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The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up across the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.

If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.

So, hop on board and discover what you can do with OpenSea as well as examining the NFTs that you can see!

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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. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Itam

The goal of OpenSea was to offer an online marketplace for artists to upload their commissions, without having to pay any additional costs. It has more functions which allow you to market your work without having to deal with many issues.

For registration, you don’t need to provide any personal information about yourself. All you have to do is connect your cryptocurrency 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 well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for most processes. It is also based with the Polygon blockchain, which allows for lower costs and faster trading.

With these two kinds of blockchains, you can choose which one you would like to transfer your NFT to as seller. This ensures the safety of your NFT as well as those who would like to buy it. Every transaction will be conducted 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 trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can become a seller however, it takes time before anyone can become an established one.

There is a wide variety of NFTs available of NFTs available at OpenSea and you can join in with the collection! You can set up your own marketplace here, along with finding NFTs you want to purchase yourself.

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What is an NFT?

In a recent advancement for the crypto industry,”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 aren’t sure exactly what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.

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

There’s no limit to what an NFT could be, since it’s a non-fungible item that you sell online. In simpler terms, you could just imagine as an NFT to be a type of digital collectible 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 you uploaded on market, as selling it. Typically, this is official after you fill in all the necessary information about the NFT and finally upload it to the marketplace.

On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then create a collection! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain, payments tokens). After that 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 now on to see whether OpenSea is the right marketplace for you.

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What NFTs are available here?

So, at this point you’re probably asking yourself which kind of NFT can be found here and what you can also sell if you decide to go down that path. The kind of NFT that you can purchase isn’t limited because there’s a wide range of ways to approach it.

You can be selling trade cards, digital goods game assets domain names, even physical assets! Find out what you think will reap the best rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager feature is what separates OpenSea from the others. There’s no cost for gas when you use this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you won’t need to spend on any additional charges.

Not many NFT marketplaces have this feature, and it is great for you to earn a high return from your collection.

Referral Program

This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, letting you make more money by this method.

Other NFT marketplaces do not have this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.

The mobile apps of OpenSea are available on both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still at least browse through the selections you’re interested in on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are to you You can also trade your fiat currency for cryptocurrency using these platforms. Nft Itam

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

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

All of them have the option of converting them into ETH that is the standard crypto payment in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than others. Because it is based on an ETH blockchain, wallets with a connection to that network will be suitable for this site.

Here is a list of several crypto wallets you can utilize in OpenSea:

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

Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage and the ability to buy cryptocurrency using a credit card. Nft Itam

To know more about it You can go through their FAQs to see an overview of how you can begin and also 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 comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:

Pros

  • Mobile apps are available for iOS and Android.
  • Smart contracts can be used to perform transactions.
  • Security at the highest level with the help of blockchain.
  • Ideal for those who are new to the crypto market and NFTs.

Cons

  • Allows royalties of only 10% for artists (low royalties).
  • It is not possible to buy or sell items on our mobile apps.
  • Only accepts cryptocurrency as a method of payment.
  • The use of a Crypto account is needed to use this marketplace.

Pricing

OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will easily recover that amount when you sell regularly since there is no additional fee for it.

Frequently Asked Questions Nft Itam

What is OpenSea?

OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online to receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs because of its zero gas fees and low commission fee rate that you have to pay.

You can browse and shop for the vast array of digital products on this NFT marketplace, so you should take a look!

Is OpenSea legitimate and secure?

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

In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear to your account or any collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure that users are protected.

How do I earn royalties from OpenSea?

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

What is the most popular cryptocurrency available in OpenSea?

Ethereum (ETH) can be frequently used on this site and other sites to provide many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.

Does OpenSea have a desktop or mobile application?

As mentioned before there’s an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store and begin browsing through the collection right now!

A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications on updates regarding 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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