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The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth a look.

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 largest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.

So, hop 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 will want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Exbirimental Theater Nyc

The goal for OpenSea was to simply provide artists with a marketplace/platform to upload commissions without any extra fees. There are additional features that let you sell your work without having to deal with many issues.

When it comes to the registration process, you don’t have to worry about giving any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates using the Polygon blockchain, which ensures the lowest cost and speediest trading.

With these two kinds of blockchains that are available it is possible to choose which one you would like to publish your NFT as a seller. This will ensure the security of your NFT as well as those who wish to buy it. Every transaction will be conducted by using the blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs 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 before anyone can become an established seller.

There are a variety of NFTs in the collection on OpenSea and you could also be a part of the collection! You can set up your own personal 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 cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it means. Let’s take a look at what NFT is for any beginners in cryptocurrency.

One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible token that is very unique and can’t be substituted. It can be an item of any rarity like authentic baseball cards, or a unique vinyl album.

There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell online. It is simpler to simply imagine the NFT to be a type of digital item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling the shots on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as putting it up for sale. Typically, this is official when you have filled 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 by going to the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and then select what type of settings you want for it (e.g., blockchain or payment tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.

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

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What NFTs are available here?

In this moment you’re probably asking yourself the kind of NFTs you shop for here, and what you could sell should you decide to pursue that route. The kind of NFT it can be isn’t limited as there’s a variety of how you can do it.

It is possible to sell digital items, trading cards game assets, domain names, and also physical goods! Consider what you believe will yield the most profit by trying OpenSea.

OpenSea: Collection Manager Feature

The collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature to create and market NFTs. This means you’ll receive the maximum profits when you sell because you won’t have to spend on additional fees.

Very few NFT marketplaces have this feature, which is why this can be a fantastic way to earn a high return from your NFT collection.

Referral Program

The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to earn more cash by this method.

Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over them.

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Mobile Application

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

OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can at least explore the products you’re looking for on the move.

Crypto Exchange Platforms

Various crypto exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Exbirimental Theater Nyc

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

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

All of them have the option of converting them into ETH which is the standard cryptocurrency payment option in OpenSea.

Crypto Wallets

While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based using an ETH blockchain, any wallets that share the same network are suitable for this website.

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

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

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

To learn more about it You can go through their FAQs to get an overview of how you can get started and also 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. You can read about its pros and cons here:

Pros

  • Mobile apps are available that are compatible with iOS or Android.
  • Smart contracts are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • Ideal for those who are new to the crypto world and NFTs.

Cons

  • Allows royalties of only up to 10% for artists (low royalty).
  • It is not possible to buy or sell items through our mobile apps.
  • Only supports cryptocurrency as its form of payment.
  • A Crypto digital wallet must be used to use this marketplace.

Pricing

OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly regain that when you are actively selling since there’s no additional cost for it.

Frequently Asked Questions Nft Exbirimental Theater Nyc

What is OpenSea?

OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent option for artists who want to use the platform to market NFTs because of its zero gas fees and low commission fees you must pay.

You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely go through it!

Is OpenSea legit & safe?

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

Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or the collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are secure.

How can I earn royalties on OpenSea?

As an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) can be frequently used on this site as well as other sites to provide the increasing number of crypto users. These are other cryptos you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can use to access OpenSea.

What are the payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.

Does OpenSea have a desktop or mobile application?

As previously mentioned There is an official mobile app from OpenSea that is available for iOS and Android. You can download it through their app store and you can start exploring the collection now!

There is also a version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and get alerts on any updates that affect 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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