point, you’re probably wondering which kind of NFT be found here, and what you could also sell if you decide to go down that path. The type of NFT it is indefinite since there’s a broad range of options for how to go about it.

You can be selling trade cards, digital goods, game assets domain names, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.

OpenSea: Collection Manager Feature

The collection Manager function is the one that differentiates OpenSea from the others. There are zero gas fees for using this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you start selling because you won’t need to spend on any additional charges.

Not many NFT marketplaces provide this feature, and it can be a fantastic way to earn a high return from your portfolio.

Referral Program

The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which means you can make more money from this act.

Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea has over the other marketplaces.

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Mobile Application

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

OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can look through the options you’re looking for on the move.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency on these platforms. Nft Alzheimer Paining

You can swap the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:

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

All of them have the option of converting them into ETH which is the primary crypto payment in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than other. Since it is built mainly using an ETH blockchain, any wallets that share the same network are suitable for this site.

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

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

*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage, and the function to purchase cryptocurrency using a credit card. Nft Alzheimer Paining

To know more about it to learn more, check out their FAQs to get an overview of how you can begin 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 advantages and disadvantages. OpenSea isn’t an exception to this. You can 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 support of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalty rates of up to 10% for artists (low royalty).
  • It is not possible to buy or sell items via the mobile app.
  • Only accepts cryptocurrency as a form of payment.
  • The use of a 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 a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can easily recover that amount when you sell regularly since there’s no extra charge for it.

Frequently Asked Questions Nft Alzheimer Paining

What is OpenSea?

OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists using the platform to market NFTs due to its low gas fees and the low commission rate you must pay.

You can browse and shop for an array of digital goods in this NFT marketplace and you must go through it!

Is OpenSea legit & secure?

The short answer is yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to declare that 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 next to your account or any collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure that users are secure.

How do I earn royalties on OpenSea?

Unfortunately, as an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared against other NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) is commonly utilized on this website and other sites to provide many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can use to use OpenSea.

What are the payment options for OpenSea?

OpenSea only allows cryptocurrency exchanges on its 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 exchange.

Does OpenSea has a mobile or desktop app?

As mentioned before there’s an official mobile application from OpenSea available for both iOS or Android. Install it from their app store, and you can start browsing through the collection right now!

The version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and receive alerts on any updates that affect 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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