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The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.

If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.

So, hop on board and let’s explore the possibilities of OpenSea and also see the NFTs that you can see!

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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 Magic Band Company

The aim to create OpenSea was to offer an online marketplace for artists to upload commissions, without having to pay any additional fees. There are additional features which allow you to market your art without too many issues.

In terms of registration, you don’t need to worry about giving all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for most processes. It also functions with the Polygon blockchain to ensure lower costs and faster trading.

With these two types of blockchains that are available it is possible to choose which one you would like to transfer your NFT to as seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions are made along with this blockchain, and you must think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name, to a piece of art by an artist you admire. Anyone can be a seller, but it takes time before anyone can become a reputable one.

There is a wide variety from the selection at OpenSea and you could also be a part of this! You can set up your own personal market here, along with finding NFTs you’d like to buy for yourself.

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What is an NFT?

A recent change in the crypto industry the term “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.

One of the newest things you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. It could be a piece of rareness, such as mint-condition baseball trading cards, or a uncommon vinyl record.

There’s no limit on what an NFT can be since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can simply imagine as an NFT as a digital item paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you posted to market, as putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and submit it for sale on.

On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and then making a collection to begin! Complete the correct and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain, money transfer tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.

You can wait and observe how the transactions go from here on out to see if OpenSea is the right marketplace for you.

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What NFTs can you get here?

So, at this point you’re probably asking yourself what kind of NFTs be purchased here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT it can be is indefinite as there’s a variety of ways to go about it.

You could be selling digital products, trading cards, game assets, domain names, and also physical goods! Explore what you believe can yield the most profit by trying OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager feature is what separates OpenSea from other companies. There are zero gas fees for using this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t need to spend on extra fees.

Very few NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your portfolio.

Referral Program

This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50% of the sale amount, letting you earn more cash from this act.

Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over them.

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Mobile Application

There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listings.

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

Crypto Exchange Platforms

Various crypto exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Magic Band Company

You can convert the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:

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

All of these have the option of converting them into ETH which is the primary cryptocurrency payment option in OpenSea.

Crypto Wallets

While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built around an ETH blockchain, wallets that share that network will be suitable for the site.

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

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

*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to buy cryptocurrency using the credit card. Nft Magic Band Company

To learn more about it to learn more, check out their FAQs to get the steps you can get started and 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 drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:

Pros

  • Mobile apps available that are compatible with iOS and Android.
  • Smart contracts are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • Ideal for those who are new to the crypto industry and NFTs.

Cons

  • Allows royalties of only up to 10% for artists (low royalty rates).
  • Cannot buy or sell through our mobile apps.
  • Only accepts cryptocurrency as a method of payment.
  • A Crypto wallet is required to use this marketplace.

Pricing

OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll quickly regain that when you are actively selling since there is no additional fee for it.

Frequently Asked Questions Nft Magic Band Company

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its low gas fees and low commission fees which you are required to pay.

You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely go through it!

Is OpenSea legit & secure?

The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can say that your transactions are secure and safe.

Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark is placed to your account or the collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure users are safe.

How can I earn royalties from OpenSea?

As an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared against others NFT marketplaces.

What is the most popular cryptocurrency available in OpenSea?

Ethereum (ETH) can be frequently used on this site as well as numerous others to cater for more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment methods for OpenSea?

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

Does OpenSea have a desktop/mobile application?

As we mentioned earlier there’s an official mobile app by OpenSea available for both iOS or Android. Install it from their app store and you can start exploring the collection now!

A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app, 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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