OpenSea News

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Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth a look.

If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.

So, hop on board and let’s explore what you can do with 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 will want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace OpenSea News

The purpose for OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional charges. It also has additional functions that let you sell your work without having to deal with many issues.

For registration, you won’t have to give all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based with the Polygon blockchain, which allows for the lowest cost and speediest trading.

With these two kinds of blockchains that are available it is possible to choose which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made using 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 online shopping mall that is endless where you can exchange your NFTs or cryptocurrency 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 however it takes time for anyone to be an established seller.

There is a wide variety of NFTs available of NFTs available at OpenSea and you could become a part of the collection! You can create your own marketplace on this site, as well as find 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 so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.

One of the newest things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible token which is extremely unique and can’t be changed. This can be an item of rarity like rare baseball trading cards in mint condition or a uncommon vinyl record.

There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can just consider as an NFT as a digital item paid via cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you posted to the marketplace, and putting it up for sale. Typically, this is official after you fill in all the necessary information about the NFT and upload it to the marketplace.

On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g., blockchain or payments tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.

You can wait and observe how transactions progress from now to determine whether OpenSea is the best marketplace for you.

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What NFTs can you get here?

In this moment you’re probably thinking about which kind of NFT be found here and what you can also sell if you choose to pursue that route. The type of NFT that you can purchase is indefinite because there’s a wide range of how you can do it.

You can be selling trade cards, digital goods, game assets domain names, some physical items! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager function is the one that sets OpenSea from the others. There’s no cost for gas for using this feature when you create and market NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t have to spend on additional fees.

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

Referral Program

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

Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.

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Mobile Application

There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.

The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency on these platforms. OpenSea News

You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:

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

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

Crypto Wallets

While OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than other. Since it is built mainly on the ETH blockchain, wallets with a connection to that network will be suitable for the site.

Here’s a list various crypto wallets that which you can use with OpenSea:

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

*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. OpenSea News

For more information about the service You can go through their FAQs to see a rundown of how you can begin and which other wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets every one of them 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 that are compatible with iOS or 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 rates).
  • Cannot buy or sell via this mobile application.
  • Only accepts cryptocurrency as a form of payment.
  • The use of a Crypto wallet is required for this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly regain that when you actively sell because there is no additional fee for it.

Frequently Asked Questions OpenSea News

What is OpenSea?

OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as a method of payment. It’s a great platform for artists who use for selling NFTs due to its no cost of gas and low commission fee rate that you have to pay.

You can shop and browse a vast collection of digital products on this NFT marketplace and you must go through it!

Is OpenSea legit & safe?

Answer: Yes! OpenSea is a reputable marketplace since its inception at the end of the year of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to declare that transactions are protected and secured.

In addition as a seller you can become verified once you have built up your credibility. A blue checkmark is placed next to your account or the collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the contents to ensure users are secure.

How do I earn royalties from OpenSea?

As an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison against others NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) is commonly utilized on this website and numerous others to cater for the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment options for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.

Does OpenSea has a mobile or desktop application?

As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS or Android. Download it at their respective app store and then you can begin exploring the collection now!

The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and 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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