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Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth looking into.

If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.

Get on board, and discover the possibilities of 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Ksp

The aim to create OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra charges. It has more functions which allow you to market your art without too many difficulties.

For registration, you won’t have to worry about giving all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also operates with the Polygon blockchain to ensure lower costs and faster trading.

With these two kinds of blockchains available you can pick which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT, along with the people who want to purchase it. All transactions will be made along with this blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can be a seller however, it takes time for anyone to become an established one.

There are a variety of NFTs of NFTs available at OpenSea and you could join in with this! You can set up your own personal market on this site, as well as find NFTs you want to purchase for yourself.

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What is an NFT?

In a recent development for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.

One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible token which is extremely individual and cannot be substituted. It can be an item of rarity like rare baseball trading cards in mint condition, or a rare vinyl record.

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

Minting NFTs

Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token that you have uploaded to the marketplace, and you’re offering it for sale. Typically, this is official once you fill out the proper information regarding the NFT and then upload it to the marketplace.

On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and create a collection! Fill out the proper and complete information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain, payments tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.

You can watch and see how the transactions go from now to determine if OpenSea is the best marketplace for you.

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What NFTs can you get here?

In this moment you’re probably thinking about the kind of NFTs can be found here and what kind of NFTs you can also sell if you choose to pursue that route. The type of NFT it is unlimited since there’s a broad range of how you can go about it.

You can be selling trade cards, digital goods games, domain names, and also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.

OpenSea: Collection Manager Feature

The collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs when you utilize this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t need to spend on additional fees.

There aren’t many NFT marketplaces provide this feature, and it is a great way to earn a high return from your NFT collection.

Referral Program

A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, letting you make more money through this action.

Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.

OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell things, you can browse through the selections you’re interested in while on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available to you to trade your fiat currency for cryptocurrency through these platforms. Nft Ksp

You can convert your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:

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

All of these have the option to exchange for ETH, which is the standard crypto payment in OpenSea.

Crypto Wallets

While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly on an ETH blockchain, any wallets with a connection to the same network are suitable for this website.

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

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

Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage as well as the capability to purchase cryptocurrency using the credit card. Nft Ksp

To know more about it You can go through their FAQs for a rundown of how you can begin and which other wallets work with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:

Pros

  • Mobile apps available for 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 industry and NFTs.

Cons

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

Pricing

OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.

Frequently Asked Questions Nft Ksp

What is OpenSea?

OpenSea can be described as 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 a great platform for artists who use it to sell NFTs due to its low cost of gas and the low commission rate which you are required to pay.

You can browse and shop for the vast array of digital products on this NFT marketplace which is why you should definitely go through it!

Is OpenSea legit & is it safe?

Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.

Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are safe.

How do I earn royalties from OpenSea?

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

What are the cryptocurrency options available in OpenSea?

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

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can make use of to use OpenSea.

Which are the accepted payment options for OpenSea?

OpenSea only 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 exchange.

Does OpenSea have a desktop/mobile application?

As previously mentioned, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store and then you can begin exploring the collection now!

The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and get 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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