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Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.

If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.

So, hop on board and discover what you can do with OpenSea as well as examining what NFTs you can view!

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Before you go on, you may want to watch 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.

OpenSea as an NFT Marketplace Nft Token Apple

The goal to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra charges. There are additional features which allow you to market your artwork without any problems.

For registration, you don’t need to give any personal information 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 and without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency used on 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 operates with the Polygon blockchain, which ensures the lowest cost and speediest trading.

There are two types of blockchains available it is possible to choose which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT and the people who want to buy it. All transactions are made by using the blockchain, and you must consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange 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 however, it takes a while for anyone to be an established one.

There is a wide variety from the selection on OpenSea and you could become a part of this! You can start your own personal market here, along with finding NFTs you’d like to buy yourself.

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What is an NFT?

In a recent advancement for the crypto industry the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.

One of the new things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible token which is extremely exclusive and cannot be replaced. It can be a piece of rareness, such as authentic baseball cards or a unique vinyl album.

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

Minting NFTs

Minting is like calling the shots on your own NFTs. You’re claiming the ownership of the particular item that you posted to the market place, but offering it for sale. Typically, this is official when you have filled in the proper information regarding the NFT and upload it to the marketplace.

On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and simply create a collection! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use it with (e.g., blockchain or payments tokens). After that, you can finally upload it, if it’s within the limit of 100MB.

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

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What NFTs can you get here?

So, at this point you’re probably thinking about what 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 it isn’t limited since there’s a broad range of ways to do it.

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

OpenSea: Collection Manager Feature

The collection Manager function is the one that sets OpenSea from the other options. There are no gas costs when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you don’t need to pay on extra fees.

There aren’t many NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your NFT collection.

Referral Program

This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, letting you earn more money by this method.

Other NFT marketplaces do not have this feature and that’s 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 used to browse the marketplace. You can’t buy or sell items as you scroll through the list.

OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can explore the products you’re looking for on the move.

Crypto Exchange Platforms

Various crypto exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency through these platforms. Nft Token Apple

You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:

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

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

Crypto Wallets

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

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

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

*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using a credit card. Nft Token Apple

For more information about the service You can go through their FAQs to get an overview 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 each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:

Pros

  • Mobile apps available for iOS as well as Android.
  • Smart contracts are used for transactions.
  • Security at the highest level with the help 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 this mobile application.
  • Only supports cryptocurrency as its type of payment.
  • The use of a Crypto account is needed to access this marketplace.

Pricing

OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, 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 is no additional fee for it.

Frequently Asked Questions Nft Token Apple

What is OpenSea?

OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use for selling NFTs due to its low gas costs and low commission fee rate which you are required to pay.

You can browse and purchase a vast collection of digital goods in this NFT marketplace which is why you should definitely go through it!

Is OpenSea legit & secure?

Answer: Yes! OpenSea has been a reliable marketplace since it was founded in 2018. Since the system it operates on is built on blockchain technology that is secure, you can declare that transactions are safe and secure.

Additionally as a seller you can become verified once you build up your reputation. A blue checkmark will appear next to your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are protected.

How can I earn royalties from OpenSea?

However, as an artist, you can get only 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) is frequently used on this site as well as other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can make use of 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 through secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.

Does OpenSea have a desktop or mobile app?

As we mentioned earlier, there is definitely an official mobile application from OpenSea that is available for iOS and Android. You can download it through their app store, and then you can begin exploring the collection right now!

The Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and receive alerts on any updates that affect 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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