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Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto-coins. Markets have popped up all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.

If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.

Now hop aboard, and discover the possibilities of OpenSea as well as examining the NFTs available to view!

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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 will want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Sold Out

The goal of OpenSea was to provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. It has more functions which allow you to market your artwork without any problems.

When it comes to registration, you don’t need to worry about giving any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also functions on the Polygon blockchain, which allows for the lowest cost and speediest trading.

There are two types of blockchains that are available it is possible to choose which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT as well as those who wish to buy it. Every transaction will be conducted 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 as simple as a domain name to official art by an artist you admire. Anyone can become a seller, but it takes time for anyone to be a reputable one.

There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you can also be a part of this! 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”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but not exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.

One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible token that is very exclusive and cannot be substituted. This can be an item of rareness like mint-condition baseball trading cards, or a rare vinyl record.

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

Minting NFTs

Minting is like calling dibs on your own NFTs. You are calling the owner of the item or token that you have uploaded to the market place, but you’re offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and add it on the market.

On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and creating a collection to start! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain or money transfer tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.

You can watch and see how the transactions go from now to see whether OpenSea is the best marketplace for you.

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What NFTs can you get here?

In this moment you’re probably thinking about the kind of NFTs 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 as there’s a variety of ways to approach it.

You can be selling digital items, trading cards, game assets domain names, also physical goods! Consider what you believe will reap the best rewards by trying OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs for using this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t need to spend on extra fees.

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

Referral Program

This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces, you can receive rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, letting you earn more money from this act.

Other NFT marketplaces do not have this feature, so that’s just another benefit OpenSea has over the other marketplaces.

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Mobile Application

There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.

The mobile apps from OpenSea are accessible on both iOS in addition to Android. While you’re not able to buy or sell something, you can explore the products you’re looking for on the move.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency through these platforms. Nft Sold Out

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

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

All of these have the option of exchange for ETH that is the most common crypto payment in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly around an ETH blockchain, all wallets with a connection to this network are appropriate for this site.

Here’s a list several crypto wallets you can use in OpenSea:

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

*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency using the credit card. Nft Sold Out

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

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Pros and Cons of OpenSea

Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:

Pros

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

Cons

  • Allows royalties 10% to artists (low royalty).
  • It is not possible to buy or sell items via the mobile app.
  • Only accepts cryptocurrency as a type of payment.
  • The use of a Crypto digital wallet must be used to access this marketplace.

Pricing

OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.

Frequently Asked Questions Nft Sold Out

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low cost of gas and low commission fee rate that you have to pay.

You can browse and purchase an array of digital items on the NFT marketplace, so you should take a look!

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 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are safe and secure.

Additionally, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are secure.

How do I earn royalties on OpenSea?

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

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) can be commonly utilized on this website and many others to accommodate many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment options for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.

Does OpenSea has a mobile or desktop app?

As mentioned before there’s an official mobile application from OpenSea available for both iOS as well as Android. Install it from their app store and then you can begin exploring the collection now!

The desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications about updates to 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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