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The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth a look.

If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.

Get on board, and discover the possibilities of OpenSea, along with checking the NFTs that you can see!

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

OpenSea as an NFT Marketplace Nft Microgreens

The aim to create OpenSea was to provide an online marketplace for artists to upload their commissions with no additional charges. There are additional features which allow you to market your work without having to deal with many problems.

When it comes to registration, you don’t need to give all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for most processes. It also operates using the Polygon blockchain to ensure low-cost and quicker trading.

There are two types of blockchains that are available, you can choose which one you want to upload your NFT on as a seller. This will ensure the security of your NFT, along with the people who want to purchase it. All transactions are made by using the blockchain, which is why you need to think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist that you admire. Anyone can sell, 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 also be a part of the collection! You can start your own marketplace on this site, as well as find NFTs you want 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 the internet that many millennials are familiar with it but aren’t exactly sure what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.

One of the new things you can buy can be an NFT. A NFT is a non-fungible token that is very individual and cannot be substituted. It can be a piece of rareness, such as mint-condition baseball trading cards, or a uncommon vinyl record.

There is no limit to what an NFT can be since it’s a non-fungible object you’re selling online. More straightforwardly, you can simply consider the NFT being a virtual collectible which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the market place, but you’re offering it for sale. Usually, this is recognized after you fill in the correct information about the NFT and finally upload it to the marketplace.

On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and simply create a collection! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain and money transfer tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.

It is possible to wait and see how the transactions go from now to see if OpenSea is the right marketplace for you.

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What NFTs are available here?

At this point you’re probably thinking about which kind of NFT can you shop for here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT that you can purchase isn’t limited since there’s a broad range of how you can go about it.

It is possible to sell digital products, trading cards games, domain names, and also physical goods! Find out what you think will reap the best rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The collection Manager function is the one that differentiates OpenSea from the others. There are zero gas fees for using this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.

There aren’t many NFT marketplaces provide this feature, and it is a great way to earn a high return from your collection.

Referral Program

A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more cash by this method.

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

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Mobile Application

There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.

OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still look through the options you’re interested in on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are for you to use to trade your fiat currency for cryptocurrency through these platforms. Nft Microgreens

You can convert your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:

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

All of these have the option of exchange for ETH which is the standard cryptocurrency payment option in OpenSea.

Crypto Wallets

While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Since it is built using an ETH blockchain, any wallets with a connection to the same network are suitable for this site.

Here’s a list of various crypto wallets that you can utilize in OpenSea:

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. Nft Microgreens

To know more about it You can go through their FAQs for the steps you can begin 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 comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:

Pros

  • Available as mobile apps for iOS or Android.
  • Smart contracts are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • The best option for beginners to the crypto market and NFTs.

Cons

  • Allows royalties 10% to artists (low royalty).
  • Cannot buy or sell through our mobile apps.
  • Only supports cryptocurrency as its method of payment.
  • An Crypto digital wallet must be used to access this marketplace.

Pricing

OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there is no additional fee for it.

Frequently Asked Questions Nft Microgreens

What is OpenSea?

OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its low cost of gas and the low commission rate you must pay.

You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!

Is OpenSea legit & is it safe?

Answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Since the system it operates on is built on a blockchain, it is safe to say that your transactions are protected and secured.

In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear to your account or any collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure that users are protected.

How can I earn royalties on OpenSea?

However, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared against other NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) has been frequently utilized on this website and other sites to provide many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment options for OpenSea?

OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase 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 app?

As previously mentioned there’s an official mobile app by OpenSea available for both iOS or Android. You can download it through their app store and begin exploring the collection now!

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