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Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.

If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.

So, hop on board and let’s explore what you can do with OpenSea and also see 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.

OpenSea as an NFT Marketplace Nft El84 Tube

The purpose to create OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional costs. It also has additional functions which allow you to market your work without having to deal with many problems.

For registration, you don’t need to give any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions using the Polygon blockchain, which ensures the lowest cost and speediest trading.

With these two types of blockchains available you can pick which one you want to publish your NFT as seller. This is to ensure the security of your NFT as well as the people who want to buy it. All transactions will be made along with this blockchain, which is why you need to consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to official art by an artist you admire. Anyone can become a seller however, it takes time for anyone to become an established one.

There’s a huge selection of NFTs available at OpenSea, and you can join in with that! You can start your own market on this site, as well as 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 a lot of millennials have heard of it but not exactly sure what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.

One of the newest things you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible currency that is individual and cannot be substituted. This can be a piece of rareness like mint-condition baseball trading cards or uncommon vinyl record.

There is no limit to what an NFT can be as it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can just consider the NFT to be a type of digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is similar to calling for dibs to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but offering it for sale. Usually, this is recognized 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 going to the store and making a collection to begin! Input the appropriate and complete information about your NFT and choose what kind of settings you want for it (e.g. blockchain and money transfer tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.

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

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What NFTs can you get here?

In this moment you’re probably asking yourself the kind of NFTs can be purchased here, and what you could also sell if you choose to go down that path. The kind of NFT it can be isn’t limited since there’s a broad range of ways to approach it.

You can be selling trade cards, digital goods, game assets domain names, even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager features is one of the things that sets OpenSea from the other options. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you don’t need to pay on any additional charges.

There aren’t many NFT marketplaces provide this feature, so this is a great way to earn a high return from your collection.

Referral Program

The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more money by this method.

Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.

The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Even though you can’t buy or sell things, you can at least browse through the selections you’re interested in while on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available to you to convert your fiat money into cryptocurrency through these platforms. Nft El84 Tube

You can swap your fiat currency using a the 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 exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than other. Because it is based around an ETH blockchain, wallets that share the same network are suitable for this website.

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

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency using the credit card. Nft El84 Tube

To know more about it to learn more, check out their FAQs to see an overview of how you can begin and which other wallets work with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:

Pros

  • Mobile apps 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 market and NFTs.

Cons

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

Pricing

OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.

Frequently Asked Questions Nft El84 Tube

What is OpenSea?

OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists using it to sell NFTs due to its no gas costs and the low commission rate you must pay.

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

Is OpenSea real and safe?

Answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year 2018. Because its system is built on a blockchain that is secure, you can claim that your transactions are safe and secure.

Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed to your account or the collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the contents to ensure users are secure.

How do I earn royalties on OpenSea?

Unfortunately, as an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared with the other NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) is commonly utilized on this website and many others to accommodate many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can utilize for OpenSea.

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

OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.

Does OpenSea have a desktop/mobile application?

As mentioned before There is an official mobile app by OpenSea available for both iOS as well as Android. Download it at their respective app store, and begin exploring the collection right now!

A Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and receive notifications about updates to 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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