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The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up all over the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.

If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.

Now hop aboard, and discover 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 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 List Is Blank

The purpose to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions with no additional charges. There are additional features that allow you to sell your artwork without any difficulties.

In terms of registration, you won’t have to give too many details about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for most processes. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.

There are two types of blockchains available, you can choose which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted using this blockchain, so you should consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork by an artist you admire. Anyone can be a seller however, it takes some time for anyone to become a reputable one.

There’s a huge selection from the selection at OpenSea, and you can join in with the collection! You can start your own marketplace there, and also find NFTs you’d like to buy yourself.

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What is an NFT?

A recent change in the cryptocurrency industry the term “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.

One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token that is unique and can’t be substituted. This can be a piece of rareness like rare baseball trading cards in mint condition, or a uncommon vinyl record.

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

Minting NFTs

Minting is like calling dibs on your own NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as selling it. Usually, this becomes official after you fill in 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 making a collection to begin! Fill out the proper and complete information about your NFT and then select what type of settings you’d like for it (e.g., blockchain and payment tokens). After you’ve completed the process, you can finally upload it, if it’s within the 100 MB limit.

You can watch and see how the transactions go from here on out to determine whether OpenSea is the marketplace for you.

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What NFTs are available here?

So, at this point, you’re probably wondering what kind of NFTs you shop for here, and what you could sell should you decide to go that route. The kind of NFT it isn’t limited since there’s a broad range of ways to do it.

You could be selling digital products, trading cards game assets, domain names, and also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager feature is what separates OpenSea from the other options. There’s no cost for gas for using this feature when you create and market NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t have to spend on extra fees.

There aren’t many NFT marketplaces have this feature, and it can be a fantastic way to earn a high return from your collection.

Referral Program

This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer rewards by referring your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to make more money from this act.

Other NFT marketplaces don’t have this kind of feature either, so that’s just 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’s mostly used to browse the marketplace. You can’t buy or sell anything while you browse through the listings.

The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can at least look through the options you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency through these platforms. Nft List Is Blank

You can swap your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:

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

All of them have the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.

Crypto Wallets

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

Here’s a list several crypto wallets which you can use with 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 as well as the capability to buy cryptocurrency using a credit card. Nft List Is Blank

For more information about the service You can go through their FAQs to get the steps you can begin and which other wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:

Pros

  • Mobile apps are available that are compatible with iOS and Android.
  • Smart contracts can be used to perform transactions.
  • Security at the highest level with the help of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalties 10% for artists (low royalty).
  • Cannot buy or sell via the mobile app.
  • Only supports cryptocurrency as its form of payment.
  • A Crypto wallet is required 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% portion of commission fees that all buyers on the marketplace. But overall, you can quickly regain that when you actively sell because there’s no additional cost for it.

Frequently Asked Questions Nft List Is Blank

What is OpenSea?

OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero gas costs and the low commission rate that you have to pay.

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

Is OpenSea real and safe?

Answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year of 2018. Because its system is built on blockchain technology and is secured, it is safe to claim that your transactions are secure and safe.

In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark is placed next to your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are secure.

How do I earn royalties from OpenSea?

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

What cryptocurrency is offered in OpenSea?

Ethereum (ETH) has been widely used on this site as well as other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can utilize for OpenSea.

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

OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept 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 application?

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

A Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding 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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