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The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.

If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.

Now hop aboard, and let’s explore what you can do with OpenSea, along with checking the NFTs that you can see!

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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. Afterward, you will want to read the rest of the article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft Vs Pills

The aim for OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional costs. There are additional features which allow you to market your art without too many issues.

For registration, you won’t have to worry about giving all of your personal details. 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 many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.

With these two types of blockchains that are available it is possible to choose which one you want to transfer your NFT to as an seller. This ensures the safety of your NFT and those who would like to buy it. All transactions are 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 like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art by an artist you admire. Anyone can become a seller however, it takes a while 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 this! You can create your own personal market on this site, as well as find NFTs you’d like to buy yourself.

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What is an NFT?

A recent change in the crypto industry, the term “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t exactly sure what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.

One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. It could be an item of any rareness like 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 you’re selling online. In simpler terms, you could just think of as an NFT being a virtual item paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs to your NFTs. You are calling the ownership of the particular item you uploaded on market, as putting it up for sale. Typically, this is official once you fill out the proper information regarding the NFT and submit it for sale on.

On OpenSea, it’s a simple process to mine your NFTs by going to the store and creating a collection to start! Fill out the proper and accurate information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain or payments tokens). After that then you’re able to upload it to the internet if it’s in the 100 MB limit.

It is possible to wait and see how the transactions go from now on to determine whether OpenSea is the marketplace for you.

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What NFTs can you find here?

In this moment you’re probably asking yourself the kind of NFTs can be found here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT that you can purchase is indefinite since there’s a broad range of ways to do it.

You could be selling digital items, trading cards games domain names, some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager features is one of the things that differentiates OpenSea from the other options. There are zero gas fees when you use this feature to make and then sell the NFTs. This means you’ll get the most profit when you sell because you don’t need to pay on extra fees.

Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your portfolio.

Referral Program

The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are rewards by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, letting you make more money through this action.

Other NFT marketplaces don’t offer this kind of feature either and that’s another 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 for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.

The mobile apps from OpenSea are accessible for both iOS in addition to Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re interested in while on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available to you, and you can convert your fiat money into cryptocurrency using these platforms. Nft Vs Pills

You can exchange the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:

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

All of them have the option to exchange for ETH which is the standard cryptocurrency used 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 others. Since it is built around an ETH blockchain, all wallets which are part of that network will be suitable for this website.

Here’s a list of several crypto wallets you can utilize in OpenSea:

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

*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. Nft Vs Pills

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

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Pros and Cons of OpenSea

Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:

Pros

  • Available as mobile apps for iOS or Android.
  • Smart contracts can be used to perform transactions.
  • High-level security with the support of blockchain.
  • The best option for beginners to the crypto industry and NFTs.

Cons

  • Allows royalties 10% to artists (low royalties).
  • Cannot buy or sell via the mobile app.
  • Only supports cryptocurrency as its type of payment.
  • A Crypto account is needed for this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll easily recover that amount when you sell regularly since there is no additional fee for it.

Frequently Asked Questions Nft Vs Pills

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online and receive cryptocurrency as a 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 fees you must pay.

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

Is OpenSea legit & secure?

Answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year of 2018. Because its system is built on a blockchain 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 on your account or the collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the contents to ensure users are protected.

How do I earn royalties on OpenSea?

As an artist, you can get only 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison with the other NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) can be widely used on this site and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can make use of to access OpenSea.

What are the payment options for OpenSea?

OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.

Does OpenSea has a mobile or desktop application?

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

There is also a desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application, 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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