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The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth a look.

If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.

Now hop aboard, and let’s see what you can do with OpenSea, along with checking 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Def

The aim to create OpenSea was to provide an online marketplace for artists to upload commissions with no additional fees. It also has additional functions that let you sell your art without too many issues.

When it comes to the registration process, you don’t have to give any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.

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

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist that you admire. Anyone can sell however it takes some time before anyone can become a reputable one.

There are a variety of NFTs in the collection of NFTs available at OpenSea and you could join in with the collection! You can create your own personal market there, and also find NFTs that you would like to purchase for yourself.

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What is an NFT?

In a recent advancement for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.

One of the latest ways you can buy can be an NFT. A NFT is a token that is non-fungible that is very individual and cannot be replaced. It can be an item of rareness like mint-condition baseball trading cards, or a uncommon vinyl record.

There is no limit to what an NFT can be since it’s a non-fungible thing you’re selling online. In simpler terms, you could simply consider an NFT to be a type of digital collectible paid via cryptocurrency only.

Minting NFTs

Minting is like calling the shots on your own NFTs. You’re claiming the ownership of the particular item you uploaded on the marketplace, and putting it up for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and finally submit it for sale on.

On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and making a collection to begin! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g., blockchain and payments tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.

You can wait and observe how the transactions go from now on to determine whether OpenSea is the best marketplace for you.

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What NFTs can you get here?

So, at this point, you’re probably wondering the kind of NFTs can be found here, and what you could also sell if you choose to go down that path. The kind of NFT it is unlimited since there’s a broad range of ways to 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 when you try out OpenSea.

OpenSea: Collection Manager Feature

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

Very few NFT marketplaces have this feature, and it is a great way to make a huge profit from your portfolio.

Referral Program

This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces there are rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to earn more money by this method.

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

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Mobile Application

There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.

OpenSea’s mobile apps 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 to you, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Def

You can convert your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:

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

All of them have the option of converting them into ETH which is the most common cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than other. Since it is built on an ETH blockchain, any wallets that share the same network are suitable for the site.

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

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

*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using a credit card. Nft Def

To learn more about it to learn more, check out their FAQs to see the steps you can start and what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces each one comes with 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

  • Mobile apps are available for iOS or Android.
  • Smart contracts can be used to perform transactions.
  • High-level security with the support of blockchain.
  • The best option for beginners to the crypto industry and NFTs.

Cons

  • Allows royalties of only 10% to artists (low royalties).
  • It is not possible to buy or sell items through this mobile application.
  • Only accepts cryptocurrency as a type of payment.
  • A Crypto wallet is required to access this marketplace.

Pricing

OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly regain that when you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Nft Def

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its no gas costs and low commission fees you must pay.

You can browse and shop for the vast array of digital items on the NFT marketplace which is why you should definitely take a look!

Is OpenSea legitimate and is it safe?

Short answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year 2018. Because its system is built on blockchain technology that is secure, you can say that your transactions are safe and secure.

In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned to your account or any collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are protected.

How can I earn royalties on OpenSea?

As an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison with others NFT marketplaces.

What is the most popular cryptocurrency accessible in OpenSea?

Ethereum (ETH) can be widely utilized on this website and other sites to provide more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

Which are the accepted payment methods for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.

Does OpenSea have a desktop or mobile app?

As mentioned before there’s an official mobile app from OpenSea for both iOS or Android. You can download it through their app store, and you can start exploring the collection now!

The version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive alerts on any updates that affect 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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