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Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto currency. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.

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

Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking what NFTs you can 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 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 Underground Flea Market Decatur, Il

The aim for OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional charges. There are additional features that allow you to sell your artwork without any issues.

For registration, you won’t have to provide all of your personal details. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for most processes. It is also based on the Polygon blockchain, which ensures lower costs and faster trading.

With these two types of blockchains available you can pick which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT as well as the people who want to purchase it. Every transaction will be conducted by using the blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller however it takes time before anyone can become a reputable one.

There’s a huge selection of NFTs available of NFTs available at OpenSea and you can join in with this! You can start your own market on this site, as well as find NFTs you want to purchase 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 are familiar with it , but not exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.

One of the newest things you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible token which is extremely individual and cannot be substituted. It could be an item of any rareness, such as mint-condition baseball trading cards or a unique vinyl album.

There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling on the internet. In simpler terms, you could just think of as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling the shots on your own NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the market place, but offering it for sale. Typically, this is official after you fill in all the necessary information about the NFT and then submit it for sale on.

On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and accurate information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain or payment tokens). After that then you’re able to upload it if it fits the 100 MB limit.

You can wait and observe the way transactions are handled from here on out to see if OpenSea is the best marketplace for you.

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What NFTs can you get here?

At this point, you’re probably wondering what kind of NFTs be purchased here and what you can sell should you decide to go that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of ways to approach it.

It is possible to sell trade cards, digital goods game assets domain names, also physical goods! Find out what you think will reap the best rewards by trying OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that sets OpenSea from the other options. There are no gas costs when you use this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you won’t have to spend on extra fees.

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

Referral Program

This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to make more money through this action.

Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.

OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can at least explore the products you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Underground Flea Market Decatur, Il

You can convert your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:

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

All of them have the option of converting them into ETH that is the primary cryptocurrency payment option in OpenSea.

Crypto Wallets

While OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly around an ETH blockchain, wallets with a connection to that network will be suitable for the site.

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

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

Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to buy cryptocurrency using the credit card. Nft Underground Flea Market Decatur, Il

To learn more about it, you can check their FAQs to get the steps you can begin and which other wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:

Pros

  • Mobile apps available for iOS or Android.
  • Smart contracts are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalties of only up to 10% for artists (low royalty).
  • It is not possible to buy or sell items via our mobile apps.
  • Only accepts cryptocurrency as a form of payment.
  • An Crypto digital wallet must be used to access this marketplace.

Pricing

OpenSea is available to anyone who owns any crypto coins in their crypto 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 recover this amount if you sell regularly since there is no additional fee for it.

Frequently Asked Questions Nft Underground Flea Market Decatur, Il

What is OpenSea?

OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its no gas costs and the low commission rate which you are required to pay.

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

Is OpenSea real and safe?

The short answer is yes! OpenSea has been a reliable marketplace since it was established in 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are protected and secured.

In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned to your account or the collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are safe.

How do I earn royalties from OpenSea?

Unfortunately, as an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared to other NFT marketplaces.

What are the cryptocurrency options offered in OpenSea?

Ethereum (ETH) is frequently used on this site and many others to accommodate the increasing number of cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment options for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.

Does OpenSea have a desktop/mobile app?

As previously mentioned There is an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store, and you can start browsing through the collection right now!

A desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts as well as 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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