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Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, 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 among cryptocurrency users because of its security and rapid transactions.

So, hop on board and let’s explore the possibilities of OpenSea as well as examining 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Channel Net Cup

The aim for OpenSea was to provide an online marketplace for artists to upload commissions with no additional charges. It has more functions which allow you to market your work without having to deal with many issues.

In terms of registration, you won’t have to worry about giving too many details about yourself. All you need to connect your cryptocurrency 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 well-known cryptocurrency that is used 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 with the Polygon blockchain to ensure lower costs and faster trading.

With these two kinds of blockchains that are available, you can choose which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions will be made by using the blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to official art by an artist you admire. Anyone can sell however, it takes some time for anyone to become an established seller.

There is a wide variety of NFTs available at OpenSea, and you can join in with the collection! You can create your own personal market on this site, as well as find NFTs you’d like to buy for yourself.

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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 internet that many millennials have heard of it but aren’t sure exactly what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.

One of the new things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible token that is very unique and can’t be substituted. It can be an item of rareness like authentic baseball cards or 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. More straightforwardly, you can simply think of the NFT to be a type of digital item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling the shots on your own NFTs. It is a way of claiming the ownership of the particular item you uploaded on the marketplace, and selling it. Usually, this becomes official when you have filled in the proper information regarding the NFT and add it on the market.

On OpenSea It’s a very simple process to mine your NFTs by going to the store and then create a collection! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like for it (e.g. blockchain or money transfer tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.

It is possible to wait and see the way transactions are handled from here on out to see whether OpenSea is the best marketplace for you.

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What NFTs can you find here?

In this moment, you’re probably wondering which kind of NFT be found here and what you can also sell if you decide to go down that path. The type of NFT it can be is unlimited as there’s a variety of options for how to approach it.

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

OpenSea: Collection Manager Feature

The Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs when you use this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on any additional charges.

Not many NFT marketplaces provide this feature, so this is a great way to receive high profit from your NFT collection.

Referral Program

The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, letting you earn more cash through this action.

Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea has over the other marketplaces.

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Mobile Application

There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.

OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can explore the products you’re interested in on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available for you to use You can also convert your fiat money into cryptocurrency using these platforms. Nft Channel Net Cup

You can convert your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:

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

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

Crypto Wallets

While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nevertheless more compatible than others. Because it is based around the ETH blockchain, wallets that share the same network are suitable for the site.

Here’s a list of various crypto wallets that you can utilize in 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 has its own limitations, such as easy registration, only mobile usage, and the function to buy cryptocurrency using the credit card. Nft Channel Net Cup

For more information about the service You can go through their FAQs to get the steps you can get started 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 comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:

Pros

  • Mobile apps are available that are compatible with iOS or Android.
  • Smart contracts are used for transactions.
  • High-level security with the support of blockchain.
  • The best option for beginners to the crypto industry and NFTs.

Cons

  • Allows royalty rates of 10% to artists (low royalties).
  • It is not possible to buy or sell items via the mobile app.
  • Only accepts cryptocurrency as a method of payment.
  • A Crypto wallet is required to use this marketplace.

Pricing

OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you are actively selling since there’s no additional cost for it.

Frequently Asked Questions Nft Channel Net Cup

What is OpenSea?

OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no gas fees and low commission fees you must pay.

You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should go through it!

Is OpenSea real and is it safe?

Short answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are secure and safe.

Additionally as a seller you will be verified after you build up your reputation. A blue checkmark will appear to your account or collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are protected.

How do I earn royalties on OpenSea?

As an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared against other NFT marketplaces.

What are the cryptocurrency options accessible in OpenSea?

Ethereum (ETH) is frequently used on this site and many others to accommodate many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can use to access OpenSea.

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

OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.

Does OpenSea have a desktop/mobile application?

As mentioned before there’s an official mobile app by OpenSea that is available for iOS or Android. Download it at their respective app store, and you can start exploring the collection right now!

A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and receive 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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