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The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto coins. There are numerous marketplaces popping up all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them and is worth a look.

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

Get on board, and let’s see the possibilities of OpenSea, along with checking the NFTs available to view!

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

OpenSea as an NFT Marketplace Nft Fine

The aim to create OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional costs. It has more functions which allow you to market your artwork without any issues.

When it comes to the registration process, you don’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 on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also operates with the Polygon blockchain, which ensures lower costs and faster trading.

With these two kinds of blockchains available it is possible to choose which one you’d like to upload your NFT on as an seller. This will ensure the security of your NFT and those who wish to buy it. All transactions will be made along with this blockchain, so you should think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art by an artist you admire. Anyone can be a seller however it takes time before anyone can become a reputable one.

There’s a huge selection of NFTs available on OpenSea and you can also be a part of that! You can set up your own market there, and also find NFTs that you would like to purchase yourself.

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What is an NFT?

In a recent advancement for the crypto market the term “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.

One of the newest things you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible that is exclusive and cannot be replaced. This can be an item of any rareness, such as 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 thing that you sell online. More straightforwardly, you can simply imagine the NFT being a virtual collectible which is only paid in cryptocurrency.

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 the marketplace, and you’re putting it up for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and then add it on the market.

On OpenSea, it’s a simple process to mine your NFTs by visiting the store and making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain or payment tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.

You can wait and observe how the transactions go from here on out to see whether OpenSea is the marketplace for you.

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What NFTs are available here?

So, at this point you’re probably thinking about which kind of NFT be purchased here, and what you could also sell if you decide to pursue that route. The kind of NFT it is unlimited because there’s a wide range of options for how to approach it.

You can be selling digital items, trading cards games domain names, even physical assets! Consider what you believe will yield the most profit by trying OpenSea.

OpenSea: Collection Manager Feature

The collection Manager feature is what separates OpenSea from the other options. 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 begin selling since you won’t need to spend on any additional charges.

There aren’t many NFT marketplaces provide this feature, and it can be a fantastic way to receive high profit from your portfolio.

Referral Program

The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer advantages when you refer a 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, letting you make more money by this method.

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

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Mobile Application

There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell items 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 things, you can explore the products you’re looking for on the move.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency through these platforms. Nft Fine

You can swap your fiat money via your credit or debit card as well as 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, which is the primary cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Because it is based using an ETH blockchain, wallets that share this network are appropriate for the site.

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

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

*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage and the ability to purchase cryptocurrency using the credit card. Nft Fine

For more information about the service to learn more, check out their FAQs for the steps you can begin and also what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:

Pros

  • Mobile apps are available that are compatible with iOS as well as Android.
  • Smart contracts can be used to perform transactions.
  • Security at the highest level with the help of blockchain.
  • The best option for beginners to the crypto industry and NFTs.

Cons

  • Allows royalties 10% to artists (low royalty).
  • Cannot buy or sell through our mobile apps.
  • Only accepts cryptocurrency as a type of payment.
  • A Crypto account is needed for this marketplace.

Pricing

OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can easily recover that amount when you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Nft Fine

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its low gas fees and the low commission rate that you have to pay.

You can browse and shop for the vast array of digital items on the NFT marketplace and you must go through it!

Is OpenSea real and safe?

Short answer: Yes! OpenSea is a reputable marketplace since its inception in 2018. Because its system is based on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.

Additionally as a seller you will be verified after you build up your reputation. A blue checkmark will be assigned on your account or any collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure that users are secure.

How can I earn royalties on OpenSea?

Unfortunately, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison to others NFT marketplaces.

What is the most popular cryptocurrency available in OpenSea?

Ethereum (ETH) has been frequently used on this site and numerous others to cater for many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

Which are the accepted payment options for OpenSea?

OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.

Does OpenSea have a desktop/mobile app?

As we mentioned earlier There is an official mobile app by OpenSea for both iOS or Android. Install it from their app store, and begin exploring the collection right now!

There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications on updates regarding your account when 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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