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The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.

If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.

Now hop aboard, and discover what you can do with OpenSea, along with checking the NFTs available to view!

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Before you go on, 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.

OpenSea as an NFT Marketplace Nft Gt100

The purpose of OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional costs. There are additional features that let you sell your artwork without any difficulties.

When it comes to the registration process, you don’t have to provide too many details about yourself. All you have to do is connect your cryptocurrency 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 popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It is also based on the Polygon blockchain, which allows for lower costs and faster trading.

With these two types of blockchains available you can pick which one you would like to publish your NFT as seller. This will ensure the security of your NFT and the people who want to buy it. All transactions will be made by using the blockchain, so you should consider 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 in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can become a seller however it takes time for anyone to become a reputable one.

There’s a huge selection of NFTs available on OpenSea and you could become a part of the collection! You can create your own marketplace on this site, as well as find NFTs you want to purchase yourself.

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What is an NFT?

In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.

One of the new things you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible token that is very individual and cannot be substituted. It can be an item of rarity like authentic baseball cards, or a uncommon vinyl record.

There’s no limit to what an NFT could be, since it’s a non-fungible item that you can sell on the internet. It is simpler to simply imagine as an NFT as a digital item paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and you’re putting it up for sale. Typically, this is official after you fill in all the necessary information about the NFT and then upload it to the marketplace.

On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and simply making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain, payment tokens). After that you are able to upload it if it fits the limit of 100MB.

You can wait and observe the way transactions are handled from now to determine if OpenSea is the best marketplace for you.

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What NFTs can you find here?

In this moment, you’re probably wondering which kind of NFT be found here and what you can sell should you decide to go down that path. The kind of NFT it can be is unlimited because there’s a wide range of options for how to go about it.

You can be selling trade cards, digital goods, game assets, domain names, and some physical items! Consider what you believe will yield the most profit when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs 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 extra fees.

Not many NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your NFT collection.

Referral Program

This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to earn more cash by this method.

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

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Mobile Application

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

The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency through these platforms. Nft Gt100

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

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

All of them have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built using an ETH blockchain, all wallets with a connection to the same network are suitable for this site.

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

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

*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency with the credit card. Nft Gt100

To learn more about it, you can check their FAQs to see an overview of how you can get started and which other wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:

Pros

  • Mobile apps available that are compatible with iOS or Android.
  • Smart contracts are used for transactions.
  • Security at the highest level with the help of blockchain.
  • Ideal for those who are new to the crypto world and NFTs.

Cons

  • Allows royalties of only 10% to artists (low royalty).
  • You cannot buy or sell products via this mobile application.
  • Only supports cryptocurrency as its type of payment.
  • An Crypto wallet is required to access this marketplace.

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll easily recover that amount when you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Nft Gt100

What is OpenSea?

OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists who use for selling NFTs because of its zero gas costs and the low commission 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 is it safe?

The short answer is yes! OpenSea has been a trusted marketplace since it was established at the end of 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.

In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear on your account or any collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure that users are safe.

How can I earn royalties from OpenSea?

However, as an artist, you will get only 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared to other NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

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

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can make use of to use OpenSea.

Which are the accepted payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.

Does OpenSea have a desktop/mobile application?

As previously mentioned, there is definitely an official mobile app from OpenSea for both iOS or Android. You can download it through their app store, and begin exploring the collection right now!

The version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and receive 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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