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The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto coins. There are numerous marketplaces popping up all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.

If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.

Get on board, and discover what you can do with OpenSea, along with checking the NFTs that you can see!

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

OpenSea as an NFT Marketplace Nft Arp

The aim for OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra fees. It also has additional functions that let you sell your work without having to deal with many problems.

When it comes to registration, you don’t need to worry about giving too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for most processes. It is also based using the Polygon blockchain, which ensures low-cost and quicker trading.

With these two types of blockchains available, you can choose which one you’d like to upload your NFT on as seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions are made using this blockchain, and you must think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to official art by an artist you admire. Anyone can sell, but it takes time before anyone can become a reputable one.

There is a wide variety of NFTs available on OpenSea, and you can also be a part of the collection! You can start your own marketplace on this site, as well as find NFTs you’d like to buy yourself.

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What is an NFT?

In a recent advancement for 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 a lot of millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.

One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible that is unique and can’t be changed. It can be an item of rareness like authentic baseball cards, or a rare vinyl record.

There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling online. In simpler terms, you could simply consider an NFT being a virtual item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling the shots to your NFTs. You are calling the owner of the item or token that you have uploaded to the market place, but putting it up for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and finally add it on the market.

On OpenSea, it’s a simple process to mint your NFTs by going to the store and simply creating a collection to start! Fill out the proper and correct information regarding your NFT and choose what kind 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 fits the limit of 100MB.

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

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What NFTs can you find here?

In this moment you’re probably asking yourself what kind of NFTs can you shop for here, and what you could also sell if you choose to go that route. The kind of NFT it isn’t limited since there’s a broad range of ways to do it.

You can be selling digital products, trading cards, game assets domain names, some physical items! Consider what you believe will yield the most profit by trying OpenSea.

OpenSea: Collection Manager Feature

The collection Manager feature is what separates OpenSea from the others. There are zero gas fees when you utilize this feature to create and market NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on extra fees.

Very few NFT marketplaces have this feature, which is why this is a great way to make a huge profit from your NFT collection.

Referral Program

This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more cash from this act.

Other NFT marketplaces don’t have this kind of feature either, 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. It isn’t able to purchase or sell items as you scroll through the list.

The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. Even though you can’t buy or sell anything, you can still explore the products you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are for you to use to convert your fiat money into cryptocurrency using these platforms. Nft Arp

You can swap the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:

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

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

Crypto Wallets

Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based around the ETH blockchain, all wallets with a connection to this network are appropriate for this website.

Here’s a list of different crypto wallets you can use in 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 one has its own set of limitations including simple registration, only mobile usage, and the function to buy cryptocurrency using a credit card. Nft Arp

To know more about it to learn more, check out their FAQs to see an overview of how you can start and also what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:

Pros

  • Mobile apps are available that are compatible with iOS as well as Android.
  • Smart contracts can be used to perform transactions.
  • Security at the highest level with the help of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalties 10% to artists (low royalty rates).
  • It is not possible to buy or sell items via this mobile application.
  • Only supports cryptocurrency as its type of payment.
  • The use of a Crypto account is needed to access this marketplace.

Pricing

OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there’s no extra charge for it.

Frequently Asked Questions Nft Arp

What is OpenSea?

OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no cost of gas and low commission fee rate that you have to pay.

You can browse and shop for a vast collection of digital products on this NFT marketplace and you must go through it!

Is OpenSea real and is it safe?

The short answer is yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year 2018. Since its system is built on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.

Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.

How do I earn royalties on OpenSea?

However, as an artist, you can get only 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared against the other NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) can be commonly used on this site as well as other sites to provide the increasing number of cryptocurrency 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 for OpenSea.

Which are the accepted payment options for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.

Does OpenSea has a mobile or desktop application?

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

There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get alerts on any updates that affect your account when 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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