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The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto coins. Marketplaces are popping up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.

If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.

Get on board, and let’s see the possibilities of OpenSea, along with checking the NFTs available to 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’ll want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Chnnels

The goal to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions without any extra charges. It also has additional functions that let you sell your work without having to deal with many difficulties.

For the registration process, you don’t have to give too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for the majority of transactions. It also operates on the Polygon blockchain, which allows for lower costs and faster trading.

With these two kinds of blockchains that are available it is possible to choose which one you’d like to upload your NFT on as a seller. This ensures the safety of your NFT, along with the people who want to buy it. All transactions are made using this blockchain, so you should consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist you admire. Anyone can sell, but it takes time for anyone to become an established one.

There is a wide variety of NFTs available at OpenSea and you could also be a part of the collection! You can set up your own market here, along with finding NFTs you want to purchase for yourself.

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What is an NFT?

A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it but aren’t exactly sure what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.

One of the latest ways that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible token which is extremely exclusive and cannot be replaced. It can be an item of rareness like rare baseball trading cards in mint condition or a unique vinyl album.

There is no limit to what an NFT can be since it’s a non-fungible object that you can sell on the internet. It is simpler to just imagine as an NFT to be a type of digital collectible paid via cryptocurrency only.

Minting NFTs

Minting is like calling the shots to your NFTs. You are calling ownership over that particular token/item that you posted to market, as you’re selling it. Usually, this becomes official once you fill out the correct information about the NFT and finally add it on the market.

On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and simply creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain and payment tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.

You can wait and observe how transactions progress from here on out to see whether OpenSea is the marketplace for you.

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What NFTs can you find here?

So, at this point you’re probably thinking about what kind of NFTs can you shop for here, and what you could also sell if you choose to go that route. The type of NFT it can be isn’t limited since there’s a broad range of how you can do it.

You could be selling trade cards, digital goods, game assets domain names, even physical assets! Find out what you think will reap the best rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t need to spend on extra fees.

Not many NFT marketplaces have this feature, so this is great for you to make a huge profit from your collection.

Referral Program

A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer advantages by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more money through this action.

Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. You can’t buy or sell items as you browse through the listing.

The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can at least browse through the selections you’re interested in while on the go.

Crypto Exchange Platforms

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

You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:

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

Each of them has the option of converting them into ETH that is the standard cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly around an ETH blockchain, all wallets which are part of this network are appropriate for the site.

Here is a list of different crypto wallets you can use in OpenSea:

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

Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. Nft Chnnels

To learn more about it, you can check their FAQs to get an overview of how you can get started and which other wallets work with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:

Pros

  • Mobile apps are available for iOS or Android.
  • Smart contracts can be used to perform transactions.
  • Security at the highest level with the help of blockchain.
  • Ideal for those who are new to the crypto world and NFTs.

Cons

  • Allows royalty rates of 10% for artists (low royalty rates).
  • Cannot buy or sell via the mobile app.
  • Only supports cryptocurrency as its method of payment.
  • An Crypto digital wallet must be used for this marketplace.

Pricing

OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.

Frequently Asked Questions Nft Chnnels

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use the platform to market NFTs due to its low gas fees and low commission fee rate that you have to pay.

You can shop and browse an array of digital products on this NFT marketplace and you must go through it!

Is OpenSea legitimate and secure?

Short answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of the year 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are secure and safe.

In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned next to your account or any collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the contents to ensure users are safe.

How can I earn royalties on OpenSea?

However, as an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared to others NFT marketplaces.

What cryptocurrency is accessible in OpenSea?

Ethereum (ETH) is widely used on this site as well as many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can make use of for OpenSea.

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

OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal for the transaction.

Does OpenSea has a mobile or desktop app?

As previously mentioned there’s an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store and begin exploring the collection right now!

A Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get notifications about updates to 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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