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Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth checking out.

If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.

Get on board, and let’s see what you can do with OpenSea and also see what NFTs you can view!

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Before you continue, 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.

OpenSea as an NFT Marketplace Nft Inc Crunchbase

The aim to create OpenSea was to provide a platform/marketplace for artists to upload their commissions with no additional costs. There are additional features which allow you to market your work without having to deal with many issues.

When it comes to registration, you won’t have to provide any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for the majority of transactions. It also functions on the Polygon blockchain to ensure low-cost and quicker trading.

With these two types of blockchains that are available you can pick which one you’d like to upload your NFT on as seller. This is to ensure the security of your NFT, along with those who would like to purchase it. All transactions will be made by using the blockchain, which is why you need to think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes time for anyone to become a reputable one.

There is a wide variety from the selection of NFTs available at OpenSea and you can become a part of this! You can start your own market there, and also find NFTs you’d like to buy for yourself.

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> > Click Here to Explore OpenSea < <

What is an NFT?

A recent change in the crypto market, the term “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 actually means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.

One of the newest things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible currency that is exclusive and cannot be substituted. This can be an item of rarity like mint-condition baseball trading cards or unique vinyl album.

There’s no limit on what an NFT can be as it’s a non-fungible object that you sell on the internet. In simpler terms, you could just consider an NFT to be a type of digital item paid via cryptocurrency only.

Minting NFTs

Minting is like calling the shots for your personal NFTs. You are calling ownership over that particular token/item that you posted to market, as you’re offering it for sale. Usually, this becomes official when you have filled in the correct information about the NFT and finally upload it to the marketplace.

On OpenSea it’s a straightforward process to mint your NFTs by going to the store and then create a collection! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use for it (e.g. blockchain, payment tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.

It is possible to wait and see how the transactions go from here on out to see if OpenSea is the best marketplace for you.

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What NFTs can you find here?

So, at this point, you’re probably wondering the kind of NFTs be purchased here and what you can also sell if you decide to pursue that route. The type of NFT it can be isn’t limited because there’s a wide range of options for how to go about it.

You can be selling digital products, trading cards games domain names, even physical assets! Explore what you believe can reap the best rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager features is one of the things that sets OpenSea from other companies. There’s no cost for gas for using this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t have to spend on extra fees.

Very few NFT marketplaces provide this feature, and it is a great way to earn a high return from your NFT collection.

Referral Program

The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can earn more money from this act.

Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell items as you scroll through the list.

The mobile apps from OpenSea are accessible for both iOS and Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available at your disposal to convert your fiat money into cryptocurrency using these platforms. Nft Inc Crunchbase

You can convert the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:

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

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

Crypto Wallets

While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly around an ETH blockchain, wallets that share the same network are suitable for the site.

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

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

Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using the credit card. Nft Inc Crunchbase

To know more about it to learn more, check out their FAQs to see a rundown of how you can start and what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:

Pros

  • Mobile apps available that are compatible with iOS and Android.
  • Smart contracts are used for transactions.
  • High-level security with the support of blockchain.
  • Ideal for those who are new to the crypto world and NFTs.

Cons

  • Allows royalty rates of up to 10% for artists (low royalty rates).
  • It is not possible to buy or sell items on the mobile app.
  • Only accepts cryptocurrency as a form of payment.
  • An Crypto wallet is required to access this marketplace.

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll easily recover that amount when you sell regularly since there is no additional fee for it.

Frequently Asked Questions Nft Inc Crunchbase

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online, and to accept cryptocurrency as a form of payment. It’s a great option for artists who want to use it to sell NFTs due to its low cost of gas and low commission fee rate that you have to pay.

You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely check it out!

Is OpenSea real and secure?

Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to say that your transactions are secure and safe.

Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark will appear next to your account or collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the contents to ensure users are safe.

How can I earn royalties on OpenSea?

However, as an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared against other NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) has been commonly used on this site and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can use to access OpenSea.

What are the payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.

Does OpenSea have a desktop or mobile app?

As we mentioned earlier, there is definitely an official mobile app by OpenSea for both iOS or Android. Install it from their app store, and then you can begin exploring the collection right now!

The version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and 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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