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The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth checking out.

If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.

So, hop on board and let’s explore what you can do with OpenSea and also see 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 our article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft Edit

The aim of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra fees. It also has additional functions that let you sell your art without too many problems.

In terms of registration, you don’t need to provide 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 easy as that without going through many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.

With these two kinds of blockchains available you can pick which one you want to transfer your NFT to as a seller. This will ensure the security of your NFT as well as those who would like to buy it. All transactions are made by using the blockchain, so you should consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can sell, but it takes some time for anyone to be an established seller.

There’s a huge selection of NFTs available on OpenSea and you can become a part of this! You can start your own market on this site, as well as find NFTs you want to purchase yourself.

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What is an NFT?

In a recent development for the cryptocurrency 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 aren’t sure exactly what it is. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.

One of the latest ways you can buy is an NFT. An NFT is a token that is non-fungible that is unique and can’t be replaced. This can be an item of any rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.

There’s no limit to what an NFT can be as it’s a non-fungible item that you sell on the internet. In simpler terms, you could just think of the NFT being a virtual collectible which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling the shots for your personal NFTs. You’re claiming the owner of the item or token that you have uploaded to the market place, but you’re offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and then upload it to the marketplace.

On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and creating a collection to start! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.

You can watch and see how transactions progress from now on to determine if OpenSea is the best marketplace for you.

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What NFTs can you find here?

At this point you’re probably asking yourself the kind of NFTs can be purchased here and what you can sell should you decide to go down that path. The type of NFT that you can purchase isn’t limited because there’s a wide range of options for how to approach it.

It is possible to sell trade cards, digital goods, game assets, domain names, and some physical items! Find out what you think will 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 utilize this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on any additional charges.

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

Referral Program

The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more cash by this method.

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

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Mobile Application

There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t 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. Even though you can’t buy or sell anything, you can still browse through the selections you’re looking for on the move.

Crypto Exchange Platforms

Various crypto exchange platforms are for you to use to exchange your fiat money for cryptocurrency on these platforms. Nft Edit

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

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

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

Crypto Wallets

While OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, any wallets that share the same network are suitable for the site.

Here is a list of various crypto wallets that you can utilize in OpenSea:

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

*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage, and the function to purchase cryptocurrency using the credit card. Nft Edit

To learn more about it You can go through 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

As with many other crypto markets each one comes with advantages and drawbacks. 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 for iOS and Android.
  • Smart contracts are used for transactions.
  • Security at the highest level with the help of blockchain.
  • The best option for beginners to the crypto market and NFTs.

Cons

  • Allows royalty rates of up to 10% for artists (low royalty).
  • It is not possible to buy or sell items via this mobile application.
  • Only supports cryptocurrency as its type of payment.
  • An Crypto account is needed to use this marketplace.

Pricing

OpenSea is open to everyone who owns any crypto coins in their crypto 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 Edit

What is OpenSea?

OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no gas costs and the low commission rate that you have to pay.

You can shop and browse the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!

Is OpenSea real and is it safe?

Short answer: Yes! OpenSea has been a trusted marketplace since its inception in the year 2018. Because its system is built on a blockchain and is secured, it is safe to declare that transactions are protected and secured.

In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are safe.

How do I earn royalties from OpenSea?

Unfortunately, as an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared with other NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) has been widely utilized on this website and numerous others to cater for many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can use for OpenSea.

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

OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.

Does OpenSea has a mobile or desktop app?

As mentioned before, there is definitely an official mobile app from OpenSea available for both iOS or Android. You can download it through their app store and begin exploring the collection now!

There is also a version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and get notifications on updates regarding your account from 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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