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The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto coins. Markets have popped up all over the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.

If you’re interested in crypto, you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.

So, hop on board and discover what you can do with OpenSea as well as examining the NFTs available to view!

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Before you go on, you may want to check out 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 Rectangular Gutter

The goal for OpenSea was to offer a platform/marketplace for artists to upload their commissions with no additional charges. It also has additional functions that let you sell your work without having to deal with many difficulties.

When it comes to registration, you won’t have to give any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that and without much hassle as you step into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.

With these two types of blockchains available, you can choose which one you’d like to upload your NFT on as an seller. This is to ensure the security of your NFT, along with those who wish to purchase it. All transactions are made by using the blockchain, so you should 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 NFTs or cryptocurrency for other NFTs. You can buy anything just 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 become an established seller.

There are a variety of NFTs from the selection of NFTs available at OpenSea and you can also be a part of the collection! You can set up your own market there, and also find NFTs you want to purchase 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 internet that many millennials have heard of it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.

One of the newest things you can buy is an NFT. A NFT is a token that is non-fungible that is very individual and cannot be replaced. It can be a piece of rareness like mint-condition baseball trading cards or a unique vinyl album.

There’s no limit on what an NFT can be as it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can just imagine the NFT being a virtual item paid via cryptocurrency only.

Minting NFTs

Minting is like calling the shots to your NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as you’re putting it up for sale. Usually, this becomes official after you fill in the correct information about the NFT and add it on the market.

On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then creating a collection to start! Complete the correct 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, money transfer tokens). Once that’s all done then you’re able to upload it, if it’s within the 100 MB limit.

You can wait and observe how the transactions go from here on out to determine if OpenSea is the right marketplace for you.

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What NFTs can you find here?

So, at this point, you’re probably wondering which kind of NFT can be purchased here and what kind of NFTs you can also sell if you choose to pursue that route. The type of NFT it can be is indefinite since there’s a broad range of how you can do it.

You can be selling digital items, trading cards, game assets domain names, also physical goods! Find out what you think will yield the most profit by trying OpenSea.

OpenSea: Collection Manager Feature

The collection Manager feature is what separates OpenSea from other companies. There are no gas costs when you utilize this feature when you create and market NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t have to spend on extra fees.

There aren’t many NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return from your portfolio.

Referral Program

The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to earn more money from this act.

Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit 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 used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.

The mobile apps of OpenSea are available on both iOS in addition to Android. While you’re not able to buy or sell something, you can at least look through the options you’re interested in on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available to you You can also exchange your fiat money for cryptocurrency on these platforms. Nft Rectangular Gutter

You can swap the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:

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

Each of them has the option to exchange for ETH, which is the primary cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built on the ETH blockchain, all wallets with a connection to this network are appropriate for this site.

Here is a list of different crypto wallets you can use in OpenSea:

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

*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations including simple registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Nft Rectangular Gutter

For more information about the service, you can check their FAQs for an overview of how you can get started and 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 the only one to have this. You can read about its pros and cons here:

Pros

  • Mobile apps available that are compatible with iOS or Android.
  • Smart contracts can be used to perform transactions.
  • High-level security , with the backing 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).
  • You cannot buy or sell products via our mobile apps.
  • Only accepts cryptocurrency as a type of payment.
  • The use of a Crypto digital wallet must be used to use this marketplace.

Pricing

OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.

Frequently Asked Questions Nft Rectangular Gutter

What is OpenSea?

OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online to receive cryptocurrency as a method of payment. It’s an ideal platform for artists using the platform to market NFTs due to its low cost of gas and the low commission rate you must pay.

You can browse and purchase a vast collection of digital items on the NFT marketplace and you must take a look!

Is OpenSea legitimate and is it safe?

Short answer: Yes! OpenSea has been a reliable marketplace since it was established in the year 2018. Because its system is based on a blockchain, it is safe to claim that your transactions are protected and secured.

In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear next to your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are safe.

How can I earn royalties from OpenSea?

Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared with the other NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) can be widely used on this site and many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

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

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

Does OpenSea have a desktop or mobile application?

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

The version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you can 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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