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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 all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them and is worth a look.

If you’re interested in crypto, you’ve probably heard about 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 security and quick transactions.

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

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

OpenSea as an NFT Marketplace Nft Side Effects

The aim of OpenSea was to provide a platform/marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions that let you sell your artwork without any problems.

In terms of registration, you won’t have to provide any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also functions on the Polygon blockchain, which allows for low-cost and quicker trading.

With these two kinds of blockchains available it is possible to choose which one you would like to upload your NFT on as seller. This ensures the safety of your NFT and the people who want to buy it. All transactions are made by using the blockchain, which is why you need to consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes time for anyone to be an established one.

There is a wide variety from the selection at OpenSea and you could join in with that! You can start your own marketplace on this site, as well as find NFTs you’d like to buy yourself.

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What is an NFT?

In a recent advancement for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the 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 those who are just beginning to get started in the field of cryptocurrency.

One of the latest ways that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible token which is extremely individual and cannot be changed. It could be an item of rarity like authentic baseball cards or rare vinyl record.

There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could just imagine as an NFT as a digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. You’re claiming the owner of the item or token that you have uploaded to the market place, but selling it. Typically, this is official once you fill out the proper information regarding the NFT and submit it for sale on.

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

You can watch and see the way transactions are handled from now to determine if OpenSea is the right marketplace for you.

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What NFTs are available here?

In this moment you’re probably asking yourself the kind of NFTs can be purchased here and what you can also sell if you choose to pursue that route. The kind of NFT that you can purchase is unlimited because there’s a wide range of options for how to go about it.

You could be selling trade cards, digital goods games, domain names, and also physical goods! Consider what you believe will reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that sets OpenSea from the others. There’s no cost for gas for using this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on any additional charges.

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

Referral Program

This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you earn more money by this method.

Other NFT marketplaces do not have the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

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

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 anything, you can still look through the options you’re interested in while on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency using these platforms. Nft Side Effects

You can exchange the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:

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

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

Crypto Wallets

While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly on an ETH blockchain, wallets with a connection to the same network are suitable for this website.

Here’s a list of various crypto wallets that you can utilize in OpenSea:

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage as well as the capability to buy cryptocurrency using a credit card. Nft Side Effects

To learn more about it, 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 all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:

Pros

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

Cons

  • Allows royalties 10% for artists (low royalty rates).
  • Cannot buy or sell via our mobile apps.
  • Only accepts cryptocurrency as a form of payment.
  • A Crypto account is needed to access this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you are actively selling since there is no additional fee for it.

Frequently Asked Questions Nft Side Effects

What is OpenSea?

OpenSea is an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no cost of gas and the low commission rate that you have to pay.

You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely go through it!

Is OpenSea legit & secure?

The short answer is yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year 2018. Since the system it operates on is built on blockchain technology, it is safe to claim that your transactions are secure and safe.

Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed to your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are secure.

How can I earn royalties from OpenSea?

As an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared to other NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) is widely used on this site as well as numerous others to cater for more crypto users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

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

OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.

Does OpenSea has a mobile or desktop application?

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

There is also a desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and get 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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