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The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.

If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.

Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!

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Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft Lettuce Spacing

The goal to create OpenSea was to simply provide a platform/marketplace for artists to upload commissions without any extra costs. It also has additional functions that let you sell your artwork without any difficulties.

When it comes to the registration process, you don’t have to provide too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for the lowest cost and speediest trading.

With these two types of blockchains it is possible to choose which one you want to transfer your NFT to as a seller. This ensures the safety of your NFT, along with those who wish to buy it. All transactions are made using this blockchain, so you should think about where you should upload it.

OpenSea: NFT Collection Galore

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

There’s a huge selection of NFTs available at OpenSea and you can become a part of this! You can start your own market on this site, as well as find NFTs that you would like to purchase yourself.

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What is an NFT?

A recent change in the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.

One of the new things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible token that is very unique and can’t be replaced. It could be an item of any rareness like rare baseball trading cards in mint condition or unique vinyl album.

There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could just imagine the NFT being a virtual item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the market place, but putting it up for sale. Usually, this is recognized once you fill out the correct information about the NFT and add it on the market.

On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and simply creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you want to use it with (e.g. blockchain, payments tokens). After that you are able to upload it, if it’s within the limit of 100MB.

You can watch and see how transactions progress from here on out to see if OpenSea is the marketplace for you.

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What NFTs can you get here?

In this moment you’re probably asking yourself what kind of NFTs can you shop for here and what you can sell should you decide to go down that path. The kind of NFT it is indefinite since there’s a broad range of how you can approach it.

It is possible to sell trade cards, digital goods, game assets domain names, some physical items! Find out what you think will reap the best rewards by trying OpenSea.

OpenSea: Collection Manager Feature

The collection Manager feature is what sets OpenSea from the other options. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t have to spend on extra fees.

There aren’t many NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your collection.

Referral Program

A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more money by this method.

Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it is mainly used to browse 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 in addition to 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

Numerous cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency through these platforms. Nft Lettuce Spacing

You can exchange your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:

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

All of these have the option of exchange for ETH that is the most common cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built around the ETH blockchain, all wallets which are part of that network will be suitable for this website.

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

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

*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with credit cards. Nft Lettuce Spacing

To know more about it You can go through their FAQs for a rundown of how you can get started and also what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:

Pros

  • Available as mobile apps that are compatible with iOS or Android.
  • Smart contracts are utilized for transactions.
  • Security at the highest level with the help of blockchain.
  • The best option for beginners to the crypto industry and NFTs.

Cons

  • Allows royalty rates of up to 10% for artists (low royalties).
  • Cannot buy or sell on the mobile app.
  • Only accepts cryptocurrency as a form of payment.
  • A Crypto wallet is required for this marketplace.

Pricing

OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.

Frequently Asked Questions Nft Lettuce Spacing

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 their form of payment. It’s a great platform for artists using the platform to market NFTs because of its zero gas fees and low commission fee rate which you are required to pay.

You can browse and shop for a vast collection of digital items on the NFT marketplace and you must go through it!

Is OpenSea real and is it safe?

Answer: Yes! OpenSea is a reputable marketplace since it was founded in 2018. Since the system it operates on is built on a blockchain, it is safe to claim that your transactions are safe and secure.

Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed next to your account or any collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are safe.

How can I earn royalties on OpenSea?

However, as an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared against the other NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) is commonly used on this site and many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can use for OpenSea.

How do I pay for OpenSea? What are my payment methods for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.

Does OpenSea have a desktop or mobile app?

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

A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get notifications about updates to 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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