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The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up across the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea can be one, and it’s worth checking out.

If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.

Get on board, and discover the possibilities of OpenSea and also see the NFTs that you can see!

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

OpenSea as an NFT Marketplace Nft Polar Gully 6 M Lengths Width

The aim to create OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra costs. It also has additional functions which allow you to market your artwork without any difficulties.

When it comes to registration, you won’t have to worry about giving all of your personal details. 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 going through many hassles when you enter into NFTs.

OpenSea: Blockchain

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

With these two types of blockchains that are available you can pick which one you want to upload your NFT on as a seller. This will ensure the security of your NFT as well as the people who want to purchase it. All transactions will be made along with this blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is 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 a piece of art by an artist you admire. Anyone can become a seller however it takes time for anyone to become an established one.

There’s a huge selection in the collection on OpenSea and you could join in with the collection! You can start your own marketplace there, and also find NFTs that you would like to purchase for yourself.

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What is an NFT?

In a recent development for the crypto industry, the term “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.

One of the latest ways you can buy includes an NFT. An NFT is a token that is non-fungible that is very individual and cannot be substituted. It could be an item of rarity like rare baseball trading cards in mint condition, or a uncommon vinyl record.

There’s no limit to what an NFT can be since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can simply imagine the NFT as a digital item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling the shots for your personal NFTs. You’re claiming the ownership of the particular item you uploaded on the market place, but selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and then submit it for sale on.

On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and simply create a collection! Complete the correct and accurate information about your NFT and then select what type of settings you’d like for it (e.g., blockchain and money transfer tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.

It is possible to wait and see how transactions progress from now on to determine whether OpenSea is the best marketplace for you.

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What NFTs can you get here?

In this moment, you’re probably wondering what kind of NFTs you shop for here, and what you could sell should you decide to go that route. The type of NFT that you can purchase is unlimited as there’s a variety of options for how to do it.

It is possible to sell trade cards, digital goods games domain names, even physical assets! Find out what you think will yield the most profit by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees when you use this feature when you make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t need to spend on additional fees.

Very few NFT marketplaces provide this feature, so this is great for you to receive high profit from your portfolio.

Referral Program

The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more cash by this method.

Other NFT marketplaces don’t have this kind of feature either, so that’s just 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’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.

The mobile apps of OpenSea are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can explore the products you’re interested in on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Polar Gully 6 M Lengths Width

You can swap your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:

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

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

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based using an ETH blockchain, any wallets which are part of this network are appropriate for this site.

Here is a list of different crypto wallets 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, only mobile usage and the ability to purchase cryptocurrency with the credit card. Nft Polar Gully 6 M Lengths Width

For more information about the service You can go through their FAQs for an overview of how you can start and also what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces each one comes with advantages and drawbacks. 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 or Android.
  • Smart contracts are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalties 10% to artists (low royalty rates).
  • It is not possible to buy or sell items on this mobile application.
  • Only supports cryptocurrency as its form of payment.
  • An Crypto wallet is required to use this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.

Frequently Asked Questions Nft Polar Gully 6 M Lengths Width

What is OpenSea?

OpenSea is an NFT marketplace that seeks 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 using the platform to market NFTs due to its no cost of gas and low commission fee rate you must pay.

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

Is OpenSea legit & safe?

Answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.

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

How can I earn royalties from OpenSea?

Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) can be commonly utilized on this website and other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can use for OpenSea.

Which are the accepted payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.

Does OpenSea have a desktop or mobile app?

As mentioned before There is an official mobile application from OpenSea for both iOS or Android. You can download it through their app store, and begin exploring the collection now!

A desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications about updates to 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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