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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 all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.

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

Now hop aboard, and let’s see the possibilities of OpenSea, along with checking the NFTs that you can see!

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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’ll want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Nfts.M

The purpose of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra fees. It has more functions that let you sell your work without having to deal with many difficulties.

When it comes to registration, you don’t need to give all of your personal details. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It is also based with the Polygon blockchain to ensure the lowest cost and speediest trading.

With these two types of blockchains you can pick which one you would like to publish your NFT as seller. This ensures the safety of your NFT, along with the people who want to purchase it. All transactions are made along with this blockchain, which is why you need to consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase 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 be an established one.

There is a wide variety of NFTs available of NFTs available at OpenSea, and you can also be a part of that! You can create your own marketplace here, along with finding NFTs you’d like to buy 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 for so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.

One of the newest things you can buy can be an NFT. A NFT is a token that is non-fungible that is very unique and can’t be changed. This can be an item of rarity like rare baseball trading cards in mint condition, or a unique vinyl album.

There’s no limit to what an NFT could be, since it’s a non-fungible thing that you can sell online. It is simpler to simply consider the NFT to be a type of digital item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token you uploaded on the market place, but you’re offering it for sale. Typically, this is official once you fill out the correct information about the NFT and upload it to the marketplace.

On OpenSea It’s a very simple process to mine your NFTs by going to the store and then creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain, payments tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.

You can watch and see how transactions progress from now on to determine if OpenSea is the marketplace for you.

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What NFTs can you get here?

So, at this point you’re probably asking yourself what kind of NFTs can be purchased here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT it can be is indefinite as there’s a variety of options for how to approach it.

You could be selling digital products, trading cards game assets, domain names, and even physical assets! Find out what you think will yield the most profit by experimenting with OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that differentiates OpenSea from the other options. There’s no cost for gas when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you don’t need to pay on any additional charges.

There aren’t many NFT marketplaces have this feature, so this is great for you to earn a high return from your NFT collection.

Referral Program

A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets there are advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you make more money through this action.

Other NFT marketplaces don’t have 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 application, however it’s mostly to browse 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 the two platforms of iOS and Android. Even though you can’t buy or sell something, you can browse through the selections you’re looking for on the move.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. Nfts.M

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

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

Each of them has the option of exchange for ETH that is the most common crypto payment in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly using an ETH blockchain, all wallets which are part of this network are appropriate for this site.

Here’s a list of various crypto wallets that which you can use with 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 one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. Nfts.M

To learn more about it, you can check their FAQs for an overview of how you can start and what other crypto 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. It is possible to read about its pros and pros here:

Pros

  • Available as mobile apps that are compatible with iOS or Android.
  • Smart contracts are used for transactions.
  • High-level security , with the backing of blockchain.
  • Best for beginners in the crypto market and NFTs.

Cons

  • Allows royalties of only up to 10% for artists (low royalties).
  • You cannot buy or sell products on the mobile app.
  • Only accepts cryptocurrency as a method of payment.
  • An Crypto wallet is required to use this marketplace.

Pricing

OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly regain that when you sell regularly since there’s no additional cost for it.

Frequently Asked Questions Nfts.M

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use for selling NFTs due to its low cost of gas and low commission fees that you have to pay.

You can browse and shop for an array of digital goods in this NFT marketplace which is why you should definitely take a look!

Is OpenSea real and safe?

Answer: Yes! OpenSea has been a reliable marketplace since it was established in 2018. Since the system it operates on is built on a blockchain, 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 next to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are protected.

How can I earn royalties from OpenSea?

As an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared to the other NFT marketplaces.

What are the cryptocurrency options accessible in OpenSea?

Ethereum (ETH) is commonly used on this site as well as numerous others to cater for more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

How do I pay for OpenSea? What are my payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the 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 app?

As we mentioned earlier there’s an official mobile app from OpenSea that is available for iOS and Android. Download it at their respective app store, and then you can begin exploring the collection now!

A version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding 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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