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Cryptocurrency is booming 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 with cryptocurrency! OpenSea can be one and is worth checking out.

If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.

Now hop aboard, and discover what you can do with OpenSea, along with checking the NFTs that you can see!

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Before you go on, you may want to check out 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 of OpenSea.

OpenSea as an NFT Marketplace Nft System Image

The aim of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra charges. It also has additional functions that let you sell your artwork without any difficulties.

In terms of the registration process, you don’t have to give all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through much hassle as you step 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, which is the system that runs it which is utilized for the majority of transactions. It is also based using the Polygon blockchain, which ensures low-cost and quicker trading.

With these two types of blockchains available it is possible to choose which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT, along with the people who want to buy it. Every transaction will be conducted along with this blockchain, which is why you need to think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art by an artist you admire. Anyone can be a seller, but it takes time for anyone to be an established one.

There’s a huge selection of NFTs available of NFTs available at OpenSea, and you can join in with that! You can create your own personal 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 cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but not exactly sure what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.

One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible token which is extremely individual and cannot be replaced. It can be an item of any rareness, such as authentic baseball cards, or a rare vinyl record.

There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell online. More straightforwardly, you can just consider an NFT being a virtual collectible that is paid for using 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 that you posted to the market place, but putting it up for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and upload it to the marketplace.

On OpenSea, it’s a simple process to mint your NFTs by going to the store and then creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use it with (e.g. blockchain and payment tokens). After that then you’re able to upload it if it fits the 100 MB limit.

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

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What NFTs are available here?

So, at this point, you’re probably wondering the kind of NFTs can be purchased here and what kind of NFTs you can sell should you decide to go that route. The type of NFT that you can purchase is indefinite as there’s a variety of options for how to approach it.

You can be selling digital products, trading cards, game assets domain names, also physical goods! Explore what you believe can yield the most profit by trying OpenSea.

OpenSea: Collection Manager Feature

The collection Manager function is the one that separates OpenSea from the others. There’s no cost for gas when you use this feature to create and market NFTs. This means you’ll be able to make the highest profits once you start selling because you don’t need to pay on extra fees.

Not many NFT marketplaces offer this feature, and it is a great way 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 there are advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to make more money from this act.

Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.

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Mobile Application

There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything 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 anything, you can still at least browse through the selections you’re interested in on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are to you to convert your fiat money into cryptocurrency using these platforms. Nft System Image

You can convert your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:

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

All of these have the option to exchange for ETH which is the standard cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than other. Because it is based on the ETH blockchain, wallets that share the same network are suitable for this site.

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

  • WalletConnect
  • Coinbase
  • TrustWallet
  • OperaTouch
  • Bitski
  • Authereum and many 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 as well as the capability to purchase cryptocurrency using a credit card. Nft System Image

To learn more about it You can go through their FAQs to see the steps you can start and also 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 advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:

Pros

  • Mobile apps are available that are compatible with iOS and Android.
  • Smart contracts can be used to perform transactions.
  • High-level security , with the backing of blockchain.
  • Best for beginners in the crypto world and NFTs.

Cons

  • Allows royalties 10% for artists (low royalties).
  • Cannot buy or sell on our mobile apps.
  • Only accepts cryptocurrency as a type of payment.
  • The use of a Crypto account is needed to use this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly regain that when you actively sell because there is no additional fee for it.

Frequently Asked Questions Nft System Image

What is OpenSea?

OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs due to its no cost of gas and the low commission rate which you are required 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 real and is it safe?

The short answer is yes! OpenSea has been a reliable marketplace since it was established in 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are safe and secure.

Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear on your account or collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are secure.

How can I earn royalties on OpenSea?

Unfortunately, as an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison against others NFT marketplaces.

What are the cryptocurrency options accessible in OpenSea?

Ethereum (ETH) has been commonly utilized on this website and many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.

Does OpenSea have a desktop or mobile application?

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

A Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and receive 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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