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The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto-coins. Markets have popped up across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.

If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.

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

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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 the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft For Time Crossfit

The goal for OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra charges. There are additional features that allow you to sell 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 do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized 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 want to publish your NFT as an seller. This will ensure the security of your NFT and those who would like to buy it. Every transaction will be conducted using this blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to official art from an artist that you admire. Anyone can be a seller however it takes a while for anyone to be an established one.

There is a wide variety in the collection at OpenSea, and you can become a part of the collection! You can set up your own personal market here, along with finding NFTs that you would like to purchase for yourself.

Nft For Time Crossfit

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What is an NFT?

In a recent advancement for 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 have heard of it but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.

One of the newest things you can buy can be an NFT. The NFT is a non-fungible token which is extremely unique and can’t be substituted. This can be an item of rarity like mint-condition baseball trading cards, or a uncommon vinyl record.

There’s no limit on what an NFT can be as it’s a non-fungible thing you’re selling online. In simpler terms, you could simply think of an NFT to be a type of digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs for your personal NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but putting it up for sale. Typically, this is official after you fill in all the necessary information about the NFT and upload it to the marketplace.

On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and simply making a collection to begin! Fill out the proper and accurate information about your NFT and select the type of settings you want to use it with (e.g. blockchain, payments tokens). After that then you’re able to upload it if it fits the 100 MB limit.

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

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What NFTs can you find here?

So, at this point you’re probably thinking about 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 unlimited because there’s a wide range of ways to do it.

It is possible to sell digital items, trading cards games domain names, some physical items! Find out what you think will reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager feature is what sets OpenSea from other companies. There’s no cost for gas when you utilize this feature when you create and market NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you don’t need to pay 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

A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer advantages when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you make more money by this method.

Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea has over them.

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Mobile Application

There is an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything as you scroll through the list.

The mobile apps of OpenSea are available for both iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re interested in while on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are at your disposal to convert your fiat money into cryptocurrency on these platforms. Nft For Time Crossfit

You can convert your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:

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

All of them have the option to exchange for ETH, which is the standard 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 other. Since it is built on the ETH blockchain, all wallets which are part of that network will be suitable for this website.

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

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

*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to buy cryptocurrency using credit cards. Nft For Time Crossfit

To learn more about it You can go through their FAQs to see the steps 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 pros here:

Pros

  • Mobile apps are available for iOS or Android.
  • Smart contracts can be used to perform 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).
  • You cannot buy or sell products through our mobile apps.
  • Only supports cryptocurrency as its method of payment.
  • A Crypto wallet is required to use this marketplace.

Pricing

OpenSea is accessible to everyone who owns any 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. However, overall, you will quickly recover this amount if you sell regularly since there’s no extra charge for it.

Frequently Asked Questions Nft For Time Crossfit

What is OpenSea?

OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its low gas costs and low commission fee rate that you have to pay.

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

Is OpenSea real and secure?

The short answer is yes! OpenSea is a reputable marketplace since it was established in 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are secure and safe.

Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed to your account or the collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure users are protected.

How do I earn royalties from OpenSea?

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

What are the cryptocurrency options accessible in OpenSea?

Ethereum (ETH) is commonly utilized on this website and other sites to provide the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can utilize for OpenSea.

Which are the accepted payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through 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 or mobile app?

As previously mentioned There is an official mobile app by OpenSea available for both iOS or Android. Install it from their app store, and then you can begin browsing through the collection right now!

There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and receive notifications on updates regarding 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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