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The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.

If you’re interested in crypto, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.

Now hop aboard, and let’s see what you can do with OpenSea as well as examining what NFTs you can view!

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Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Channel Canada

The aim of OpenSea was to simply provide artists with a marketplace/platform to upload commissions with no additional costs. It also has additional functions that allow you to sell your artwork without any issues.

For registration, you don’t need to provide all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that, without much hassle as you step into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It also functions on the Polygon blockchain, which allows for low-cost and quicker trading.

There are two types of blockchains available, you can choose which one you’d like to transfer your NFT to as a seller. This is to ensure the security of your NFT as well as those who wish to purchase it. All transactions will be made along with this blockchain, which is why you need to consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist you admire. Anyone can sell, but it takes some time before anyone can become a reputable one.

There is a wide variety from the selection on OpenSea and you could become a part of that! You can create your own personal market here, along with finding NFTs you want to purchase for yourself.

Nft Channel Canada

> > Click Here to Explore OpenSea < <

What is an NFT?

A recent change in the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.

One of the newest things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible token which is extremely exclusive and cannot be replaced. It could be an item of rarity like mint-condition baseball trading cards, or a rare vinyl record.

There’s no limit to what an NFT can be as it’s a non-fungible object that you sell on the internet. In simpler terms, you could simply think of an NFT to be a type of digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs for your personal NFTs. You are calling the ownership of the particular item that you posted to the market place, but putting it up for sale. Typically, this is official after you fill in the correct information about the NFT and upload it to the marketplace.

On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and simply create a collection! Input the appropriate and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain, payments tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.

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

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> > Click Here to Explore OpenSea < <

What NFTs can you find here?

So, at this point, you’re probably wondering the kind of NFTs can be found here and what you can also sell if you decide to go down that path. The type of NFT it isn’t limited as there’s a variety of ways to approach it.

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

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that differentiates OpenSea from the other options. There are no gas costs when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you don’t need to pay on extra fees.

There aren’t many NFT marketplaces have this feature, so this is a great way to earn a high return from your collection.

Referral Program

This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you earn more money 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.

cryptocurrency-iphone

> > Click Here to Explore OpenSea < <

Mobile Application

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

The mobile apps of OpenSea are available on both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still at least explore the products you’re interested in on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency through these platforms. Nft Channel Canada

You can convert your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:

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

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

Crypto Wallets

While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based around the ETH blockchain, all wallets which are part of that network will be suitable for the site.

Here is a list of various crypto wallets that which you can use with OpenSea:

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

*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage and the ability to buy cryptocurrency using a credit card. Nft Channel Canada

For more information about the service, you can check their FAQs to see a rundown of how you can start and also what other crypto wallets work with OpenSea.

ethereum-coins

> > Click Here to Explore OpenSea < <

Pros and Cons of OpenSea

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

Pros

  • Available as mobile apps that are compatible with iOS or Android.
  • Smart contracts are utilized for transactions.
  • High-level security with the support of blockchain.
  • Ideal for those who are new to the crypto industry and NFTs.

Cons

  • Allows royalties of only 10% to artists (low royalties).
  • Cannot buy or sell via our mobile apps.
  • Only supports cryptocurrency as its form of payment.
  • An Crypto account is needed to access this marketplace.

Pricing

OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.

Frequently Asked Questions Nft Channel Canada

What is OpenSea?

OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its low gas costs and low commission fee rate you must pay.

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

Is OpenSea legitimate and is it safe?

Short answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year of 2018. Because its system is based on a blockchain that is secure, you can claim that your transactions are protected and secured.

Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are safe.

How can I earn royalties on OpenSea?

As an artist, you will get only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared against others NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) is commonly used on this site as well as many others to accommodate 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 for OpenSea.

Which are the accepted payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the exchange.

Does OpenSea has a mobile or desktop application?

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

There is also a desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and get alerts on any updates that affect 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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> > Click Here to Explore OpenSea < <

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