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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 across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.

If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.

So, hop on board and discover the possibilities of OpenSea as well as examining the NFTs that you can see!

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

OpenSea as an NFT Marketplace Parsley Nft

The goal for OpenSea was to provide a platform/marketplace for artists to upload their commissions with no additional costs. It has more functions which allow you to market your art without too many issues.

For registration, you won’t have to worry about giving too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that without going through 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 the majority of transactions. It also functions on the Polygon blockchain, which allows for the lowest cost and speediest trading.

With these two kinds of blockchains that are available you can pick which one you would like to upload your NFT on as a seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions are made using this blockchain, and you must 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 an official artwork from an artist that you admire. Anyone can become a seller, but it takes a while for anyone to be an established one.

There’s a huge selection of NFTs available at OpenSea and you could also be a part of that! You can set up your own personal market here, along with finding NFTs that you would like to purchase yourself.

Parsley Nft

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What is an NFT?

In a recent development for the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many 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 new things you can buy is an NFT. A NFT is a non-fungible token which is extremely individual and cannot be substituted. It can be a piece of rareness like rare baseball trading cards in mint condition or rare vinyl record.

There is no limit to what an NFT can be as it’s a non-fungible item that you sell on the internet. More straightforwardly, you can simply consider as an NFT to be a type of digital item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling the shots to your NFTs. You’re claiming ownership over that particular token/item you uploaded on market, as you’re putting it up for sale. Usually, this is recognized when you have filled in the correct information about the NFT and then submit it for sale on.

On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and making a collection to begin! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain and payments tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.

It is possible to wait 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 find here?

So, at this point you’re probably thinking about which kind of NFT can be found here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT it isn’t limited since there’s a broad range of how you can go about it.

You could be selling digital items, trading cards, game assets, domain names, and even physical assets! Explore what you believe can reap the best rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that separates OpenSea from the others. There are no gas costs for using this feature when you make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on extra fees.

Not many NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your collection.

Referral Program

This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can earn more cash by this method.

Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea has over them.

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Mobile Application

There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.

OpenSea’s mobile apps are available on the two platforms of iOS and Android. Even though you can’t 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 to you to exchange your fiat money for cryptocurrency through these platforms. Parsley Nft

You can convert your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:

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

Each of them has the option of exchange for ETH that is the primary cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built using an ETH blockchain, wallets which are part of this network are appropriate for this site.

Here is a list of different crypto wallets you can use in 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, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency with credit cards. Parsley Nft

To know more about it, you can check their FAQs to get a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:

Pros

  • Mobile apps available that are compatible with iOS or Android.
  • Smart contracts are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • Best for beginners in the crypto world and NFTs.

Cons

  • Allows royalties of only 10% to artists (low royalty).
  • It is not possible to buy or sell items on the mobile app.
  • Only supports cryptocurrency as its method of payment.
  • The use of a Crypto wallet is required to use this marketplace.

Pricing

OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, 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’s no additional cost for it.

Frequently Asked Questions Parsley Nft

What is OpenSea?

OpenSea is an NFT marketplace that is designed to give artists a chance to market their work online to receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero gas fees and low commission fees you must pay.

You can browse and shop for the vast array of digital goods in this NFT marketplace, so you should take a look!

Is OpenSea real and secure?

The short answer is yes! OpenSea has been a trusted marketplace since its inception in 2018. Since its system is based on a blockchain, it is safe to say that your transactions are protected and secured.

Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark is placed to your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are secure.

How do I earn royalties from OpenSea?

As an artist, you can be paid only 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared to others NFT marketplaces.

What cryptocurrency is accessible in OpenSea?

Ethereum (ETH) has been widely utilized on this website and many others to accommodate many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can use for OpenSea.

Which are the accepted payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.

Does OpenSea have a desktop/mobile app?

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

There is also a desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app, you can 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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