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The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.

If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.

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

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

OpenSea as an NFT Marketplace Nft Meaning Deviantart Yahoo

The aim to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions that allow you to sell your work without having to deal with many problems.

In terms of registration, you don’t need to worry about giving any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account on 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 within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.

With these two kinds of blockchains available it is possible to choose which one you would like to upload your NFT on as a seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions will be made along with this blockchain, and you must consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork by an artist you admire. Anyone can be a seller, but it takes a while before anyone can become an established one.

There’s a huge selection from the selection of NFTs available at OpenSea and you can become a part of that! You can start your own personal market there, and also find NFTs you want to purchase yourself.

Nft Meaning Deviantart Yahoo

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What is an NFT?

In a recent development for the crypto industry,”NFT,” a popular term in the crypto industry “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 is. Let’s take a look at what NFT is for any beginners in cryptocurrency.

One of the new things you can buy includes an NFT. An NFT is a token that is non-fungible that is very individual and cannot be replaced. It can be an item of rareness like mint-condition baseball trading cards or rare vinyl record.

There is no limit to what an NFT could be, since it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can simply consider an NFT to be a type of digital collectible paid via cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token that you have uploaded to the market place, but putting it up for sale. Typically, this is official when you have filled in all the necessary information about the NFT and finally upload it to the marketplace.

On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and select the type of settings you want to use it with (e.g. blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.

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

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What NFTs are available here?

So, at this point, you’re probably wondering the kind of NFTs can be found here and what you can sell should you decide to pursue that route. The type of NFT it isn’t limited as there’s a variety of options for how to do it.

You can be selling trade cards, digital goods games domain names, even physical assets! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager features is one of the things that separates OpenSea from the others. There’s no cost for gas when you utilize this feature when you create and market NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t have to spend on additional fees.

There aren’t many NFT marketplaces have this feature, so this is great for you to make a huge profit from your collection.

Referral Program

The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to earn more money from this act.

Other NFT marketplaces don’t offer this feature This is a further advantage OpenSea has over them.

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Mobile Application

There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.

The mobile apps of OpenSea are available on both iOS as well as Android. While you’re not able to buy or sell things, you can browse through the selections you’re looking for on the move.

Crypto Exchange Platforms

Various crypto exchange platforms are to you, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Meaning Deviantart Yahoo

You can swap the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:

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

Each of them has the option of exchange for ETH, which is the primary cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets still more compatible with it than other. Because it is based using the ETH blockchain, all wallets with a connection to that network will be suitable for the site.

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

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

Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only and the ability to buy cryptocurrency using credit cards. Nft Meaning Deviantart Yahoo

To know more about it to learn more, check out their FAQs to get an overview of how you can start and what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:

Pros

  • Mobile apps available for iOS as well as 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 market and NFTs.

Cons

  • Allows royalties up to 10% for artists (low royalty rates).
  • Cannot buy or sell through our mobile apps.
  • Only supports cryptocurrency as its form of payment.
  • An Crypto wallet is required for 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 for all sellers on the platform. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.

Frequently Asked Questions Nft Meaning Deviantart Yahoo

What is OpenSea?

OpenSea is an NFT marketplace that aims to offer artists a way to market their work online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use for selling NFTs due to its no gas costs and low commission fee rate that you have to pay.

You can browse and purchase a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!

Is OpenSea real and is it safe?

Short answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year of 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to claim that your transactions are secure and safe.

Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.

How do I earn royalties from OpenSea?

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

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) can be widely used on this site and numerous others to cater for the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can use for OpenSea.

Which are the accepted payment options for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on its 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 exchange.

Does OpenSea has a mobile or desktop app?

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

There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive 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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