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The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.

If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.

So, hop on board and discover the possibilities of OpenSea, along with checking the NFTs available to view!

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Before you continue, you may want to watch 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.

OpenSea as an NFT Marketplace Nft Youtube

The aim to create OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional costs. It has more functions which allow you to market your art without too many issues.

For registration, you won’t have to provide all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for most processes. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.

With these two types of blockchains you can pick which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions will be made along with this blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes a while for anyone to become a reputable one.

There are a variety of NFTs from the selection of NFTs available at OpenSea and you could join in with the collection! You can set up your own marketplace there, and also find NFTs that you would like to purchase for yourself.

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What is an NFT?

A recent change in the cryptocurrency industry the term “NFT” has been going around for so long on the internet that many millennials have heard of it but not exactly sure what it means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.

One of the new things you can buy is an NFT. The NFT is a non-fungible token that is very exclusive and cannot be substituted. It could be a piece of rareness, such as rare baseball trading cards in mint condition or a uncommon vinyl record.

There’s no limit on what an NFT can be as it’s a non-fungible item you’re selling online. More straightforwardly, you can simply think of an NFT to be a type of digital collectible paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs on your own NFTs. You are calling the owner of the item or token that you have uploaded to the market place, but you’re offering it for sale. Usually, this becomes official once you fill out the correct information about the NFT and submit it for sale on.

On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit 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’d like for it (e.g., blockchain, payments tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.

It is possible to wait and see how transactions progress from now to see whether OpenSea is the best marketplace for you.

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What NFTs can you find here?

So, at this point you’re probably thinking about which kind of NFT be found here, and what you could also sell if you choose to pursue that route. The kind of NFT it is indefinite since there’s a broad range of ways to do it.

You could be selling digital products, trading cards game assets, domain names, and some physical items! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager feature is what separates OpenSea from other companies. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you sell because you don’t need to pay on any additional charges.

There aren’t many NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your collection.

Referral Program

A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can make more money through this action.

Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.

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Mobile Application

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

OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re interested in on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are to you, and you can convert your fiat money into cryptocurrency on these platforms. Nft Youtube

You can exchange the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:

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

All of these have the option to exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based around an ETH blockchain, all wallets which are part of the same network are suitable for the site.

Here’s a list various crypto wallets that you can utilize in 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, such as easy registration, only mobile usage, and the function to purchase cryptocurrency with the credit card. Nft Youtube

To know more about it to learn more, check out their FAQs to see the steps you can get started and what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:

Pros

  • Mobile apps available for iOS as well as Android.
  • Smart contracts are utilized for transactions.
  • High-level security with the support of blockchain.
  • The best option for beginners to the crypto market and NFTs.

Cons

  • Allows royalty rates of 10% for artists (low royalties).
  • It is not possible to buy or sell items on this mobile application.
  • Only supports cryptocurrency as its type of payment.
  • An Crypto wallet is required for this marketplace.

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.

Frequently Asked Questions Nft Youtube

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great platform for artists using for selling NFTs due to its no gas costs and the low commission rate that you have to pay.

You can shop and browse the vast array of digital products on this NFT marketplace and you must take a look!

Is OpenSea legitimate and secure?

Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to say that your transactions are secure and safe.

In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure that users are protected.

How can I earn royalties from OpenSea?

Unfortunately, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared against the other NFT marketplaces.

What is the most popular cryptocurrency accessible in OpenSea?

Ethereum (ETH) has been widely used on this site and other sites to provide more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.

Does OpenSea have a desktop or mobile app?

As mentioned before There is an official mobile application from OpenSea that is available for iOS or Android. Download it at their respective app store and you can start browsing through the collection right now!

There is also a desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and get notifications about updates to your account from 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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