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The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.

If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.

Get on board, and discover what you can do with OpenSea as well as examining what NFTs you can view!

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Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Length Max

The goal for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. There are additional features which allow you to market your work without having to deal with many problems.

In terms of registration, you won’t have to worry about giving too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also operates with the Polygon blockchain, which allows for low-cost and quicker trading.

There are two types of blockchains that are available you can pick which one you would like to transfer your NFT to as an seller. This ensures the safety of your NFT, along with those who wish to buy it. All transactions are made by using the blockchain, and you must think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes time before anyone can become an established seller.

There are a variety of NFTs from the selection at OpenSea and you could also be a part of the collection! You can start your own personal market there, and also find NFTs that you would like to purchase yourself.

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What is an NFT?

In a recent advancement for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.

One of the new things you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible that is very individual and cannot be substituted. This can be a piece of rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.

There is no limit to what an NFT could be, since it’s a non-fungible item you’re selling on the internet. It is simpler to just consider an NFT being a virtual item that is paid for using cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and you’re putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and finally add it on the market.

On OpenSea, it’s a simple process to mint your NFTs by visiting the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain, payment tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.

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

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What NFTs can you get here?

So, at this point you’re probably asking yourself the kind of NFTs be purchased here and what you can sell should you decide to go down that path. The type of NFT that you can purchase isn’t limited since there’s a broad range of how you can approach it.

It is possible to sell digital products, trading cards game assets domain names, even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager feature is what sets OpenSea from other companies. There’s no cost for gas when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you don’t need to pay on extra fees.

Very few NFT marketplaces have this feature, and it is great for you to make a huge profit from your collection.

Referral Program

A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, letting you earn more cash through this action.

Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea has over them.

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Mobile Application

There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.

The mobile apps from OpenSea are accessible on both iOS as well as Android. Even though you can’t buy or sell something, you can at least browse through the selections you’re looking for on the move.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available to you You can also exchange your fiat money for cryptocurrency on these platforms. Nft Length Max

You can exchange the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:

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

Each of them has the option of converting them into ETH which is the most common cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than others. Because it is based around an ETH blockchain, all wallets with a connection to that network will be suitable for the site.

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

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

*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency using the credit card. Nft Length Max

To learn more about it, you can check their FAQs for a rundown 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 many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:

Pros

  • Mobile apps available that are compatible with iOS as well as 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 royalties of only 10% for artists (low royalty).
  • Cannot buy or sell through our mobile apps.
  • Only supports cryptocurrency as its type of payment.
  • A Crypto account is needed 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% portion of commission fees to all the sellers who are on this platform. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.

Frequently Asked Questions Nft Length Max

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using it to sell NFTs due to its low gas fees and low commission fee rate which you are required to pay.

You can browse and shop for an array of digital goods in this NFT marketplace and you must check it out!

Is OpenSea legit & secure?

The short answer is yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year 2018. Because its system is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.

In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned next to your account or the collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure that users are secure.

How can I earn royalties on OpenSea?

However, as an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared against other NFT marketplaces.

What are the cryptocurrency options offered in OpenSea?

Ethereum (ETH) is widely used on this site as well as many others to accommodate the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can use for OpenSea.

Which are the accepted payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.

Does OpenSea has a mobile or desktop application?

As we mentioned earlier, there is definitely an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store, and you can start exploring the collection right now!

A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and get 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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