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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 currency. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.

If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.

Now hop aboard, and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!

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Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Channel Spacing

The goal of OpenSea was to provide a platform/marketplace for artists to upload their commissions with no additional costs. It has more functions which allow you to market your art without too many difficulties.

For registration, you won’t have to provide all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based using the Polygon blockchain to ensure lower costs and faster trading.

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

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to official art by an artist you admire. Anyone can sell, but it takes a while for anyone to become an established one.

There’s a huge selection in the collection of NFTs available at OpenSea and you could become a part of that! You can set up your own marketplace on this site, as well as find NFTs you want to purchase yourself.

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What is an NFT?

In a recent development for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials are familiar with it , but not exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.

One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible token that is very individual and cannot be changed. It could be a piece of rareness like authentic baseball cards, or a rare vinyl record.

There’s no limit on what an NFT can be as it’s a non-fungible item that you can sell online. In simpler terms, you could simply imagine as an NFT as a digital item paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you posted to the market place, but selling it. Typically, this is official once you fill out all the necessary information about the NFT and submit it for sale on.

On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g. blockchain and payment tokens). After that, you can finally upload it if it fits the 100 MB limit.

You can wait and observe the way transactions are handled from here on out to determine whether OpenSea is the right 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 sell should you decide to pursue that route. The kind of NFT it can be is indefinite as there’s a variety of how you can go about it.

It is possible to sell digital items, trading cards games domain names, even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that separates OpenSea from the others. There’s no cost for gas when you utilize this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t have to spend on any additional charges.

There aren’t many NFT marketplaces offer this feature, which is why this is a great way to receive high profit from your collection.

Referral Program

This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are rewards by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to earn more money through this action.

Other NFT marketplaces do not have this feature This is a further advantage OpenSea has over them.

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Mobile Application

There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. You can’t buy or sell anything as 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 things, you can explore the products you’re interested in on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are to you to exchange your fiat money for cryptocurrency through these platforms. Nft Channel Spacing

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

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

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

Crypto Wallets

While OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than other. Since it is built using an ETH blockchain, wallets with a connection to the same network are 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: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. Nft Channel Spacing

To know more about it, you can check their FAQs for an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:

Pros

  • Mobile apps are 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 royalty).
  • Cannot buy or sell through this mobile application.
  • Only supports cryptocurrency as its form of payment.
  • An Crypto wallet is required for 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 percentage of commissions that all buyers on the marketplace. But overall, you can easily recover that amount when you actively sell because there’s no extra charge for it.

Frequently Asked Questions Nft Channel Spacing

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists using it to sell NFTs due to its low gas costs and low commission fees that you have to pay.

You can browse and purchase an array of digital items on the NFT marketplace and you must check it out!

Is OpenSea legitimate and secure?

The short answer is yes! OpenSea has been a reliable marketplace since it was established at the end of 2018. Because its system is based on a blockchain that is secure, you can claim that your transactions are secure and safe.

Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.

How do I earn royalties on OpenSea?

However, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison to other NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) has been commonly used on this site and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

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

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

Does OpenSea has a mobile or desktop app?

As we mentioned earlier, there is definitely an official mobile app from OpenSea that is available for iOS and Android. You can download it through their app store, and then you can begin browsing through the collection right now!

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