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Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.

If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.

Now hop aboard, and let’s see the possibilities of OpenSea and also see what NFTs you can 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. After, you’ll want to read the rest of the article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft Ii Eeg

The goal to create OpenSea was to offer a platform/marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions which allow you to market your work without having to deal with many difficulties.

When it comes to registration, you won’t have to give all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for the majority of transactions. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.

With these two kinds of blockchains that are available you can pick which one you want to transfer your NFT to as a seller. This will ensure the security of your NFT as well as those who would like 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 is like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can become a seller, but it takes some time before anyone can become a reputable one.

There is a wide variety of NFTs available on OpenSea and you could become a part of the collection! You can set up your own marketplace on this site, as well as find NFTs you’d like to buy yourself.

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What is an NFT?

A recent change in 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 many millennials are familiar with it , but aren’t exactly sure what it is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.

One of the newest things you can buy includes an NFT. An NFT is a non-fungible token which is extremely unique and can’t be replaced. It can be an item of rareness like authentic baseball cards or rare vinyl record.

There’s no limit to what an NFT can be since it’s a non-fungible object you’re selling 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 the shots on your own NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and you’re offering it for sale. Typically, this is official once you fill out all the necessary information about the NFT and submit it for sale on.

On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and making a collection to begin! Fill out the proper and accurate information about your NFT and select the type of settings you’d like for it (e.g. blockchain, money transfer tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.

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

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What NFTs can you find here?

At this point you’re probably asking yourself which kind of NFT you shop for here and what kind of NFTs you can also sell if you choose to pursue that route. The kind of NFT it can be is indefinite because there’s a wide range of options for how to do it.

It is possible to sell digital items, trading cards games, domain names, and some physical items! Explore what you believe can yield the most profit by trying OpenSea.

OpenSea: Collection Manager Feature

The collection Manager feature is what separates OpenSea from other companies. There’s no cost for gas for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you don’t need to pay on additional fees.

Not many NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your portfolio.

Referral Program

A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can make more money by this method.

Other NFT marketplaces don’t offer this kind of feature either 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’s mostly to browse through the marketplace. You can’t buy or sell anything as you browse through the listings.

OpenSea’s mobile apps are available on both iOS and Android. Although you aren’t able to purchase or sell things, you can browse through the selections you’re looking for on the move.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available to you to exchange your fiat money for cryptocurrency through these platforms. Nft Ii Eeg

You can convert your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:

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

All of these have the option to exchange for ETH, which is the most common cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly on the ETH blockchain, any wallets with a connection to this network are appropriate for this website.

Here’s a list different crypto wallets you can utilize in OpenSea:

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

Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. Nft Ii Eeg

To learn more about it to learn more, check out their FAQs to get an overview of how you can get started 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 has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:

Pros

  • Available as mobile apps that are compatible with 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 10% for artists (low royalty rates).
  • It is not possible to buy or sell items on the mobile app.
  • Only accepts cryptocurrency as a type of payment.
  • An Crypto digital wallet must be used for this marketplace.

Pricing

OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you actively sell because there’s no extra charge for it.

Frequently Asked Questions Nft Ii Eeg

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online to receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero gas fees and the low commission rate which you are required to pay.

You can browse and purchase the vast array of digital products on this NFT marketplace, so you should check it out!

Is OpenSea legit & is it safe?

Short answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year of 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are protected and secured.

Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed on your account or any collection you uploaded to reassure any customer. The OpenSea team reviews regularly the contents to ensure users are secure.

How can I earn royalties from OpenSea?

However, as an artist, you can receive only up to 10% of the royalties once you upload the NFT. This is believed to be quite low in comparison against the other NFT marketplaces.

What cryptocurrency is offered in OpenSea?

Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can use for 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. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.

Does OpenSea have a desktop or mobile application?

As previously mentioned There is an official mobile application from OpenSea available for both iOS or Android. Download it at their respective app store and you can start browsing through the collection right now!

A desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you are able to 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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