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The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto currency. Markets have popped up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is among them and is worth looking into.

If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.

Now hop aboard, and let’s see the possibilities of OpenSea, along with checking 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 review. After, you’ll want to read the rest of the article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft Myers Florida Single Wide Reroof

The purpose of OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional costs. It has more functions which allow you to market your artwork without any problems.

For registration, you don’t need to provide too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also operates on the Polygon blockchain to ensure the lowest cost and speediest trading.

There are two types of blockchains, you can choose which one you would like to transfer your NFT to as seller. This ensures the safety of your NFT, along with the people who want to purchase it. All transactions will be made along with this blockchain, which is why you need to consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes a while for anyone to be an established one.

There is a wide variety of NFTs available of NFTs available at OpenSea, and you can also be a part of the collection! You can set up your own marketplace here, along with finding NFTs you’d like to buy yourself.

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What is an NFT?

In a recent advancement for the cryptocurrency industry the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but aren’t exactly sure what it is. 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 token that is non-fungible that is unique and can’t be substituted. It can be an item of rareness, such as mint-condition baseball trading cards, or a rare vinyl record.

There’s no limit to what an NFT could be, since it’s a non-fungible thing that you sell online. In simpler terms, you could just think of an NFT as a digital item paid via cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to market, as you’re selling it. Typically, this is official when you have filled in the correct information about the NFT and upload it to the marketplace.

On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain, money transfer tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.

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

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What NFTs are available here?

In this moment you’re probably thinking about what kind of NFTs be found here, and what you could sell should you decide to go that route. The type of NFT it can be isn’t limited since there’s a broad range of ways to do it.

It is possible to sell digital products, trading cards, game assets domain names, even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager features is one of the things that separates OpenSea from the others. There are no gas costs when you use this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you start selling because you won’t need to spend on additional fees.

Not many NFT marketplaces provide this feature, so this is great for you to earn a high return from your portfolio.

Referral Program

A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer benefits when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more money by this method.

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

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Mobile Application

There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. You can’t buy or sell anything as you scroll through the list.

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

Crypto Exchange Platforms

Various crypto exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. Nft Myers Florida Single Wide Reroof

You can convert your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:

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

All of them have the option of converting them into ETH that is the standard cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built around an ETH blockchain, wallets with a connection to the same network are suitable for the site.

Here’s a list of different crypto wallets you can use 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 has its own limitations like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using a credit card. Nft Myers Florida Single Wide Reroof

To learn more about it You can go through their FAQs to see a rundown of how you can start and also what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

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

Pros

  • Available as mobile apps for iOS as well as Android.
  • Smart contracts are utilized for transactions.
  • Security at the highest level with the help of blockchain.
  • Ideal for those who are new to the crypto world and NFTs.

Cons

  • Allows royalty rates of 10% for artists (low royalty).
  • You cannot buy or sell products via this mobile application.
  • Only accepts cryptocurrency as a form of payment.
  • The use of a Crypto digital wallet must be used to access this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.

Frequently Asked Questions Nft Myers Florida Single Wide Reroof

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online and receive cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs due to its no gas fees and low commission fees you must pay.

You can browse and shop for an array of digital items on the NFT marketplace, so you should go through it!

Is OpenSea real and is it safe?

Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year of 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are safe and secure.

Additionally as a seller you will be verified after you build up your reputation. A blue checkmark is placed on your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure users are secure.

How do I earn royalties from OpenSea?

Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared with other NFT marketplaces.

What is the most popular cryptocurrency available in OpenSea?

Ethereum (ETH) has been frequently used on this site as well as numerous others to cater for many more crypto users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can use for OpenSea.

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

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

Does OpenSea has a mobile or desktop app?

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

The desktop application for OpenSea can be downloaded via WebCatalog. With 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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