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The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.

If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.

Now hop aboard, and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!

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Before you go on, 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 Tig Port

The goal of OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions which allow you to market your work without having to deal with many issues.

In terms of 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 with OpenSea! It’s as easy 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). The marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It also operates on the Polygon blockchain to ensure lower costs and faster trading.

There are two types of blockchains that are available you can pick which one you’d like to transfer your NFT to as a seller. This is to ensure the security of your NFT and those who wish to purchase it. All transactions will be made using this blockchain, which is why you need to consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist that you admire. Anyone can sell, but it takes time for anyone to be an established seller.

There’s a huge selection in the collection at OpenSea and you could also be a part of the collection! You can set up your own market here, along with finding NFTs that you would like to purchase yourself.

Nft Tig Port

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What is an NFT?

A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but not exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.

One of the newest things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is very exclusive and cannot be replaced. It can be a piece of rareness like authentic baseball cards or rare vinyl record.

There’s no limit to what an NFT can be since it’s a non-fungible thing you’re selling online. It is simpler to just consider as an NFT being a virtual collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs for your personal NFTs. You are calling 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 finally submit it for sale on.

On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and making a collection to begin! Complete the correct and accurate information about your NFT and then select what type of settings you want to use it with (e.g. blockchain and money transfer tokens). After that, you can finally upload it if it fits the limit of 100MB.

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

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What NFTs can you get here?

So, at this point you’re probably asking yourself which kind of NFT be found here and what you can also sell if you choose to pursue that route. The type of NFT it isn’t limited since there’s a broad range of ways to do it.

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

OpenSea: Collection Manager Feature

The Collection Manager feature is what sets OpenSea from the others. There are zero gas fees when you utilize this feature when you create and market NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t need to spend on any additional charges.

Very few NFT marketplaces have this feature, and it is a great way to receive high profit from your NFT collection.

Referral Program

A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets, you can receive rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more money by this method.

Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.

The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still look through the options you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency using these platforms. Nft Tig Port

You can swap your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:

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

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

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, wallets are still more compatible with it than others. Since it is built on the ETH blockchain, wallets with a connection to that network will be suitable for this website.

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

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

*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, only mobile usage and the ability to purchase cryptocurrency with credit cards. Nft Tig Port

To learn more about it to learn more, check out their FAQs for a rundown of how you can get started and also what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:

Pros

  • Mobile apps are available for iOS or Android.
  • Smart contracts are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • Ideal for those who are new to the crypto industry and NFTs.

Cons

  • Allows royalties of only 10% to artists (low royalties).
  • It is not possible to buy or sell items on the mobile app.
  • Only accepts cryptocurrency as a form of payment.
  • A Crypto account is needed to access this marketplace.

Pricing

OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.

Frequently Asked Questions Nft Tig Port

What is OpenSea?

OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s a great option for artists who want to use the platform to market NFTs due to its low cost of gas and low commission fee rate you must pay.

You can browse and purchase a vast collection of digital items on the NFT marketplace, so you should check it out!

Is OpenSea legit & secure?

Short answer: Yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since its system is built on blockchain technology and is secured, it is safe to claim that your transactions are safe and secure.

Furthermore as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are secure.

How can I earn royalties from OpenSea?

As an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared against others NFT marketplaces.

What is the most popular cryptocurrency accessible in OpenSea?

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

  • WETH
  • USDC
  • DAI.

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

What are the payment methods for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.

Does OpenSea have a desktop/mobile app?

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

The Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app 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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