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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. Markets have popped up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.

If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.

Now hop aboard, and let’s see what you can do with OpenSea and also see 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 review. After, you’ll want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft Art Finance Down

The purpose for OpenSea was to provide a platform/marketplace for artists to upload their commissions with no additional costs. It has more functions that let you sell your art without too many difficulties.

For registration, you don’t need to worry about giving any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.

With these two types of blockchains that are available, you can choose which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted along with this blockchain, and you must consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can be a seller however, it takes time for anyone to be an established one.

There is a wide variety in the collection at OpenSea, and you can also be a part of that! 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 development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it 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 can be an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be replaced. It can be a piece of rareness, such as authentic baseball cards, or a rare vinyl record.

There is no limit to what an NFT can be since it’s a non-fungible item that you can sell online. It is simpler to simply think of the NFT to be a type of digital collectible paid via cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs to your NFTs. You’re claiming the ownership of the particular item you uploaded on the marketplace, and putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and add it on the market.

On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and then creating a collection to start! Fill out the proper and correct information regarding your NFT and then select what type of settings you want for it (e.g., blockchain and money transfer tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.

You can wait and observe how the transactions go from here on out to see if OpenSea is the marketplace for you.

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What NFTs are available here?

So, at this point, you’re probably wondering the 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 that you can purchase is indefinite because there’s a wide range of options for how to do it.

It is possible to sell digital items, trading cards game assets, domain names, and also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager feature is what differentiates OpenSea from the others. There are no gas costs for using this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on extra fees.

Very few NFT marketplaces provide this feature, which is why this is a great way to receive high profit from your collection.

Referral Program

A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are rewards when you refer someone else 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 sales amount, which allows you to earn more cash from this act.

Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.

The mobile apps of OpenSea are available for both iOS as well as Android. Even though you can’t buy or sell anything, you can still explore the products you’re looking for on the move.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Art Finance Down

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

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

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

Crypto Wallets

While OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than other. Since it is built around the ETH blockchain, wallets with a connection to this network are appropriate for this site.

Here’s a list different crypto wallets which you can use with OpenSea:

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

*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage and the ability to buy cryptocurrency using credit cards. Nft Art Finance Down

To learn more about it, you can check their FAQs to get the steps you can get started and also what other crypto wallets are compatible 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. 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 are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • The best option for beginners to the crypto industry and NFTs.

Cons

  • Allows royalties 10% to artists (low royalties).
  • You cannot buy or sell products through this mobile application.
  • Only supports cryptocurrency as its method of payment.
  • The use of a Crypto wallet is required to access this marketplace.

Pricing

OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly regain that when you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Nft Art Finance Down

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online to receive cryptocurrency as a method of payment. It’s a great platform for artists who use it to sell NFTs because of its zero gas fees and low commission fees that you have to pay.

You can browse and purchase an array of digital items on the NFT marketplace, so you should check it out!

Is OpenSea real and secure?

Short 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 say that your transactions are protected and secured.

In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear on your account or collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure users are protected.

How do I earn royalties from OpenSea?

As an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison to others NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

How do I pay for OpenSea? What are my payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.

Does OpenSea have a desktop or mobile app?

As we mentioned earlier, there is definitely an official mobile application from OpenSea that is available for iOS as well as Android. You can download it through their app store and you can start exploring the collection right now!

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