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Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.

If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.

Now hop aboard, and let’s explore the possibilities of OpenSea and also see the NFTs that you can see!

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Before you go on, 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 the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Fad Over

The aim to create OpenSea was to provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional costs. There are additional features which allow you to market your art without too many problems.

In terms of registration, you don’t need to worry about giving too many details about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency that is used on 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 operates with the Polygon blockchain, which ensures low-cost and quicker trading.

There are two types of blockchains it is possible to choose which one you want to publish your NFT as seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions are made by using the blockchain, which is why you need to think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an online shopping mall that is endless where you can exchange 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, but it takes some time before anyone can become a reputable one.

There is a wide variety in the collection at OpenSea and you can also be a part of the collection! You can start your own market on this site, as well as find NFTs you want to purchase for yourself.

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What is an NFT?

A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but not exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.

One of the latest ways that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible token that is exclusive and cannot be changed. This can be a piece of rareness, such as mint-condition baseball trading cards, or a uncommon vinyl record.

There is no limit to what an NFT can be since it’s a non-fungible object you’re selling online. It is simpler to just think of the NFT as a digital collectible paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs to your NFTs. You are calling the owner of the item or token that you have uploaded to market, as you’re selling it. Usually, this is recognized when you have filled in the proper information regarding the NFT and add it on the market.

On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and simply creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like for it (e.g., blockchain and payment tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.

It is possible to wait and see the way transactions are handled from now to determine whether OpenSea is the marketplace for you.

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What NFTs are available here?

At this point you’re probably asking yourself the kind of NFTs can be purchased here and what kind of NFTs you can sell should you decide to pursue that route. The type of NFT that you can purchase is indefinite because there’s a wide range of options for how to go about it.

It is possible to sell trade cards, digital goods games, domain names, and some physical items! Find out what you think will bring the greatest rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The collection Manager feature is what sets OpenSea from the others. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on extra fees.

Not many NFT marketplaces have this feature, so this is great for you to receive high profit from your NFT collection.

Referral Program

A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can make more money from this act.

Other NFT marketplaces don’t have this feature This is a further benefit OpenSea has over the other marketplaces.

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Mobile Application

There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.

The mobile apps of OpenSea are available for both iOS as well as Android. Even though you can’t buy or sell something, you can look through the options you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Fad Over

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

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

All of these have the option of exchange for ETH that is the primary cryptocurrency used in OpenSea.

Crypto Wallets

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

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

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

Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency using a credit card. Nft Fad Over

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

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Pros and Cons of OpenSea

Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:

Pros

  • Available as mobile apps for iOS or Android.
  • Smart contracts are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • The best option for beginners to the crypto market and NFTs.

Cons

  • Allows royalties of only 10% to artists (low royalty).
  • It is not possible to buy or sell items on the mobile app.
  • Only accepts cryptocurrency as a method of payment.
  • An Crypto wallet is required to access this marketplace.

Pricing

OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you sell regularly since there’s no additional cost for it.

Frequently Asked Questions Nft Fad Over

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 method of payment. It’s a great platform for artists using the platform to market NFTs due to its no gas fees and low commission fees that you have to pay.

You can browse and purchase the vast array of digital items on the NFT marketplace, so you should go through it!

Is OpenSea real and safe?

The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in 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 safe and secure.

In addition as a seller you will be verified after you build up your reputation. A blue checkmark will be assigned on your account or the collection you uploaded to reassure any customer. The team at OpenSea regularly checks the contents to ensure users are secure.

How can I earn royalties from OpenSea?

Unfortunately, as an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared against the other NFT marketplaces.

What cryptocurrency is accessible in OpenSea?

Ethereum (ETH) has been widely utilized on this website and many others to accommodate 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 utilize to access OpenSea.

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

OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the transaction.

Does OpenSea have a desktop/mobile application?

As mentioned before, there is definitely an official mobile app by OpenSea available for both iOS as well as Android. Install it from their app store, and then you can begin exploring the collection now!

A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and get 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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