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The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.

If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.

Get on board, and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!

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Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft Tube Feeding

The purpose to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions without any extra charges. There are additional features which allow you to market your art without too many problems.

In terms of registration, you won’t have to worry about giving any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions on the Polygon blockchain, which allows for low-cost and quicker trading.

With these two types of blockchains you can pick which one you would like to transfer your NFT to as an seller. This will ensure the security of your NFT as well as those who would like to buy it. All transactions will be made along with this blockchain, which is why you need to think about 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 buy anything just a domain name to official art from an artist that you admire. Anyone can sell however it takes time for anyone to be a reputable one.

There are a variety of NFTs in the collection on OpenSea and you could become a part of that! You can create your own personal market there, and also find NFTs that you would like 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 internet that a lot of millennials are familiar with it , but not exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.

One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency that is exclusive and cannot be substituted. It can be an item of rareness, such as mint-condition baseball trading 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 simply imagine an 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’re claiming ownership over that particular token/item that you posted to market, as putting it up for sale. Typically, this is official when you have filled in the correct information about the NFT and finally add it on the market.

On OpenSea It’s a very simple process to mint your NFTs by visiting the store and simply creating a collection to start! Complete the correct and accurate information about your NFT and select the type of settings you’d like for it (e.g. blockchain and money transfer tokens). After that you are able to upload it, if it’s within the 100 MB limit.

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

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What NFTs are available here?

In this moment you’re probably asking yourself what kind of NFTs be found here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT it isn’t limited since there’s a broad range of how you can do it.

You can be selling trade cards, digital goods games domain names, also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager feature is what differentiates OpenSea from the other options. There’s no cost for gas when you utilize this feature to create and market NFTs. This means you’ll receive the maximum profits when you start selling because you don’t need to pay on extra fees.

Not many NFT marketplaces offer this feature, which is why this is great for you to make a huge profit from your portfolio.

Referral Program

This Referral Program is another unique aspect of OpenSea to take note of. 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, which allows you to make more money through this action.

Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.

OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re interested in while on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are for you to use to convert your fiat money into cryptocurrency through these platforms. Nft Tube Feeding

You can convert the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:

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

All of them have the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than other. Because it is based around an ETH blockchain, any wallets that share the same network are suitable for the site.

Here’s a list various crypto wallets that which you can use with OpenSea:

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

*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency with the credit card. Nft Tube Feeding

To learn more about it, you can check their FAQs to see an overview of how you can begin and what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets, each one has its 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 or Android.
  • Smart contracts are used for transactions.
  • High-level security with the support of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalties up to 10% for artists (low royalties).
  • You cannot buy or sell products through our mobile apps.
  • Only supports cryptocurrency as its type of payment.
  • The use of a Crypto account is needed to use this marketplace.

Pricing

OpenSea is open to everyone who has crypto coins 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. In the end, you’ll quickly recover this amount if you sell regularly since there is no additional fee for it.

Frequently Asked Questions Nft Tube Feeding

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online and receive cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs due to its no cost of gas and low commission fee rate which you are required to pay.

You can browse and shop for the vast array of digital goods in this NFT marketplace and you must go through it!

Is OpenSea real and safe?

Answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in 2018. Because its system is built on a blockchain that is secure, you can say that your transactions are protected and secured.

Additionally as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned next to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are secure.

How can I earn royalties from OpenSea?

As an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.

What cryptocurrency is offered in OpenSea?

Ethereum (ETH) can be commonly used on this site as well as many others to accommodate many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can utilize for OpenSea.

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

OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.

Does OpenSea has a mobile or desktop application?

As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS and Android. Download it at their respective app store, and then you can begin exploring the collection now!

The Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and 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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