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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. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth looking into.

If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.

Get on board, and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!

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Before you go on, you may want to watch 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.

OpenSea as an NFT Marketplace Nike – Nft Long Body Tee (White)

The purpose of OpenSea was to offer an online marketplace for artists to upload commissions with no additional charges. It has more functions which allow you to market your art without too many issues.

In terms of the registration process, you don’t have to provide all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It also operates using the Polygon blockchain, which allows for low-cost and quicker trading.

There are two types of blockchains that are available, you can choose which one you want to publish your NFT as an seller. This is to ensure the security of your NFT as well as those who would like to buy it. All transactions are made by using the blockchain, so you should think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to official art from an artist that you admire. Anyone can sell however, it takes a while before anyone can become an established one.

There are a variety of NFTs in the collection of NFTs available at OpenSea and you could become a part of this! You can create your own market there, and also find NFTs you want to purchase yourself.

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What is an NFT?

In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but not exactly sure what it actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.

One of the latest ways that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be substituted. It can be a piece of rarity like mint-condition baseball trading cards or unique vinyl album.

There’s no limit to what an NFT could be, since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could just consider as an NFT being a virtual item that is paid for using cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token you uploaded on the market place, but you’re putting it up for sale. Typically, this is official once you fill out the correct information about the NFT and finally upload it to the marketplace.

On OpenSea It’s a very simple process to mint your NFTs by going to the store and simply creating a collection to start! Fill out the proper and accurate information about your NFT and then select what type of settings you want for it (e.g. blockchain and money transfer tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.

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

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What NFTs are available here?

In this moment, you’re probably wondering what kind of NFTs be purchased here and what you can sell should you decide to go that route. The kind of NFT it can be is unlimited as there’s a variety of ways to do it.

You can be selling trade cards, digital goods game assets, domain names, and even physical assets! Consider what you believe will yield the most profit by trying OpenSea.

OpenSea: Collection Manager Feature

The collection Manager function is the one that differentiates OpenSea from the others. There are no gas costs when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t need to spend on extra fees.

Very few NFT marketplaces offer this feature, and it is a great way to make a huge profit from your NFT collection.

Referral Program

The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which allows you to earn more cash by this method.

Other NFT marketplaces do not have this feature This is a further advantage OpenSea has over them.

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Mobile Application

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

The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least browse through the selections you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are at your disposal You can also exchange your fiat money for cryptocurrency on these platforms. Nike – Nft Long Body Tee (White)

You can swap the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex, and other things!

All of them have the option of converting them into ETH that is the primary crypto payment 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 other. Since it is built mainly on an ETH blockchain, wallets which are part of this network are appropriate for this website.

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

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

*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using the credit card. Nike – Nft Long Body Tee (White)

For more information about the service You can go through their FAQs for a rundown of how you can begin 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 its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:

Pros

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

Cons

  • Allows royalties 10% to artists (low royalties).
  • Cannot buy or sell through this mobile application.
  • Only supports cryptocurrency as its method of payment.
  • A Crypto wallet is required to use this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly recover this amount if you actively sell because there is no additional fee for it.

Frequently Asked Questions Nike – Nft Long Body Tee (White)

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs due to its low gas fees and low commission fee rate which you are required to pay.

You can shop and browse an array of digital products on this NFT marketplace, so you should check it out!

Is OpenSea legit & safe?

Answer: Yes! OpenSea has been a reliable marketplace since it was founded in 2018. Because its system is built on blockchain technology and is secured, it is safe to claim that your transactions are secure and safe.

Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark will appear next to your account or collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are protected.

How can I earn royalties on OpenSea?

As an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison with others NFT marketplaces.

What are the cryptocurrency options accessible in OpenSea?

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

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that 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 the website. You can easily purchase or 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 have a desktop/mobile app?

As previously mentioned, there is definitely an official mobile app by OpenSea available for both iOS as well as Android. Download it at their respective app store and begin browsing through the collection right now!

A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get notifications about updates to 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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