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Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto-coins. Markets have popped up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of 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 leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.

Now hop aboard, and let’s explore the possibilities of OpenSea as well as examining the NFTs that you can see!

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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.

OpenSea as an NFT Marketplace Nft D

The aim of OpenSea was to provide an online marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions that allow you to sell your art without too many difficulties.

In terms of registration, you don’t need to give too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for the majority of transactions. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.

With these two kinds of blockchains that are available you can pick which one you’d like to upload your NFT on as seller. This is to ensure the security of your NFT and those who would like to purchase it. All transactions are made by using the blockchain, which is why you need to think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to official art from an artist that you admire. Anyone can be a seller, but it takes a while for anyone to be an established one.

There’s a huge selection of NFTs available at OpenSea and you could join in with the collection! You can create your own marketplace on this site, as well as find NFTs you’d like to buy yourself.

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What is an NFT?

A recent change in the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people have heard of it but not exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.

One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is exclusive and cannot be replaced. It can be an item of rareness, such as mint-condition baseball trading cards, or a rare vinyl record.

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

Minting NFTs

Minting is like calling dibs for your personal NFTs. You are calling the ownership of the particular item 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 then upload it to the marketplace.

On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g. blockchain, money transfer tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.

It is possible to wait and see the way transactions are handled from now to see if OpenSea is the best marketplace for you.

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What NFTs are available here?

In this moment, you’re probably wondering which kind of NFT you shop for here, and what you could also sell if you choose to go down that path. The type of NFT it can be is indefinite as there’s a variety of ways to do it.

You can be selling digital products, trading cards game assets domain names, even physical assets! Explore what you believe can yield the most profit by trying OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager features is one of the things that sets OpenSea from the others. There are no gas costs for using this feature when you create and market NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t need to spend on extra fees.

There aren’t many NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your portfolio.

Referral Program

This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to make more money by this method.

Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.

The mobile apps of OpenSea are available on both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re looking for on the move.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available at your disposal to convert your fiat money into cryptocurrency through these platforms. Nft D

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

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

All of these have the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly using the ETH blockchain, wallets which are part of the same network are suitable for this website.

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

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

*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency with credit cards. Nft D

To know more about it You can go through their FAQs to see the steps you can get started and also what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:

Pros

  • Available as mobile apps that are compatible with iOS and Android.
  • Smart contracts are used for 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 royalties up to 10% for artists (low royalties).
  • It is not possible to buy or sell items through the mobile app.
  • Only accepts cryptocurrency as a form of payment.
  • The use of a Crypto account is needed for this marketplace.

Pricing

OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Nft D

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online to receive cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs because of its zero cost of gas and low commission fees which you are required to pay.

You can shop and browse a vast collection of digital products on this NFT marketplace, so you should check it out!

Is OpenSea real and secure?

The short answer is yes! OpenSea has been a trusted marketplace since it was established at the end of 2018. Since the system it operates on is built on blockchain technology that is secure, you can say that your transactions are protected and secured.

Furthermore as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned on your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure users are safe.

How do I earn royalties from OpenSea?

Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.

What is the most popular cryptocurrency accessible in OpenSea?

Ethereum (ETH) can be frequently utilized on this website and other sites to provide many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can use for OpenSea.

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

OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.

Does OpenSea have a desktop/mobile application?

As we mentioned earlier there’s an official mobile application from OpenSea that is available for iOS or Android. Download it at their respective app store, and begin exploring the collection right now!

A version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and get 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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