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The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth checking out.

If you’re interested in crypto, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.

So, hop on board and let’s see the possibilities of OpenSea and also see the NFTs that you can see!

open-sea-logo

Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Organic Nft Hydroponic Lettuce

The aim for OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra fees. It also has additional functions that let you sell your work without having to deal with many issues.

For registration, you don’t need to provide too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be 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 system which is utilized for most processes. It is also based on the Polygon blockchain, which ensures lower costs and faster trading.

With these two types of blockchains that are available it is possible to choose which one you’d like to upload your NFT on as a seller. This is to ensure the security of your NFT and those who would like to purchase it. All transactions will be made by using the blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to official art from an artist you admire. Anyone can become a seller however it takes a while for anyone to become a reputable one.

There are a variety of NFTs of NFTs available on OpenSea and you could also be a part of that! You can set up your own personal market there, and also find NFTs that you would like to purchase for yourself.

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What is an NFT?

In a recent advancement for the cryptocurrency industry,”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 take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.

One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a token that is non-fungible which is extremely unique and can’t be substituted. It could be a piece of rareness like mint-condition baseball trading cards or uncommon vinyl record.

There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell on the internet. It is simpler to simply imagine as an NFT being a virtual collectible paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the marketplace, and selling it. Typically, this is official when you have filled in all the necessary information about the NFT and then add it on the market.

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

You can wait and observe how the transactions go from now to see whether OpenSea is the right marketplace for you.

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What NFTs can you find here?

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

You can be selling digital items, trading cards game assets, domain names, and also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t need to spend on additional fees.

Very few NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your portfolio.

Referral Program

The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, letting you earn more cash through this action.

Other NFT marketplaces do not have the same feature and that’s another benefit OpenSea has over the other marketplaces.

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Mobile Application

There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.

The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency on these platforms. Organic Nft Hydroponic Lettuce

You can convert the fiat currency you have with a credit card or 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 that is the most common cryptocurrency payment option in OpenSea.

Crypto Wallets

While OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than others. Since it is built mainly around an ETH blockchain, wallets with a connection to that network will be suitable for this website.

Here is a list of various crypto wallets that which you can use with OpenSea:

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency using a credit card. Organic Nft Hydroponic Lettuce

To know more about it to learn more, check out their FAQs to see a rundown of how you can start and which other wallets work with OpenSea.

ethereum-coins

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Pros and Cons of OpenSea

Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:

Pros

  • Mobile apps available for iOS as well as Android.
  • Smart contracts are used for transactions.
  • High-level security , with the backing of blockchain.
  • Ideal for those who are new to the crypto market and NFTs.

Cons

  • Allows royalties of only 10% for artists (low royalty rates).
  • It is not possible to buy or sell items through our mobile apps.
  • Only accepts cryptocurrency as a form 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. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you sell regularly since there is no additional fee for it.

Frequently Asked Questions Organic Nft Hydroponic Lettuce

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs because of its zero gas costs and low commission fees you must pay.

You can shop and browse a vast collection of digital goods in this NFT marketplace and you must take a look!

Is OpenSea legit & is it safe?

The short answer is yes! OpenSea has been a reliable marketplace since its inception at the end of the year of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.

Additionally, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed on your account or any collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure that users are safe.

How can I earn royalties from OpenSea?

However, as an artist, you can receive only up to 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared against other NFT marketplaces.

What is the most popular cryptocurrency available in OpenSea?

Ethereum (ETH) can be widely utilized on this website and many others to accommodate many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can make use of for OpenSea.

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

OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.

Does OpenSea have a desktop or mobile application?

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

A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and get notifications on updates regarding 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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