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The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto currency. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.

If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.

So, hop on board and let’s explore the possibilities of OpenSea and also see 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 the article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft Channel Vs Pvc Pipe

The purpose of OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional fees. It also has additional functions that let you sell your work without having to deal with many difficulties.

When it comes to registration, you don’t need to give all of your personal details. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also operates using the Polygon blockchain to ensure low-cost and quicker trading.

With these two kinds of blockchains that are available you can pick which one you want to publish your NFT as a seller. This is to ensure the security of your NFT, along with the people who want to purchase it. All transactions are made along with this blockchain, which is why you need to think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can sell however, it takes a while for anyone to be an established one.

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

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What is an NFT?

In a recent development 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 aren’t sure exactly what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.

One of the latest ways you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible token that is very unique and can’t be replaced. This can be an item of any rareness, such as authentic baseball cards, or a uncommon vinyl record.

There is no limit to what an NFT could be, since it’s a non-fungible thing that you sell online. It is simpler to simply consider as an NFT to be a type of digital collectible which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs for your personal NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and you’re offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and then upload it to the marketplace.

On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you want for it (e.g. blockchain or payment tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.

It is possible to wait and see how transactions progress from now to determine 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 what kind of NFTs can be found here and what you can also sell if you choose to pursue that route. The type of NFT it is indefinite because there’s a wide range of options for how to go about it.

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

OpenSea: Collection Manager Feature

The Collection Manager feature is what differentiates OpenSea from the other options. There are no gas costs for using this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on extra fees.

There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to earn a high return from your portfolio.

Referral Program

This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to earn more money by this method.

Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea has over the other marketplaces.

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Mobile Application

There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.

The mobile apps from OpenSea are accessible on both iOS as well as Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re looking for on the move.

Crypto Exchange Platforms

Various crypto exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Channel Vs Pvc Pipe

You can exchange the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:

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

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

Crypto Wallets

Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based using the ETH blockchain, wallets that share this network are appropriate for the site.

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

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

*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency with the credit card. Nft Channel Vs Pvc Pipe

To learn more about it to learn more, check out their FAQs to get a rundown of how you can get started and which other wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:

Pros

  • Available as mobile apps that are compatible with iOS as well as Android.
  • Smart contracts are utilized for transactions.
  • Security at the highest level with the help of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalties of only 10% to artists (low royalty rates).
  • It is not possible to buy or sell items via the mobile app.
  • Only supports cryptocurrency as its type of payment.
  • An Crypto digital wallet must be used for this marketplace.

Pricing

OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly recover this amount if you sell regularly since there is no additional fee for it.

Frequently Asked Questions Nft Channel Vs Pvc Pipe

What is OpenSea?

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

You can shop and browse the vast array of digital items on the NFT marketplace which is why you should definitely check it out!

Is OpenSea legit & secure?

The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are safe and secure.

In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are protected.

How do I earn royalties on OpenSea?

However, as an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.

What are the cryptocurrency options accessible in OpenSea?

Ethereum (ETH) has been frequently used on this site and many others to accommodate more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment options for OpenSea?

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

Does OpenSea has a mobile or desktop application?

As mentioned before, there is definitely an official mobile app by OpenSea available for both iOS as well as Android. Install it from their app store and you can start browsing through the collection right now!

A version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications about updates to 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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