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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 currency. Marketplaces are popping up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth looking into.

If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.

So, hop on board and discover the possibilities of OpenSea as well as examining what NFTs you can view!

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

OpenSea as an NFT Marketplace Nft Near

The purpose to create OpenSea was to offer a platform/marketplace for artists to upload their commissions, without having to pay any additional fees. It also has additional functions which allow you to market your artwork without any problems.

When it comes to 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 with OpenSea! It’s as easy as that, 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, which is the system that runs it and is used for the majority of transactions. It also functions with the Polygon blockchain, which allows for low-cost and quicker trading.

With these two kinds of blockchains you can pick which one you’d like to transfer your NFT to as a seller. This is to ensure the security of your NFT and those who wish to buy it. All transactions are made by using the blockchain, which is why you need to 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. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller however it takes time for anyone to be a reputable one.

There is a wide variety in the collection on OpenSea and you could become a part of this! You can create your own marketplace on this site, as well as find NFTs you’d like to buy yourself.

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What is an NFT?

In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.

One of the new things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible token which is extremely unique and can’t be substituted. It could be an item of rarity like authentic baseball cards or a unique vinyl album.

There’s no limit on what an NFT can be as it’s a non-fungible item you’re selling on the internet. In simpler terms, you could just think of the NFT as a digital collectible which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs on your own NFTs. You are calling the owner of the item or token you uploaded on the marketplace, and you’re selling it. Typically, this is official when you have filled in the correct information about the NFT and finally submit it for sale on.

On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then create a collection! Input the appropriate and correct information regarding your NFT and choose what kind of settings you want for it (e.g., blockchain or money transfer tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.

It is possible to wait and see the way transactions are handled from now on to see if OpenSea is the marketplace for you.

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What NFTs are available here?

So, at this point you’re probably thinking about what kind of NFTs you shop for here, and what you could also sell if you choose to go that route. The type of NFT it can be isn’t limited as there’s a variety of how you can do it.

You can be selling digital items, trading cards games domain names, even physical assets! Find out what you think will reap the best rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager feature is what sets OpenSea from other companies. There are no gas costs when you use this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t need to spend on extra fees.

There aren’t many NFT marketplaces offer this feature, so this is great for you to receive high profit from your NFT collection.

Referral Program

This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can earn more money by this method.

Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea has over them.

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Mobile Application

There’s an OpenSea mobile app, but it’s mostly 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 on both iOS and Android. While you’re not able to buy or sell things, you can explore the products you’re looking for on the move.

Crypto Exchange Platforms

Various crypto exchange platforms are for you to use to convert your fiat money into cryptocurrency through these platforms. Nft Near

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

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

Each of them has the option to exchange for ETH that is the primary cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Since it is built using the ETH blockchain, any wallets that share this network are appropriate for this site.

Here is a list of various crypto wallets that which you can use with OpenSea:

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

Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage and the ability to buy cryptocurrency using the credit card. Nft Near

For more information about the service to learn more, check out their FAQs for the steps you can start and which other 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 can be used to perform transactions.
  • High-level security , with the backing of blockchain.
  • Best for beginners in the crypto market and NFTs.

Cons

  • Allows royalties of only up to 10% for artists (low royalty).
  • You cannot buy or sell products on the mobile app.
  • Only supports cryptocurrency as its type of payment.
  • An Crypto digital wallet must be used to use this marketplace.

Pricing

OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you sell regularly since there’s no extra charge for it.

Frequently Asked Questions Nft Near

What is OpenSea?

OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online to receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use it to sell NFTs because of its zero gas fees and the low commission rate you must pay.

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

Is OpenSea real and secure?

The short answer is yes! OpenSea has been a trusted marketplace since it was founded at the end of the year 2018. Since the system it operates on is built on a blockchain that is secure, you can say that your transactions are safe and secure.

Additionally as a seller you will be verified after you build up your reputation. A blue checkmark will be assigned to your account or any collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure that users are protected.

How can I earn royalties from OpenSea?

However, as an artist, you will 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 cryptocurrency is offered in OpenSea?

Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can use to use OpenSea.

What are the payment options for OpenSea?

OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the exchange.

Does OpenSea have a desktop/mobile app?

As mentioned before, there is definitely an official mobile application from OpenSea available for both iOS as well as Android. You can download it through their app store, and you can start 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 alerts on any updates that affect 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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