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The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto currency. Markets have popped up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth looking into.

If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.

Get on board, and let’s explore what you can do with OpenSea as well as examining 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 will want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Team Abbrev

The goal of OpenSea was to provide artists with a marketplace/platform to upload commissions without any extra charges. It also has additional functions that let you sell your work without having to deal with many issues.

When it comes to registration, you won’t have to worry about giving too many details about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for most processes. It also operates with the Polygon blockchain to ensure lower costs and faster trading.

There are two types of blockchains that are available, you can choose which one you want to publish your NFT as seller. This ensures the safety of your NFT, along with the people who want to purchase it. All transactions will be made along with this blockchain, which is why you need to consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller however it takes a while for anyone to become an established one.

There is a wide variety of NFTs available of NFTs available at OpenSea, and you can become a part of this! You can set up your own marketplace here, along with finding NFTs you want to purchase for yourself.

Nft Team Abbrev

> > Click Here to Explore OpenSea < <

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 many millennials are familiar with it but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.

One of the new things you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible currency that is very unique and can’t be replaced. It could be an item of rareness like authentic baseball cards or uncommon vinyl record.

There’s no limit on what an NFT can be as it’s a non-fungible item you’re selling on the internet. It is simpler to simply imagine an NFT to be a type of digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. You are calling the ownership of the particular item that you posted to the marketplace, and selling it. Usually, this is recognized after you fill in all the necessary information about the NFT and submit it for sale on.

On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and simply 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, payments tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.

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

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What NFTs are available here?

In this moment, you’re probably wondering which kind of NFT be found here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is indefinite as there’s a variety of how you can approach it.

You can be selling digital products, trading cards games domain names, some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager feature is what separates OpenSea from other companies. There are no gas costs when you use this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you start selling because you don’t need to pay on any additional charges.

There aren’t many NFT marketplaces have this feature, and it is great for you to earn a high return from your collection.

Referral Program

The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money by this method.

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

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Mobile Application

There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell items as you browse through the listing.

The mobile apps of OpenSea are available for both iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least explore the products you’re looking for on the move.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Team Abbrev

You can convert the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex, and other things!

Each of them has the option of converting them into ETH that is the most common cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly using an ETH blockchain, all wallets that share that network will be suitable for the site.

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

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

*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency with credit cards. Nft Team Abbrev

To know more about it You can go through their FAQs to see the steps you can get started and also what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:

Pros

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

Cons

  • Allows royalty rates of 10% for artists (low royalty).
  • Cannot buy or sell through the mobile app.
  • Only accepts cryptocurrency as a method of payment.
  • The use of a Crypto wallet is required for this marketplace.

Pricing

OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly regain that when you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Nft Team Abbrev

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online to receive cryptocurrency as their form of payment. It’s a great platform for artists who use for selling NFTs due to its no gas fees and low commission fees which you are required to pay.

You can shop and browse an array of digital products on this NFT marketplace, so you should check it out!

Is OpenSea legit & is it safe?

Answer: Yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Because its system is built on a blockchain, it is safe to declare that transactions are secure and safe.

In addition as a seller you can become verified once you build up your reputation. A blue checkmark is placed to 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 protected.

How do I earn royalties from OpenSea?

As an artist, you can get only 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared against others NFT marketplaces.

What cryptocurrency is offered in OpenSea?

Ethereum (ETH) can be frequently used on this site and numerous others to cater for many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can make use of to use OpenSea.

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

OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.

Does OpenSea have a desktop/mobile app?

As we mentioned earlier There is an official mobile app by OpenSea for both iOS as well as Android. You can download it through their app store and then you can begin exploring the collection now!

There is also a desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications about updates to 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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