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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-coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.

If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.

Get on board, and let’s see the possibilities of OpenSea, along with checking what NFTs you can view!

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Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft End Caps

The goal for OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional fees. There are additional features which allow you to market your work without having to deal with many difficulties.

When it comes to registration, you won’t have to worry about giving any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency that is used in 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 the majority of transactions. It is also based using the Polygon blockchain to ensure the lowest cost and speediest trading.

With these two types of blockchains it is possible to choose which one you would like to publish your NFT as a seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions will be made using this blockchain, which is why you need to think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art from an artist that you admire. Anyone can become a seller, but it takes some time for anyone to be a reputable one.

There is a wide variety from the selection at OpenSea, and you can join in with that! You can set up your own personal market there, and also find NFTs you’d like to buy for yourself.

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What is an NFT?

In a recent development for the cryptocurrency industry the term “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.

One of the latest ways you can purchase your cryptocurrency is an NFT. A NFT is a token that is non-fungible that is very unique and can’t be changed. It can be an item of any rarity like rare baseball trading cards in mint condition, or a unique vinyl album.

There’s no limit on what an NFT can be as it’s a non-fungible object that you sell online. It is simpler to just think of an NFT being a virtual item paid via cryptocurrency only.

Minting NFTs

Minting is like calling the shots to your NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and selling it. Typically, this is official once you fill out all the necessary information about the NFT and add it on the market.

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

It is possible to wait and see how the transactions go from here on out to see whether OpenSea is the right marketplace for you.

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What NFTs can you find here?

In this moment you’re probably thinking about the kind of NFTs can you shop for here, and what you could also sell if you choose to go down that path. The type of NFT it can be isn’t limited because there’s a wide range of options for how to go about it.

You can be selling digital products, trading cards game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards by trying OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager function is the one that differentiates OpenSea from other companies. There’s no cost for gas when you use this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you don’t need to pay on additional fees.

There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to earn a high return from your portfolio.

Referral Program

This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can make more money through this action.

Other NFT marketplaces do not have the same 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 through the marketplace. You can’t buy or sell anything while you browse through the listing.

OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can at least explore the products you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are available to you You can also convert your fiat money into cryptocurrency through these platforms. Nft End Caps

You can convert your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:

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

Each of them has the option to exchange for ETH that is the primary cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all types of crypto, wallets are still more compatible with it than others. Because it is based on the ETH blockchain, wallets which are part of that network will be suitable for the site.

Here’s a list of various crypto wallets that which you can use with OpenSea:

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. Nft End Caps

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

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Pros and Cons of OpenSea

As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:

Pros

  • Mobile apps available for iOS or Android.
  • Smart contracts are used for transactions.
  • Security at the highest level with the help of blockchain.
  • Best for beginners in the crypto market and NFTs.

Cons

  • Allows royalties of only up to 10% for artists (low royalty rates).
  • Cannot buy or sell on this mobile application.
  • Only supports cryptocurrency as its type of payment.
  • A Crypto digital wallet must be used for this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly regain that when you actively sell because there’s no additional cost for it.

Frequently Asked Questions Nft End Caps

What is OpenSea?

OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online to receive cryptocurrency as their form of payment. It’s a great option for artists who want to use it to sell NFTs because of its zero gas fees and the low commission rate which you are required to pay.

You can shop and browse the vast array of digital goods in this NFT marketplace, so you should go through it!

Is OpenSea legit & secure?

The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of the year 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.

In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned next to your account or collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure that users are protected.

How can I earn royalties on OpenSea?

As an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison to the other NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) is frequently used on this site as well as many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can make use of for OpenSea.

What are the payment methods for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the exchange.

Does OpenSea has a mobile or desktop application?

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

A desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications about updates to 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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