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The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto currency. Markets have popped up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.

If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.

So, hop on board and let’s explore the possibilities of OpenSea as well as examining what NFTs you can view!

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

OpenSea as an NFT Marketplace Nft Pick Em

The purpose for OpenSea was to provide an online marketplace for artists to upload their commissions, without having to pay any additional fees. It also has additional functions that let you sell your artwork without any issues.

For registration, you don’t need to provide all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain to ensure low-cost and quicker trading.

With these two kinds of blockchains you can pick which one you want to transfer your NFT to as seller. This is to ensure the security of your NFT, along with the people who want to buy it. All transactions will be made by using the blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes time for anyone to become a reputable one.

There’s a huge selection of NFTs available of NFTs available at OpenSea and you could become a part of this! You can set up your own marketplace on this site, as well as find NFTs you want to purchase for yourself.

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What is an NFT?

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

One of the newest things you can buy includes an NFT. An NFT is a non-fungible currency that is very individual and cannot be changed. This can be a piece of rareness, such as authentic baseball cards, or a 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 just think of an NFT being a virtual item which is only paid in cryptocurrency.

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token that you posted to the market place, but putting it up for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and finally add it on the market.

On OpenSea it’s a straightforward process to mint your NFTs by going to the store and making a collection to begin! Complete the correct and complete information about your NFT and select the type of settings you’d like for it (e.g., blockchain, payment tokens). After that you are able to upload it, if it’s within the 100 MB limit.

You can wait and observe how the transactions go from now to determine if OpenSea is the best marketplace for you.

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What NFTs are available here?

In this moment you’re probably asking yourself which kind of NFT be purchased here and what you can sell should you decide to go that route. The type of NFT that you can purchase is unlimited because there’s a wide range of ways to go about it.

You can be selling digital items, trading cards, game assets domain names, some physical items! Explore what you believe can bring the greatest rewards by trying OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that separates OpenSea from other companies. There are no gas costs for using this feature when you create and market NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on extra fees.

Not many NFT marketplaces have this feature, which is why this is great for you to receive high profit from your collection.

Referral Program

The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits when you refer your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, letting you make more money through this action.

Other NFT marketplaces don’t have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it’s mostly used for perusing through 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 the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can explore the products you’re interested in on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are available for you to use, and you can convert your fiat money into cryptocurrency through these platforms. Nft Pick Em

You can exchange your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:

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

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

Crypto Wallets

Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly using an ETH blockchain, any wallets that share that network will be suitable for this site.

Here’s a list of different crypto wallets which you can use with OpenSea:

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

*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency using a credit card. Nft Pick Em

To learn more about it to learn more, check out their FAQs to see an overview of how you can begin and what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

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

Pros

  • Mobile apps are available for iOS as well as 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 royalty rates of 10% for artists (low royalty rates).
  • You cannot buy or sell products through our mobile apps.
  • Only accepts cryptocurrency as a method of payment.
  • The use of a Crypto wallet is required for this marketplace.

Pricing

OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Nft Pick Em

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists who use for selling NFTs due to its no cost of gas and low commission fee rate that you have to pay.

You can browse and purchase an array of digital goods in this NFT marketplace, so you should take a look!

Is OpenSea real and safe?

Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Since the system it operates on is built on blockchain technology that is secure, you can declare that transactions are safe and secure.

In addition as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or any collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure users are secure.

How can I earn royalties on OpenSea?

However, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be quite low in comparison with other NFT marketplaces.

What cryptocurrency is accessible in OpenSea?

Ethereum (ETH) is commonly used on this site as well as many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can utilize to access OpenSea.

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

OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.

Does OpenSea have a desktop/mobile app?

As previously mentioned there’s an official mobile application from OpenSea that is available for iOS as well as Android. Install it from their app store, and begin browsing through the collection right now!

A desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and receive notifications on updates regarding your account from 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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