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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 currency. Marketplaces are popping up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth looking into.

If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this 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.

Now hop aboard, and discover 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 watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Oriels Club Nft Myers

The aim of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions without any extra costs. It has more functions that allow you to sell your artwork without any issues.

When it comes to the registration process, you don’t have to give any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It is also based on the Polygon blockchain to ensure the lowest cost and speediest trading.

There are two types of blockchains available it is possible to choose which one you want to upload your NFT on as seller. This is to ensure the security of your NFT as well as those who wish to purchase it. Every transaction will be conducted along with this blockchain, which is why you need to consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to official art by an artist you admire. Anyone can be a seller however it takes some time for anyone to be a reputable one.

There’s a huge selection from the selection at OpenSea and you can become a part of that! You can set up your own market here, along with finding NFTs that you would like to purchase 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 so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.

One of the newest things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible token which is extremely individual and cannot be changed. It can be an item of rareness like authentic baseball cards or a unique vinyl album.

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

Minting NFTs

Minting is similar to calling for dibs for your personal NFTs. You are calling the ownership of the particular item that you have uploaded to the marketplace, and you’re putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and finally submit it for sale on.

On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and simply create a collection! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain and payment tokens). After you’ve completed the process then you’re able to upload it, if it’s within the limit of 100MB.

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

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What NFTs are available here?

At this point you’re probably asking yourself the kind of NFTs can be found here and what you can sell should you decide to go that route. The type of NFT it can be is unlimited because there’s a wide range of options for how to approach it.

You can be selling trade cards, digital goods, game assets, domain names, and some physical items! Find out what you think will bring the greatest rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager feature is what sets OpenSea from the others. There are no gas costs when you use this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you start selling because you don’t need to pay on any additional charges.

Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your collection.

Referral Program

The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more money from this act.

Other NFT marketplaces don’t have this feature This is a further advantage OpenSea has over the other marketplaces.

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Mobile Application

There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.

The mobile apps of OpenSea are available for both iOS in addition to Android. Even though you can’t buy or sell something, you can at least explore the products you’re looking for on the move.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. Oriels Club Nft Myers

You can swap your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:

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

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

Crypto Wallets

While OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than other. Since it is built on an ETH blockchain, any wallets that share that network will be suitable for this site.

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

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

*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. Oriels Club Nft Myers

To know more about it, you can check their FAQs to see a rundown of how you can get started 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 cons here:

Pros

  • Mobile apps available that are compatible with iOS and Android.
  • Smart contracts are utilized for transactions.
  • Security at the highest level with the help of blockchain.
  • The best option for beginners to the crypto world and NFTs.

Cons

  • Allows royalty rates of 10% to artists (low royalty).
  • It is not possible to buy or sell items via the mobile app.
  • Only supports cryptocurrency as its type of payment.
  • A Crypto account is needed to access this marketplace.

Pricing

OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly regain that when you sell regularly since there’s no additional cost for it.

Frequently Asked Questions Oriels Club Nft Myers

What is OpenSea?

OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using for selling NFTs due to its low cost of gas and the low commission rate you must pay.

You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely go through it!

Is OpenSea real and is it safe?

Short answer: Yes! OpenSea has been a trusted marketplace since its inception in the year 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are secure and safe.

Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will appear next to your account or the collection you uploaded to reassure 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 will be paid only 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.

What cryptocurrency is offered in OpenSea?

Ethereum (ETH) can be commonly used on this site and numerous others to cater for many more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

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

OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal for the transaction.

Does OpenSea have a desktop or mobile app?

As mentioned before there’s an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store, and then you can begin browsing through the collection right now!

A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect 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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