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The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto currency. Marketplaces are popping up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.

If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.

So, hop on board and let’s explore the possibilities of OpenSea as well as examining what NFTs you can view!

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Before you go on, 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.

OpenSea as an NFT Marketplace Nft Editor

The goal for OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra costs. It also has additional functions which allow you to market your artwork without any problems.

In terms of registration, you don’t need to provide too many details about yourself. All you have 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 hassles when you enter into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions with the Polygon blockchain, which ensures lower costs and faster trading.

With these two types of blockchains that are available it is possible to choose which one you would like to transfer your NFT to as a seller. This is to ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted along with this blockchain, and you must consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist you admire. Anyone can sell however it takes some time for anyone to be an established seller.

There’s a huge selection from the selection on OpenSea, and you can become a part of that! You can start your own marketplace here, along with finding NFTs you’d like to buy for yourself.

Nft Editor

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What is an NFT?

In a recent advancement for the crypto industry the term “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 is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.

One of the latest ways you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is very individual and cannot be changed. It could be an item of any rareness like rare baseball trading cards in mint condition or a uncommon vinyl record.

There’s no limit to what an NFT could be, since it’s a non-fungible object that you can sell on the internet. More straightforwardly, you can simply imagine an NFT being a virtual item paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the marketplace, and you’re putting it up for sale. Usually, this is recognized once you fill out the correct information about the NFT and then submit it for sale on.

On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and then creating a collection to start! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain and money transfer tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.

You can wait and observe the way transactions are handled from now to see whether OpenSea is the right marketplace for you.

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What NFTs can you get here?

At this point you’re probably asking yourself what kind of NFTs can you shop for here, and what you could also sell if you choose to pursue that route. The kind of NFT it isn’t limited because there’s a wide range of how you can do it.

You can be selling digital items, trading cards games domain names, even physical assets! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that sets OpenSea from other companies. There are no gas costs for using this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t have to spend on any additional charges.

Very few NFT marketplaces have this feature, which is why this is a great way to receive high profit from your collection.

Referral Program

The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can earn more cash from this act.

Other NFT marketplaces do not have this feature and that’s another benefit OpenSea has over the other marketplaces.

cryptocurrency-iphone

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Mobile Application

There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.

OpenSea’s mobile apps are available for both iOS as well as Android. Even though you can’t buy or sell something, you can at least explore the products you’re interested in on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are to you to trade your fiat currency for cryptocurrency through these platforms. Nft Editor

You can convert your fiat currency using a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:

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

Each of them has 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 kinds of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built around an ETH blockchain, wallets that share that network will be suitable for this website.

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

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

*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage and the ability to buy cryptocurrency using a credit card. Nft Editor

To know more about it You can go through their FAQs to see an overview of how you can begin and what other crypto wallets work with OpenSea.

ethereum-coins

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Pros and Cons of OpenSea

Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:

Pros

  • Mobile apps are available that are compatible with iOS as well as Android.
  • Smart contracts are used for transactions.
  • High-level security with the support of blockchain.
  • Ideal for those who are new to the crypto world and NFTs.

Cons

  • Allows royalties up to 10% for artists (low royalty rates).
  • It is not possible to buy or sell items on our mobile apps.
  • Only accepts cryptocurrency as a type of payment.
  • The use of a Crypto wallet is required to access 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 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you actively sell because there’s no extra charge for it.

Frequently Asked Questions Nft Editor

What is OpenSea?

OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero cost of gas and the low commission rate that you have to pay.

You can shop and browse an array of digital items on the NFT marketplace, so you should take a look!

Is OpenSea real and is it safe?

Answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of 2018. Because its system is based on a blockchain, it is safe to claim that your transactions are protected and secured.

Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned on your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure that users are secure.

How do I earn royalties from OpenSea?

However, as an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared to others NFT marketplaces.

What is the most popular cryptocurrency available in OpenSea?

Ethereum (ETH) has been commonly used on this site as well as other sites to provide the increasing number of cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can use for OpenSea.

What are the payment methods for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.

Does OpenSea have a desktop or mobile application?

As mentioned before there’s an official mobile application from OpenSea for both iOS or Android. Install it from their app store and begin exploring the collection right now!

The Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as receive alerts on any updates that affect 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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