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The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.

If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.

So, hop on board and discover what you can do with 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 overview. After, you will want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft Xp

The purpose to create OpenSea was to simply provide an online marketplace for artists to upload their commissions, without having to pay any additional costs. It has more functions that allow you to sell your art without too many difficulties.

When it comes to registration, you don’t need to worry about giving any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that, without much hassle as you step into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.

There are two types of blockchains that are available, you can choose which one you would like to upload your NFT on as seller. This will ensure the security of your NFT and those who would like to buy it. All transactions will be made along with this blockchain, which is why you need to consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name to an official artwork by an artist you admire. Anyone can become a seller, but it takes some time for anyone to be a reputable one.

There is a wide variety of NFTs available on OpenSea, and you can join in with this! You can set up your own personal market on this site, as well as find NFTs you’d like to buy for yourself.

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What is an NFT?

In a recent advancement for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.

One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. It could be a piece of rareness like mint-condition baseball trading cards, or a rare vinyl record.

There’s no limit to what an NFT could be, since it’s a non-fungible thing that you can sell online. In simpler terms, you could simply consider an NFT as a digital collectible paid via cryptocurrency only.

Minting NFTs

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

On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and simply creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use it with (e.g., blockchain and money transfer tokens). Once that’s all done then you’re able to upload it if it fits the limit of 100MB.

You can watch and see the way transactions are handled from here on out to determine whether OpenSea is the marketplace for you.

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What NFTs are available here?

At this point you’re probably thinking about which kind of NFT be found here, and what you could also sell if you decide to pursue that route. The kind of NFT it can be is indefinite because there’s a wide range of ways to approach it.

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

OpenSea: Collection Manager Feature

This Collection Manager function is the one that sets OpenSea from other companies. There are no gas costs when you use this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you sell because you don’t need to pay on extra fees.

Very few NFT marketplaces have this feature, so this is great for you to receive high profit from your collection.

Referral Program

The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can make more money from this act.

Other NFT marketplaces don’t offer this kind of feature either 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 for perusing through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.

The mobile apps of OpenSea are available for both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re looking for on the move.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are to you You can also exchange your fiat money for cryptocurrency through these platforms. Nft Xp

You can exchange your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:

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

All of these have the option of exchange for ETH, which is the standard crypto payment in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than other. Since it is built using an ETH blockchain, wallets with a connection to that network will be suitable for this site.

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

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

*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. Nft Xp

To know more about it You can go through their FAQs for an overview of how you can get started and what other crypto wallets work 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 view its pros and cons here:

Pros

  • Mobile apps are available that are compatible with iOS or Android.
  • Smart contracts are used for transactions.
  • High-level security , with the backing of blockchain.
  • The best option for beginners to the crypto industry and NFTs.

Cons

  • Allows royalties 10% to artists (low royalties).
  • You cannot buy or sell products through this mobile application.
  • Only supports cryptocurrency as its method of payment.
  • An Crypto digital wallet must be used for 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 for all sellers on the platform. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.

Frequently Asked Questions Nft Xp

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims 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 using the platform to market NFTs because of its zero cost of gas and low commission fees 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 check it out!

Is OpenSea legit & safe?

The short answer is yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are protected and secured.

Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark will appear to your account or any collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.

How do I earn royalties on OpenSea?

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

What cryptocurrency is available in OpenSea?

Ethereum (ETH) can be commonly used on this site and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can use to access OpenSea.

What are the payment options for OpenSea?

OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.

Does OpenSea have a desktop or mobile app?

As we mentioned earlier there’s an official mobile app by OpenSea that is available for iOS and Android. Download it at their respective app store and begin browsing through the collection right now!

There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and get 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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