OpenSea Or Rarible

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The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up all over the digital web designed to purchase and sell NFTs using 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 one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy 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 check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace OpenSea Or Rarible

The aim to create OpenSea was to offer an online marketplace for artists to upload their commissions with no additional charges. It also has additional functions which allow you to market your work without having to deal with many problems.

In terms of registration, you don’t need to provide all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on 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, which allows for lower costs and faster trading.

With these two types of blockchains that are available you can pick which one you’d like to publish your NFT as a seller. This ensures the safety of your NFT, along with the people who want to purchase it. All transactions are made by using the 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 marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist you admire. Anyone can sell however, it takes some time before anyone can become a reputable one.

There is a wide variety of NFTs available on OpenSea, and you can also be a part of this! You can set up your own market on this site, as well as find NFTs that you would like to purchase yourself.

OpenSea Or Rarible

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What is an NFT?

In a recent advancement for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.

One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible token which is extremely unique and can’t be replaced. It could be an item of rarity like rare baseball trading cards in mint condition or a rare vinyl record.

There is no limit to what an NFT could be, since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can just consider as an NFT as a digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token you uploaded on the market place, but offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and then add it on the market.

On OpenSea it’s a straightforward process to mint your NFTs by going to the store and then making a collection to begin! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain, payments tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.

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 can you get here?

In this moment you’re probably thinking about the kind of NFTs can be found here, and what you could also sell if you choose to pursue that route. The kind of NFT that you can purchase is indefinite because there’s a wide range of options for how to approach it.

You can be selling trade cards, digital goods games domain names, some physical items! Explore what you believe can yield the most profit when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager feature is what differentiates OpenSea from other companies. There are no gas costs when you utilize this feature when you mint and sell NFTs. This means you’ll receive the maximum profits when you sell because you won’t have to spend on any additional charges.

There aren’t many NFT marketplaces provide this feature, and it can be a fantastic way to make a huge profit from your portfolio.

Referral Program

The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to earn more cash from this act.

Other NFT marketplaces do not have 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 is mainly used to browse the marketplace. You can’t buy or sell anything as you browse through the listing.

OpenSea’s mobile apps are available on the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re interested in on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency on these platforms. OpenSea Or Rarible

You can swap the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:

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

Each of them has the option of converting them into ETH which is the standard cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based around the ETH blockchain, any wallets with a connection to the same network are suitable for this website.

Here’s a list of several crypto wallets which you can use with OpenSea:

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

Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency using the credit card. OpenSea Or Rarible

To know more about it You can go through their FAQs to see an overview of how you can begin and also what other crypto 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 cons here:

Pros

  • Mobile apps available for 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% for artists (low royalty rates).
  • It is not possible to buy or sell items through this mobile application.
  • Only accepts cryptocurrency as a method of payment.
  • A Crypto digital wallet must be used to use this marketplace.

Pricing

OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will easily recover that amount when you actively sell because there is no additional fee for it.

Frequently Asked Questions OpenSea Or Rarible

What is OpenSea?

OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero gas costs and low commission fees that you have to pay.

You can shop and browse the vast array of digital items on the NFT marketplace and you must take a look!

Is OpenSea legitimate and secure?

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

Furthermore as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure that users are secure.

How can I earn royalties from OpenSea?

As an artist, you’ll be paid only 10% of the royalties once 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) can be commonly used on this site and other sites to provide many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can utilize for OpenSea.

Which are the accepted payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.

Does OpenSea has a mobile or desktop application?

As we mentioned earlier There is an official mobile application from OpenSea for both iOS or Android. Install it from their app store and begin browsing through the collection right now!

The version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and 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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