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Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth looking into.

If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.

So, hop on board and let’s see what you can do with OpenSea as well as examining the NFTs available to view!

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Before you go on, 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 the article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft Crossfit Mean

The aim to create OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra fees. There are additional features which allow you to market your art without too many issues.

For registration, you don’t need to worry about giving too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions using the Polygon blockchain, which allows for lower costs and faster trading.

There are two types of blockchains that are available it is possible to choose which one you’d like to upload your NFT on as a seller. This will ensure the security of your NFT, along with those who would like to purchase it. Every transaction will be conducted using this blockchain, so you should think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to an official artwork by an artist you admire. Anyone can be a seller however it takes a while before anyone can become an established seller.

There is a wide variety in the collection on OpenSea and you can also be a part of this! You can set up your own market here, along with finding NFTs that you would like to purchase yourself.

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What is an NFT?

A recent change in the crypto industry,”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 is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.

One of the latest ways that you can buy with cryptocurrency can be an NFT. An NFT is a token that is non-fungible that is very unique and can’t be substituted. It can be an item of any rareness, such as rare baseball trading cards in mint condition or a uncommon vinyl record.

There’s no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could just consider an NFT being a virtual collectible paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but you’re offering it for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and then submit it for sale on.

On OpenSea It’s a very simple process to mint your NFTs by going to 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’d like to use to use it with (e.g. blockchain and money transfer tokens). After you’ve completed the process then you’re able to upload it, if it’s within the limit of 100MB.

You can watch and see the way transactions are handled from now on to see if OpenSea is the marketplace for you.

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What NFTs can you get here?

In this moment you’re probably asking yourself what kind of NFTs be purchased here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT it can be is unlimited since there’s a broad range of how you can go about it.

You could be selling digital items, trading cards, game assets, domain names, and some physical items! Find out what you think will reap the best rewards by trying OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that sets OpenSea from the others. There are no gas costs when you use this feature when you mint and sell NFTs. This means you’ll get the most profit when you begin selling since you don’t need to pay on any additional charges.

Not many NFT marketplaces provide this feature, and it can be a fantastic way to make a huge profit from your portfolio.

Referral Program

A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can earn more money from this act.

Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell anything as you browse through the listings.

The mobile apps of OpenSea are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least browse through the selections you’re interested in on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency through these platforms. Nft Crossfit Mean

You can exchange the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:

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

All of these have the option of exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than others. Since it is built mainly on an ETH blockchain, all wallets that share this network are appropriate for this website.

Here’s a list several crypto wallets which you can use with OpenSea:

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

Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only and the ability to buy cryptocurrency using credit cards. Nft Crossfit Mean

For more information about the service to learn more, check out their FAQs to get 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 the only one to have this. You can view its pros and cons 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 market and NFTs.

Cons

  • Allows royalty rates of 10% to artists (low royalty).
  • Cannot buy or sell via this mobile application.
  • Only accepts cryptocurrency as a form of payment.
  • A Crypto digital wallet must be used to access this marketplace.

Pricing

OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you sell regularly since there’s no extra charge for it.

Frequently Asked Questions Nft Crossfit Mean

What is OpenSea?

OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great option for artists who want to use the platform to market NFTs because of its zero gas fees and low commission fees you must pay.

You can browse and purchase the vast array of digital goods in this NFT marketplace, so you should take a look!

Is OpenSea legitimate and is it safe?

Answer: Yes! OpenSea is a reputable marketplace since it was founded in 2018. Because its system is built on a blockchain that is secure, you can say that your transactions are safe and secure.

Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear next to your account or the collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the contents to ensure users are protected.

How do I earn royalties from OpenSea?

However, as an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) is commonly used on this site and many others to accommodate the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

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

OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.

Does OpenSea have a desktop or mobile app?

As previously mentioned There is an official mobile app from OpenSea available for both iOS or Android. Install it from their app store, and you can start exploring the collection right now!

A desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts as well as receive 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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