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The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto-coins. Marketplaces are popping up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth a look.

If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.

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

OpenSea as an NFT Marketplace Nft-B-G2

The purpose of OpenSea was to simply provide artists with a marketplace/platform to upload commissions, without having to pay any additional fees. There are additional features that let you sell your artwork without any difficulties.

For registration, you won’t have 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’s as easy as that without going through many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for the majority of transactions. It also functions using the Polygon blockchain to ensure lower costs and faster trading.

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

OpenSea: NFT Collection Galore

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

There are a variety of NFTs in the collection at OpenSea, and you can also be a part of the collection! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.

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What is an NFT?

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

One of the new things you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is exclusive and cannot be replaced. It could be a piece of rarity like rare baseball trading cards in mint condition or a uncommon vinyl record.

There’s no limit to what an NFT can be since it’s a non-fungible object that you can sell on the internet. It is simpler to simply think of as an NFT as a digital item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and you’re offering it for sale. Typically, this is official when you have filled in the proper information regarding the NFT and finally submit it for sale on.

On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and then create a collection! Complete the correct and complete information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain, money transfer tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.

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

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What NFTs can you find here?

At this point, you’re probably wondering what kind of NFTs can be found here and what you can also sell if you choose to go down that path. The type of NFT that you can purchase is unlimited because there’s a wide range of how you can go about it.

It is possible to sell digital items, trading cards game assets, domain names, and some physical items! Consider what you believe will yield the most profit by trying OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you don’t need to pay on additional fees.

Not many NFT marketplaces have this feature, which is why this can be a fantastic way to earn a high return from your NFT collection.

Referral Program

A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can earn more cash through this action.

Other NFT marketplaces don’t offer this kind of feature either and that’s another 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 to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.

OpenSea’s mobile apps are available for both iOS and Android. Even though you can’t buy or sell things, you can at least browse through the selections you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available for you to use to convert your fiat money into cryptocurrency using these platforms. Nft-B-G2

You can exchange your fiat currency using a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:

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

Each of them has the option to exchange for ETH that is the standard crypto payment in OpenSea.

Crypto Wallets

While OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than other. Since it is built using the ETH blockchain, all wallets with a connection to this network are appropriate for this website.

Here is a list of different crypto wallets you can use in OpenSea:

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. Nft-B-G2

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

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Pros and Cons of OpenSea

Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:

Pros

  • Available as mobile apps that are compatible with iOS or Android.
  • Smart contracts are utilized for transactions.
  • Security at the highest level with the help of blockchain.
  • The best option for beginners to the crypto world and NFTs.

Cons

  • Allows royalties of only 10% to artists (low royalty).
  • You cannot buy or sell products via our mobile apps.
  • Only supports cryptocurrency as its form of payment.
  • An Crypto digital wallet must be used to access this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you are actively selling since there is no additional fee for it.

Frequently Asked Questions Nft-B-G2

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s a great option for artists who want to use the platform to market NFTs due to its low gas costs and the low commission rate which you are required to pay.

You can shop and browse a vast collection of digital products on this NFT marketplace, so you should take a look!

Is OpenSea real and secure?

Answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of 2018. Since its system is built on a blockchain, it is safe to declare that transactions are safe and secure.

In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are secure.

How can I earn royalties from OpenSea?

However, 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 with the other NFT marketplaces.

What are the cryptocurrency options accessible in OpenSea?

Ethereum (ETH) has been widely used on this site and many others to accommodate many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can make use of to use OpenSea.

What are the payment options for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.

Does OpenSea have a desktop or mobile app?

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

A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications on updates regarding 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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