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The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.

If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.

So, hop on board and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!

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Before you continue, 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 Pearly Pearl Laquar

The aim to create OpenSea was to provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional fees. There are additional features that allow you to sell your artwork without any problems.

When it comes to registration, you won’t have to give 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 much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions on the Polygon blockchain to ensure the lowest cost and speediest trading.

With these two types of blockchains that are available, you can choose which one you’d like to publish your NFT as an seller. This ensures the safety of your NFT, along with the people who want to purchase it. All transactions will be made using this blockchain, which is why you need to think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange 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 be a seller however it takes time before anyone can become an established one.

There’s a huge selection in the collection on OpenSea, and you can become a part of that! You can set up your own personal market here, along with finding NFTs you want to purchase yourself.

Nft Pearly Pearl Laquar

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What is an NFT?

A recent change in the crypto market the term “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.

One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible that is very unique and can’t be substituted. This can be an item of rarity like mint-condition baseball trading cards or a uncommon vinyl record.

There’s no limit to what an NFT could be, since it’s a non-fungible item that you sell on the internet. It is simpler to simply think of the NFT to be a type of digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and you’re putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and then upload it to the marketplace.

On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain, payment tokens). After that you are able to upload it if it fits the 100 MB limit.

You can watch and see how transactions progress from now on to see whether OpenSea is the right marketplace for you.

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What NFTs are available here?

In this moment you’re probably asking yourself what kind of NFTs can you shop for here and what you can sell should you decide to pursue that route. The kind of NFT that you can purchase isn’t limited since there’s a broad range of how you can approach it.

You can be selling digital items, trading cards, game assets, domain names, and even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager feature is what separates OpenSea from the others. There’s no cost for gas when you use this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t have to spend on additional fees.

Very few NFT marketplaces offer this feature, so this is a great way to earn a high return from your NFT collection.

Referral Program

The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which means you can make more money by this method.

Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea has over the other marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listing.

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

Crypto Exchange Platforms

Various crypto exchange platforms are at your disposal to convert your fiat money into cryptocurrency on these platforms. Nft Pearly Pearl Laquar

You can swap your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex, and other things!

All of these have the option to exchange for ETH, which is the primary crypto payment in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than others. Since it is built using an ETH blockchain, wallets that share this network are appropriate for this website.

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

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

*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only, and the function to purchase cryptocurrency with the credit card. Nft Pearly Pearl Laquar

To learn more about it You can go through their FAQs for a rundown of how you can start and which other wallets work with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:

Pros

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

Cons

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

Pricing

OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.

Frequently Asked Questions Nft Pearly Pearl Laquar

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using it to sell NFTs due to its low gas costs and the low commission rate which you are required to pay.

You can browse and shop for a vast collection of digital products on this NFT marketplace which is why you should definitely take a look!

Is OpenSea legitimate and safe?

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

Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned on your account or collection you uploaded to reassure any customer. The team at OpenSea regularly checks the contents to ensure users are safe.

How can I earn royalties from OpenSea?

However, as an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared against the other NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) has been widely utilized on this website and numerous others to cater for the increasing number of crypto users. These are other cryptos you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.

Does OpenSea have a desktop or mobile application?

As mentioned before there’s an official mobile app by OpenSea that is available for iOS and Android. Install it from their app store, and you can start exploring the collection now!

The desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you can 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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