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The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.

If you’re interested in crypto, you’ve probably heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.

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

OpenSea as an NFT Marketplace Nft Diy Tubes

The purpose of OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional fees. It has more functions that let you sell your work without having to deal with many problems.

When it comes to the registration process, you don’t have to worry about giving 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 going through many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also operates on the Polygon blockchain to ensure lower costs and faster trading.

There are two types of blockchains available, you can choose which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT, along with those who would like to buy it. Every transaction will be conducted using this blockchain, which is why you need to think about where to 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 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 time for anyone to become an established seller.

There is a wide variety in the collection of NFTs available at OpenSea and you could become a part of the collection! You can create your own marketplace on this site, as well as find NFTs you want to purchase yourself.

Nft Diy Tubes

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What is an NFT?

In a recent advancement for the crypto market, the term “NFT” has been going around for so long on the internet that many millennials are familiar with it , but not exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.

One of the new things you can buy can be an NFT. An NFT is a non-fungible currency that is very unique and can’t be substituted. This can be an item of rarity like mint-condition baseball trading cards or a unique vinyl album.

There’s no limit to what an NFT could be, since it’s a non-fungible item that you can sell online. In simpler terms, you could just consider an NFT as a digital collectible paid via cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token you uploaded on market, as offering it for sale. Typically, this is official when you have filled in the proper information regarding the NFT and finally add it on the market.

On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g., blockchain and payments tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.

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

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What NFTs are available here?

In this moment you’re probably asking yourself which kind of NFT can you shop for here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT that you can purchase is unlimited because there’s a wide range of options for how to do it.

You could be selling trade cards, digital goods, game assets, domain names, and some physical items! Explore what you believe can yield the most profit by trying OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that separates OpenSea from other companies. There’s no cost for gas when you use this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.

Not many NFT marketplaces have this feature, so this can be a fantastic way to make a huge profit from your NFT collection.

Referral Program

A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive advantages by referring your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can make more money by this method.

Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over them.

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Mobile Application

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

OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell anything, you can still explore the products you’re looking for on the move.

Crypto Exchange Platforms

Various crypto exchange platforms are available at your disposal to convert your fiat money into cryptocurrency on these platforms. Nft Diy Tubes

You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:

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

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

Crypto Wallets

While OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than other. Since it is built using the ETH blockchain, 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 many more!

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Nft Diy Tubes

To know more about it, you can check their FAQs to see the steps you can get started and which other wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:

Pros

  • Mobile apps available that are compatible with iOS or 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 royalty rates of 10% to artists (low royalty).
  • It is not possible to buy or sell items on this mobile application.
  • Only accepts cryptocurrency as a method of payment.
  • A Crypto wallet is required to access this marketplace.

Pricing

OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly regain that when you sell regularly since there is no additional fee for it.

Frequently Asked Questions Nft Diy Tubes

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work 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 due to its no gas costs and low commission fee rate that you have to pay.

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

Is OpenSea legitimate and safe?

The short answer is yes! OpenSea has been a reliable marketplace since it was established at the end of 2018. Because its system is based on a blockchain, it is safe to say that your transactions are protected and secured.

Additionally as a seller you can become verified once you build up your reputation. A blue checkmark will appear next to your account or any collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.

How do I earn royalties on OpenSea?

However, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can use for OpenSea.

Which are the accepted payment options for OpenSea?

OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.

Does OpenSea has a mobile or desktop app?

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

A desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts as well as 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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