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The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth a look.

If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.

Now hop aboard, 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 overview. Afterward, you will want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft Awuapon Ics

The purpose for OpenSea was to provide an online marketplace for artists to easily upload their commissions with no additional costs. It also has additional functions that let you sell your work without having to deal with many problems.

In terms of registration, you don’t need to give all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It also functions using the Polygon blockchain, which ensures low-cost and quicker trading.

With these two kinds of blockchains available it is possible to choose 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 purchase it. All transactions will be made using this blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork by an artist you admire. Anyone can become a seller however it takes a while for anyone to be an established seller.

There are a variety of NFTs in the collection of NFTs available at OpenSea and you can join in with this! You can set up your own market on this site, as well as find NFTs that you would like to purchase for yourself.

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What is an NFT?

In a recent development for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t sure exactly what it means. Let’s take a look at what NFT is for any beginners in cryptocurrency.

One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. This can be an item of any rareness like rare baseball trading cards in mint condition or rare vinyl record.

There’s no limit on what an NFT can be since it’s a non-fungible object that you sell on the internet. It is simpler to just consider an NFT being a virtual item paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs to your NFTs. You’re claiming the owner of the item or token you uploaded on market, as you’re selling it. Typically, this is official once you fill out the correct information about the NFT and add it on the market.

On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then create a collection! Fill out the proper and correct information regarding your NFT and select the type of settings you want to use it with (e.g. blockchain and payments tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.

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

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What NFTs can you get here?

In this moment, you’re probably wondering which kind of NFT be found here and what you can also sell if you choose to go down that path. The kind of NFT it can be isn’t limited as there’s a variety of options for how to do it.

It is possible to sell digital products, trading cards games domain names, some physical items! Find out what you think will yield the most profit when you try out OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager function is the one that sets OpenSea from the other options. There’s no cost for gas when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t need to spend on extra fees.

There aren’t many NFT marketplaces have this feature, and it is a great way to receive high profit from your portfolio.

Referral Program

This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to make more money by this method.

Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.

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Mobile Application

There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listing.

The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re interested in on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency through these platforms. Nft Awuapon Ics

You can exchange your fiat currency using a the credit card, or Paypal via these reputable websites for cryptocurrency:

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

Each of them has the option to exchange for ETH that is the primary cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, any wallets with a connection to that network will be suitable for this site.

Here’s a list several crypto wallets you can utilize in OpenSea:

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

Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage, and the function to purchase cryptocurrency using the credit card. Nft Awuapon Ics

To know more about it, you can check their FAQs to see a rundown of how you can begin and what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:

Pros

  • Available as mobile apps for iOS and Android.
  • Smart contracts are used for transactions.
  • High-level security , with the backing of blockchain.
  • The best option for beginners to the crypto world and NFTs.

Cons

  • Allows royalties of only 10% to artists (low royalty rates).
  • It is not possible to buy or sell items on our mobile apps.
  • Only supports cryptocurrency as its type of payment.
  • A Crypto digital wallet must be used to use this marketplace.

Pricing

OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can easily recover that amount when you are actively selling since there’s no additional cost for it.

Frequently Asked Questions Nft Awuapon Ics

What is OpenSea?

OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online and receive cryptocurrency as their form of payment. It’s a great platform for artists using the platform to market NFTs due to its no gas fees and low commission fee rate which you are required to pay.

You can shop and browse a vast collection of digital goods in this NFT marketplace and you must go through it!

Is OpenSea legit & is it safe?

Answer: Yes! OpenSea is a reputable marketplace since its inception at the end of the year 2018. Because its system is built on blockchain technology and is secured, it is safe to declare that transactions are secure and safe.

Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned to your account or the collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the contents to ensure users are protected.

How can I earn royalties on OpenSea?

Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison to others NFT marketplaces.

What cryptocurrency is offered in OpenSea?

Ethereum (ETH) is widely used on this site as well as other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can use for OpenSea.

What are the payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.

Does OpenSea have a desktop/mobile app?

As mentioned before There is an official mobile application from OpenSea for both iOS or Android. You can download it through their app store and then you can begin browsing through the collection right now!

A Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application 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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