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The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth a look.

If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.

Now hop aboard, and discover what you can do with OpenSea and also see 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 Id

The aim to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions, without having to pay any additional costs. It also has additional functions that let you sell your artwork without any problems.

In terms of registration, you won’t have to provide any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used to carry out the majority of processes. It is also based on the Polygon blockchain, which allows for low-cost and quicker trading.

With these two types of blockchains that are available it is possible to choose which one you would like to transfer your NFT to as seller. This is to ensure the security of your NFT and the people who want to purchase 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 is like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to official art by an artist you admire. Anyone can be a seller however, it takes time for anyone to become an established one.

There are a variety of NFTs in the collection on OpenSea, and you can also be a part of that! You can create your own personal market here, along with finding NFTs you want to purchase yourself.

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What is an NFT?

In a recent development for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t sure exactly what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.

One of the new things you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible that is unique and can’t be substituted. It can be an item of rarity like mint-condition baseball trading cards or a rare vinyl record.

There is no limit to what an NFT could be, since it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could just consider an NFT as a digital collectible which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and selling it. Usually, this becomes official when you have filled in all the necessary information about the NFT and add it on the market.

On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and simply making a collection to begin! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain and payments tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.

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

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What NFTs are available here?

In this moment you’re probably thinking about which kind of NFT can be purchased here and what you can also sell if you decide to go that route. The kind of NFT it is indefinite since there’s a broad range of ways to go about it.

It is possible to sell digital products, trading cards, game assets, domain names, and also physical goods! 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 sets OpenSea from other companies. There’s no cost for gas when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you don’t need to pay on any additional charges.

There aren’t many NFT marketplaces have this feature, which is why this can be a fantastic way to earn a high return from your collection.

Referral Program

A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50% of the sale amount, which allows you to earn more money by this method.

Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.

OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. While you’re not able to buy or sell anything, you can still look through the options you’re looking for on the move.

Crypto Exchange Platforms

Various crypto exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Id

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

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex, and more!

Each of them has the option of exchange for ETH which is the primary crypto payment in OpenSea.

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built using an ETH blockchain, any wallets with a connection to this network are appropriate for this site.

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

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

Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage and the ability to buy cryptocurrency using credit cards. Nft Id

For more information about the service, you can check their FAQs to get the steps you can begin and also what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces every one of them has its 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 for iOS or Android.
  • Smart contracts are used for transactions.
  • Security at the highest level with the help of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalties 10% for artists (low royalty rates).
  • Cannot buy or sell via the mobile app.
  • Only supports cryptocurrency as its type of payment.
  • A Crypto wallet is required to access this marketplace.

Pricing

OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.

Frequently Asked Questions Nft Id

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use for selling NFTs due to its no cost of gas and low commission fee rate which you are required to pay.

You can shop and browse a vast collection of digital goods in this NFT marketplace which is why you should definitely take a look!

Is OpenSea legit & safe?

Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year 2018. Since the system it operates on is based on a blockchain that is secure, you can say that your transactions are secure and safe.

Furthermore as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear next to your account or the collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are secure.

How can I earn royalties from OpenSea?

As an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.

What is the most popular cryptocurrency accessible in OpenSea?

Ethereum (ETH) can be frequently used on this site and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

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

OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.

Does OpenSea have a desktop or mobile app?

As previously mentioned, there is definitely an official mobile app from OpenSea that is available for iOS or Android. Install it from their app store and begin browsing through the collection right now!

There is also a version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications about updates to your account while 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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