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The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up all over the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth a look.

If you’re interested in crypto, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.

Now hop aboard, and let’s explore the possibilities of OpenSea as well as examining 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nftb

The goal for OpenSea was to provide an online marketplace for artists to upload commissions without any extra charges. It has more functions which allow you to market your art without too many problems.

In terms of the registration process, you don’t have to worry about giving any personal information about yourself. All you have to connect your crypto 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 widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for most processes. It is also based using the Polygon blockchain, which ensures low-cost and quicker trading.

With these two types of blockchains available, you can choose which one you would like to transfer your NFT to as a seller. This will ensure the security of your NFT as well as those who wish to purchase it. All transactions will be made using this blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can be a seller, but it takes time for anyone to become an established one.

There are a variety of NFTs from the selection on OpenSea, and you can also be a part of that! You can start your own marketplace here, along with finding NFTs you want 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 the majority of young people have heard of it but aren’t sure exactly what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.

One of the newest things you can buy is an NFT. The NFT is a non-fungible token that is very individual and cannot be replaced. This can be an item of rareness like authentic baseball cards or uncommon vinyl record.

There’s no limit to what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. It is simpler to just imagine an NFT as a digital item paid via cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs to your NFTs. You are calling ownership over that particular token/item that you posted to market, as you’re offering it for sale. Typically, this is official after you fill in the correct information about the NFT and submit it for sale on.

On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and creating a collection to start! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain, payments tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.

It is possible to wait and see the way transactions are handled from now to determine whether OpenSea is the right 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 be found here and what you can also sell if you decide to go down that path. The type of NFT it can be isn’t limited as there’s a variety of how you can approach it.

You could be selling trade cards, digital goods, game assets domain names, also physical goods! Explore what you believe can bring the greatest rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager feature is what separates OpenSea from other companies. There are zero gas fees for using this feature to make and then sell the 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.

There aren’t many NFT marketplaces provide this feature, so this is a great way to receive high profit from your collection.

Referral Program

A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are advantages when you refer a 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 from this act.

Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea has over the other marketplaces.

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Mobile Application

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

The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Even though you can’t buy or sell something, you can at least look through the options you’re looking for on the move.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are to you You can also convert your fiat money into cryptocurrency through these platforms. Nftb

You can convert your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:

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

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

Crypto Wallets

While OpenSea is an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than others. Because it is based on the ETH blockchain, wallets which are part of this network are appropriate for this website.

Here is a list of different crypto wallets 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 has its own limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with a credit card. Nftb

For more information about the service You can go through their FAQs for the steps you can begin and which other wallets work with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:

Pros

  • Mobile apps are available that are compatible with iOS as well as Android.
  • Smart contracts can be used to perform transactions.
  • High-level security with the support of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalty rates of up to 10% for artists (low royalty).
  • You cannot buy or sell products on this mobile application.
  • Only accepts cryptocurrency as a form of payment.
  • The use of a Crypto wallet is required to use this marketplace.

Pricing

OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will easily recover that amount when you actively sell because there’s no extra charge for it.

Frequently Asked Questions Nftb

What is OpenSea?

OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its low gas fees and low commission fees that you have to pay.

You can browse and purchase an array of digital goods in this NFT marketplace, so you should take a look!

Is OpenSea legit & safe?

The short answer is yes! OpenSea is a reputable marketplace since it was established in the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim that your transactions are secure and safe.

Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear next to your account or collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure that users are protected.

How can I earn royalties from OpenSea?

Unfortunately, as an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared with other NFT marketplaces.

What is the most popular cryptocurrency accessible in OpenSea?

Ethereum (ETH) can be commonly used on this site and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

Which are the accepted payment methods for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.

Does OpenSea have a desktop or mobile app?

As mentioned before there’s an official mobile app by OpenSea for both iOS and Android. You can download it through their app store and then you can begin browsing through the collection right now!

There is also a version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications on updates regarding your account when 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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