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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. Markets have popped up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.

If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.

Get on board, and let’s explore the possibilities of OpenSea as well as examining the NFTs that you can see!

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

OpenSea as an NFT Marketplace Nft Playoss

The purpose for OpenSea was to offer an online marketplace for artists to upload their commissions without any extra costs. It also has additional functions which allow you to market your work without having to deal with many difficulties.

For the registration process, you don’t have to provide all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that and without much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for most processes. It also operates with the Polygon blockchain, which allows for the lowest cost and speediest trading.

With these two types of blockchains available you can pick which one you’d like to upload your NFT on as seller. This is to ensure the security of your NFT and those who wish to purchase it. All transactions will be made using this blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything just a 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 seller.

There are a variety of NFTs in the collection on OpenSea, and you can become a part of this! You can create your own marketplace here, along with finding NFTs you’d like to buy yourself.

Nft Playoss

> > Click Here to Explore OpenSea < <

What is an NFT?

In a recent development for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials have heard of 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 you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible which is extremely individual and cannot be replaced. This can be an item of any rareness like authentic baseball cards, or a rare vinyl record.

There’s no limit on what an NFT can be since it’s a non-fungible thing that you can sell on the internet. It is simpler to just consider an NFT to be a type of digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and offering it for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and finally upload it to the marketplace.

On OpenSea It’s a very simple process to mine your NFTs by going to the store and then create a collection! Fill out the proper and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain and payment 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 how transactions progress from now on to determine if OpenSea is the best marketplace for you.

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What NFTs can you get here?

So, at this point, you’re probably wondering the kind of NFTs be purchased here and what kind of NFTs you can also sell if you choose to pursue that route. The kind of NFT it is unlimited because there’s a wide range of ways to approach it.

It is possible to sell trade cards, digital goods game assets domain names, some physical items! Consider what you believe will bring the greatest rewards by trying OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager feature is what differentiates OpenSea from other companies. There are no gas costs when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t need to spend on extra fees.

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

Referral Program

A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces there are advantages by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which means you can earn more cash through this action.

Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

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

The mobile apps of OpenSea are available for both iOS as well as Android. While you’re not able to buy or sell something, you can browse through the selections you’re looking for on the move.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are at your disposal You can also exchange your fiat money for cryptocurrency through these platforms. Nft Playoss

You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:

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

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

Crypto Wallets

Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built on the ETH blockchain, all wallets that share this network are appropriate for this website.

Here’s a list various crypto wallets that which you can use with OpenSea:

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only, and the function to buy cryptocurrency using the credit card. Nft Playoss

For more information about the service to learn more, check out their FAQs to get an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:

Pros

  • Mobile apps available that are compatible with iOS and Android.
  • Smart contracts are used for transactions.
  • High-level security , with the backing of blockchain.
  • The best option for beginners to the crypto industry and NFTs.

Cons

  • Allows royalty rates of 10% for artists (low royalty rates).
  • It is not possible to buy or sell items via this mobile application.
  • Only accepts cryptocurrency as a type of payment.
  • An 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% portion of commission fees that all buyers on the marketplace. But overall, you can easily recover that amount when you sell regularly since there’s no extra charge for it.

Frequently Asked Questions Nft Playoss

What is OpenSea?

OpenSea is an NFT marketplace that seeks to offer artists a way to market their work online and receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use for selling NFTs due to its no gas fees and low commission fees which you are required to pay.

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

Is OpenSea legit & is it safe?

Answer: Yes! OpenSea is a reputable marketplace since its inception in 2018. Since its system is built on a blockchain, it is safe to claim that your transactions are protected and secured.

Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned to your account or the collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure that users are protected.

How can I earn royalties from OpenSea?

However, as an artist, you will get only 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison to other NFT marketplaces.

What cryptocurrency is offered in OpenSea?

Ethereum (ETH) can be frequently used on this site as well as other sites to provide more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can make use of for OpenSea.

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

OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.

Does OpenSea have a desktop/mobile app?

As previously mentioned there’s an official mobile app from OpenSea available for both iOS and Android. Download it at their respective app store and begin exploring the collection right now!

There is also a Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive 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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