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Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.

If you’re interested in crypto, you’ve likely 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 the possibilities of OpenSea, along with checking what NFTs you can view!

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

OpenSea as an NFT Marketplace Nft Build

The goal to create OpenSea was to offer an online marketplace for artists to upload their commissions without any extra charges. It has more functions that let you sell your work without having to deal with many issues.

When it comes to registration, you won’t have to worry about giving any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.

OpenSea: Blockchain

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

With these two types of blockchains that are available it is possible to choose which one you want to upload your NFT on as an seller. This will ensure the security of your NFT, along with the people who want to purchase it. Every transaction will be conducted using this blockchain, so you should 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 just a domain name to an official artwork from an artist you admire. Anyone can become a seller however it takes a while before anyone can become an established seller.

There are a variety of NFTs in the collection of NFTs available at OpenSea, and you can become a part of the collection! You can start your own personal market there, and also find NFTs that you would like to purchase yourself.

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What is an NFT?

A recent change in the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but not exactly sure what it is. Let’s break down 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. An NFT is a token that is non-fungible which is extremely unique and can’t be substituted. This can be a piece of rareness, such as mint-condition baseball trading cards or uncommon vinyl record.

There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell online. In simpler terms, you could simply think of an NFT being a virtual item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling dibs on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to the market place, but you’re putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and then add it on the market.

On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and simply create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain or payment tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.

It is possible to wait and see how transactions progress from now on to see whether OpenSea is the marketplace for you.

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What NFTs are available here?

So, at this point, you’re probably wondering what kind of NFTs you shop for here and what kind of NFTs you can also sell if you choose to go down that path. The kind of NFT that you can purchase isn’t limited as there’s a variety of ways to go about it.

You can be selling digital items, trading cards games domain names, also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager feature is what differentiates OpenSea from other companies. There are no gas costs for using this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on any additional charges.

Not many NFT marketplaces have this feature, so this is great for you to receive high profit from your portfolio.

Referral Program

The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets there are rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, which means you can earn more money through this action.

Other NFT marketplaces don’t have this feature This is a further 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. Unfortunately, you can’t purchase or sell anything as you browse through the listing.

The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. While you’re not able to buy or sell anything, you can still look through the options you’re interested in on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are to you You can also trade your fiat currency for cryptocurrency on these platforms. Nft Build

You can convert your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:

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

Each of them has the option of converting them into ETH which is the most common cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built around the ETH blockchain, any wallets that share that network will be suitable for this website.

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

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

*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage as well as the capability to purchase cryptocurrency using a credit card. Nft Build

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

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Pros and Cons of OpenSea

Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:

Pros

  • Mobile apps available that are compatible with iOS and Android.
  • Smart contracts are utilized for transactions.
  • High-level security with the support of blockchain.
  • Ideal for those who are new to the crypto world and NFTs.

Cons

  • Allows royalty rates of 10% to artists (low royalties).
  • You cannot buy or sell products through the mobile app.
  • Only accepts cryptocurrency as a type of payment.
  • The use of a Crypto digital wallet must be used for this marketplace.

Pricing

OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly regain that when you actively sell because there’s no additional cost for it.

Frequently Asked Questions Nft Build

What is OpenSea?

OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online to receive 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 no cost of gas and low commission fee rate you must pay.

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

Is OpenSea real and secure?

Answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of the year of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.

Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear next to your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are secure.

How do I earn royalties on OpenSea?

As an artist, you can receive only up to 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison with others NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) has been frequently used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

Which are the accepted payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.

Does OpenSea have a desktop/mobile app?

As mentioned before there’s an official mobile app by OpenSea for both iOS or Android. You can download it through their app store and you can start exploring the collection now!

There is also a desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and get notifications on updates regarding your account while 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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