OpenSea Analytics

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Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto currency. Markets have popped up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea can be one, 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’s now one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.

Now hop aboard, and let’s see what you can do with OpenSea as well as examining 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 will want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace OpenSea Analytics

The purpose for OpenSea was to offer a platform/marketplace for artists to upload commissions without any extra costs. There are additional features which allow you to market your work without having to deal with many issues.

When it comes to registration, you don’t need to worry about giving all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also functions with the Polygon blockchain to ensure the lowest cost and speediest trading.

With these two kinds of blockchains you can pick which one you want to publish your NFT as a seller. This will ensure the security of your NFT, along with those who would like to buy it. Every transaction will be conducted along with this blockchain, which is why you need to think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can sell however, it takes a while for anyone to become an established one.

There are a variety of NFTs of NFTs available at OpenSea and you can also be a part of this! You can create your own personal market on this site, as well as find NFTs you want to purchase yourself.

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What is an NFT?

A recent change in the crypto industry, the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t sure exactly what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.

One of the newest things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible token which is extremely individual and cannot be replaced. It can be an item of any rareness like mint-condition baseball trading cards or a unique vinyl album.

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

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. You’re claiming the ownership of the particular item you uploaded on the marketplace, and putting it up for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and finally add it on the market.

On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and simply making a collection to begin! Fill out the proper and accurate information about your NFT and select the type of settings you’d like for it (e.g., blockchain or money transfer tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.

You can wait and observe the way transactions are handled from here on out to see if OpenSea is the best marketplace for you.

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What NFTs are available here?

So, at this point you’re probably thinking about the kind of NFTs can be purchased here and what you can sell should you decide to go that route. The kind of NFT it can be isn’t limited because there’s a wide range of ways to do it.

It is possible to sell trade cards, digital goods, game assets, domain names, and also physical goods! Find out what you think will yield the most profit when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas when you use this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t need to spend on additional fees.

Not many NFT marketplaces offer this feature, which is why this is great for you to make a huge profit from your collection.

Referral Program

A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more money through this action.

Other NFT marketplaces don’t have this feature This is a further benefit 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. You can’t buy or sell anything while you scroll through the list.

The mobile apps of OpenSea are available on both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are to you to convert your fiat money into cryptocurrency through these platforms. OpenSea Analytics

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

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

All of them have the option of exchange for ETH, which is the most common cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly on the ETH blockchain, all wallets that share that network will be suitable for the 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: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with credit cards. OpenSea Analytics

To learn more about it You can go through their FAQs to get a rundown of how you can start and which other wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:

Pros

  • Available as mobile apps for iOS and Android.
  • Smart contracts are used for transactions.
  • Security at the highest level with the help of blockchain.
  • Best for beginners in the crypto world and NFTs.

Cons

  • Allows royalty rates of up to 10% for artists (low royalty).
  • Cannot buy or sell through our mobile apps.
  • Only accepts cryptocurrency as a method 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 cryptocurrency wallets. When you are 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 are actively selling since there’s no additional cost for it.

Frequently Asked Questions OpenSea Analytics

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero gas fees and the low commission rate you must pay.

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

Is OpenSea legitimate and safe?

Answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of 2018. Because its system is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.

In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark will be assigned to your account or any collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure users are protected.

How do I earn royalties from OpenSea?

Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison against others NFT marketplaces.

What is the most popular cryptocurrency accessible in OpenSea?

Ethereum (ETH) is frequently utilized on this website and many others to accommodate many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can utilize for OpenSea.

Which are the accepted payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.

Does OpenSea has a mobile or desktop application?

As previously mentioned there’s an official mobile app from OpenSea for both iOS or Android. Download it at their respective app store, and then you can begin browsing through the collection right now!

A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts as well as receive 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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