Nft Times

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The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.

If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.

So, hop on board and discover what you can do with OpenSea, along with checking the NFTs available to view!

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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. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Times

The purpose for OpenSea was to provide an online marketplace for artists to upload their commissions, without having to pay any additional costs. It has more functions that let you sell your work without having to deal with many problems.

For registration, you won’t have to worry about giving too many details about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It is also based on the Polygon blockchain, which ensures the lowest cost and speediest trading.

With these two kinds of blockchains it is possible to choose which one you want to upload your NFT on as a seller. This ensures the safety of your NFT, along with the people who want to purchase it. All transactions will be made by using the blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork by an artist you admire. Anyone can be a seller, but it takes time for anyone to become an established seller.

There’s a huge selection from the selection of NFTs available at OpenSea, and you can join in with this! You can create your own market here, along with finding NFTs you’d like to buy for yourself.

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What is an NFT?

In a recent development for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.

One of the new things you can buy includes an NFT. An NFT is a non-fungible token that is unique and can’t be substituted. It can be an item of rareness, such as authentic baseball cards, or a unique vinyl album.

There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell online. It is simpler to just think of the NFT as a digital collectible which is only paid in cryptocurrency.

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. You are calling the ownership of the particular item you uploaded on market, as you’re selling it. Typically, this is official after you fill in all the necessary information about the NFT and upload it to the marketplace.

On OpenSea it’s a straightforward process to mint your NFTs by going to the store and simply create a collection! Complete the correct and correct information regarding your NFT and select the type of settings you want to use it with (e.g. blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.

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

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What NFTs can you get here?

At this point, you’re probably wondering the kind of NFTs can be purchased here, and what you could also sell if you decide to go that route. The kind of NFT it is indefinite as there’s a variety of ways to approach it.

You can be selling trade cards, digital goods games domain names, also physical goods! Consider what you believe will reap the best rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The collection Manager feature is what differentiates OpenSea from the other options. There are zero gas fees when you utilize this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t need to spend on additional fees.

Very few NFT marketplaces have this feature, and it is great for you to earn a high return from your collection.

Referral Program

This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces there are benefits when you refer your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, letting you earn more cash through this action.

Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea has over them.

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Mobile Application

There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell items as you browse through the listings.

The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can look through the options you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency through these platforms. Nft Times

You can convert the fiat currency you have with a 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 them have the option to exchange for ETH that is the primary crypto payment in OpenSea.

Crypto Wallets

While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based on an ETH blockchain, all wallets with a connection to this network are appropriate for this site.

Here is a list of different crypto wallets you can utilize in OpenSea:

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

*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. Nft Times

To know more about it, you can check their FAQs to get an overview of how you can begin and also what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:

Pros

  • Mobile apps are available for iOS as well as Android.
  • Smart contracts can be used to perform transactions.
  • High-level security with the support of blockchain.
  • Ideal for those who are new to the crypto industry and NFTs.

Cons

  • Allows royalties 10% to artists (low royalty rates).
  • It is not possible to buy or sell items via our mobile apps.
  • Only supports cryptocurrency as its form of payment.
  • A Crypto wallet is required for this marketplace.

Pricing

OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you sell regularly since there is no additional fee for it.

Frequently Asked Questions Nft Times

What is OpenSea?

OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online and receive cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs because of its zero gas costs and low commission fees you must pay.

You can browse and shop for an array of digital items on the NFT marketplace and you must go through it!

Is OpenSea legitimate and safe?

Answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year of 2018. Because its system is built on a blockchain, it is safe to claim that your transactions are protected and secured.

In addition as a seller you will be verified after you have built up your credibility. A blue checkmark is placed to your account or collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are secure.

How do I earn royalties on OpenSea?

As an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared with others NFT marketplaces.

What cryptocurrency is accessible in OpenSea?

Ethereum (ETH) can be widely used on this site 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 primary cryptocurrencies you can use for OpenSea.

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

OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.

Does OpenSea have a desktop/mobile app?

As we mentioned earlier, there is definitely an official mobile application from OpenSea available for both iOS as well as Android. Install it from their app store, and you can start browsing through the collection right now!

The Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications about updates to your account from 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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