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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. Marketplaces are popping up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth looking into.

If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It has become one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy 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 continue, 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 Baby Greens Tray

The purpose of OpenSea was to provide an online marketplace for artists to upload their commissions without any extra costs. It has more functions which allow you to market your work without having to deal with many issues.

For registration, you don’t need to worry about giving all of your personal details. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures the lowest cost and speediest trading.

There are two types of blockchains, you can choose which one you’d like to transfer your NFT to as seller. This ensures the safety of your NFT as well as those who would like to buy it. All transactions will be made by using the blockchain, and you must consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller however, it takes time for anyone to become an established one.

There’s a huge selection from the selection on OpenSea and you could join in with this! You can create your own personal market here, along with finding NFTs that you would like to purchase for yourself.

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What is an NFT?

In a recent advancement for the crypto market, the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but not exactly sure what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.

One of the new things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible token which is extremely unique and can’t be substituted. It can be an item of any rarity like authentic baseball cards or a unique vinyl album.

There is no limit to what an NFT can be since it’s a non-fungible object you’re selling online. More straightforwardly, you can just imagine the NFT to be a type of digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs to your NFTs. You’re claiming the ownership of the particular item that you posted to market, as you’re putting it up for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and then submit it for sale on.

On OpenSea, it’s a simple process to mine your NFTs by going to the store and create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you want for it (e.g., blockchain, payments tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.

You can wait and observe how the transactions go from now to determine whether OpenSea is the right marketplace for you.

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What NFTs are available here?

So, at this point you’re probably asking yourself which kind of NFT can you shop for here and what you can also sell if you choose to pursue that route. The type of NFT it can be is indefinite as there’s a variety of how you can do it.

You can be selling digital items, trading cards games, domain names, and even physical assets! Consider what you believe will reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that sets OpenSea from the others. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on any additional charges.

Not many NFT marketplaces offer this feature, which is why this is a great way to receive high profit from your portfolio.

Referral Program

A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to make more money through this action.

Other NFT marketplaces do not have this feature and that’s another benefit OpenSea has over them.

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Mobile Application

There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.

The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re looking for on the move.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency using these platforms. Nft Baby Greens Tray

You can convert the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:

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

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

Crypto Wallets

Although OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than others. Since it is built mainly around the ETH blockchain, wallets which are part of that network will be suitable for this site.

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

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

Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage and the ability to purchase cryptocurrency with credit cards. Nft Baby Greens Tray

To know more about it to learn more, check out their FAQs to get the steps you can begin and 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 the only one to have this. You can read about its pros and pros here:

Pros

  • Mobile apps available that are compatible with iOS or 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 royalty rates of 10% for artists (low royalty rates).
  • Cannot buy or sell via the mobile app.
  • Only accepts cryptocurrency as a form of payment.
  • The use of a Crypto wallet is required to use this marketplace.

Pricing

OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you actively sell because there’s no extra charge for it.

Frequently Asked Questions Nft Baby Greens Tray

What is OpenSea?

OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists using the platform to market NFTs because of its zero cost of gas and the low commission rate which you are required to pay.

You can browse and shop for an array of digital products on this NFT marketplace, so you should go through it!

Is OpenSea real and safe?

The short answer is yes! OpenSea has been a trusted marketplace since it was founded in the year 2018. Since the system it operates on is built on blockchain technology that is secure, you can declare that transactions are safe and secure.

In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark is placed to your account or the collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure users are secure.

How can I earn royalties from OpenSea?

Unfortunately, as an artist, you can receive only up to 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared against others NFT marketplaces.

What cryptocurrency is offered in OpenSea?

Ethereum (ETH) is widely used on this site as well as numerous others to cater for many more crypto users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

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

OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.

Does OpenSea have a desktop or mobile app?

As we mentioned earlier There is an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store, and then you can begin browsing through the collection right now!

A Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications about updates to 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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