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Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth checking out.

If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.

Get on board, and discover the possibilities of 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 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 Hydro System

The aim to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. There are additional features that let you sell your artwork without any problems.

In terms of the registration process, you don’t have to provide all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It also functions on the Polygon blockchain to ensure 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 a seller. This is to ensure the security of your NFT, along with the people who want to buy it. All transactions are made along with this blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can be a seller, but it takes some time for anyone to become an established one.

There’s a huge selection of NFTs available of NFTs available at OpenSea and you can join in with that! You can create your own market here, along with finding NFTs that you would like to purchase for yourself.

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What is an NFT?

In a recent advancement for the crypto market,”NFT,” a popular term in the crypto industry “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 is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.

One of the newest things that you can buy with cryptocurrency includes an NFT. An NFT is a token that is non-fungible that is very individual and cannot be substituted. It could be an item of rareness like authentic baseball cards, or a unique vinyl album.

There’s no limit to what an NFT can be since it’s a non-fungible thing you’re selling online. In simpler terms, you could just imagine an NFT as a digital collectible paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs on your own NFTs. You are calling the ownership of the particular item that you posted to market, as you’re selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and finally submit it for sale on.

On OpenSea, it’s a simple process to mint your NFTs by going to the store and then create a collection! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain or payments tokens). After that you are able to upload it, if it’s within the 100 MB limit.

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

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What NFTs can you find here?

In this moment you’re probably thinking about which kind of NFT can be found here and what you can also sell if you decide to go that route. The kind of NFT that you can purchase is indefinite as there’s a variety of how you can go about it.

You could be selling digital products, trading cards game assets, domain names, and some physical items! Explore what you believe can bring the greatest rewards by trying OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that sets OpenSea from the other options. There are no gas costs for using this feature when you make and then sell the NFTs. This means you’ll get the most profit when you sell because you don’t need to pay on extra fees.

Very few NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your collection.

Referral Program

The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more money from this act.

Other NFT marketplaces do not have the same feature This is a further benefit OpenSea has over the other marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.

OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can at least look through the options you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency on these platforms. Nft Hydro System

You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:

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

All of these have the option of converting them into ETH, which is the primary cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based around the ETH blockchain, any wallets which are part of that network will be suitable for this site.

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

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

*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency using credit cards. Nft Hydro System

For more information about the service You can go through their FAQs for a rundown of how you can start 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 the only one to have this. You can view its pros and cons here:

Pros

  • Available as mobile apps 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 market and NFTs.

Cons

  • Allows royalties of only up to 10% for artists (low royalties).
  • Cannot buy or sell via our mobile apps.
  • Only supports cryptocurrency as its method of payment.
  • The use of a Crypto wallet is required for this marketplace.

Pricing

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

Frequently Asked Questions Nft Hydro System

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online and receive cryptocurrency as a form of payment. It’s a great option for artists who want to use the platform to market NFTs due to its low cost of gas and low commission fee rate that you have to pay.

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

Is OpenSea real and is it safe?

Answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year of 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are protected and secured.

Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed on your account or any collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the contents to ensure users are protected.

How do I earn royalties from OpenSea?

Unfortunately, as an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared against others NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) has been widely used on this site as well as many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can use for OpenSea.

Which are the accepted payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.

Does OpenSea have a desktop/mobile app?

As previously mentioned, there is definitely an official mobile app from OpenSea that is available for iOS as well as Android. Install it from their app store, and you can start exploring the collection right now!

The desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications about updates to 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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