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Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is among them and is worth checking out.

If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.

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

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Before you continue, you may want to check out 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 of OpenSea.

OpenSea as an NFT Marketplace Patron 24 Nft Nrl

The goal of OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional fees. There are additional features that allow you to sell your work without having to deal with many difficulties.

In terms of registration, you don’t need to worry about giving all of your personal details. All you need to 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 widely-used cryptocurrency to use within 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 using the Polygon blockchain, which allows for low-cost and quicker trading.

With these two kinds of blockchains available, you can choose which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT as well as those who wish 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 mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can become a seller however it takes time before anyone can become an established seller.

There are a variety of NFTs in the collection at OpenSea and you can become a part of this! You can start 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?

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 means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.

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

There is no limit to what an NFT can be since it’s a non-fungible object that you sell online. More straightforwardly, you can just think of the NFT being a virtual collectible paid via cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs to your NFTs. You are calling ownership over that particular token/item that you posted to market, as offering it for sale. Typically, this is official when you have filled in the proper information regarding the NFT and finally submit it for sale on.

On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and making a collection to begin! Complete the correct and accurate information about your NFT and select the type of settings you want to use it with (e.g., blockchain and payments tokens). After that you are able to upload it if it fits the limit of 100MB.

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?

So, at this point you’re probably asking yourself which kind of NFT be purchased here and what you can also sell if you decide to go that route. The kind of NFT that you can purchase is indefinite as there’s a variety of options for how to approach it.

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

OpenSea: Collection Manager Feature

The collection Manager features is one of the things that sets OpenSea from the others. There are zero gas fees when you utilize this feature when you create and market NFTs. This simply means that you’ll get the most profit when you sell because you won’t have to spend on extra fees.

Not many NFT marketplaces have this feature, and it is a great way to earn a high return from your collection.

Referral Program

This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to make more money from this act.

Other NFT marketplaces don’t have this feature and that’s another advantage OpenSea has over them.

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Mobile Application

There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell items as you browse through the listing.

OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can browse through the selections you’re interested in while on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. Patron 24 Nft Nrl

You can swap your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:

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

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

Crypto Wallets

While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Since it is built using the ETH blockchain, any wallets which are part of that network will be suitable for this site.

Here is a list of several crypto wallets you can utilize in OpenSea:

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. Patron 24 Nft Nrl

For more information about the service to learn more, check out their FAQs to see a rundown of how you can start and which other wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:

Pros

  • Available as mobile apps that are compatible with iOS and Android.
  • Smart contracts can be used to perform transactions.
  • Security at the highest level with the help of blockchain.
  • Ideal for those who are new to the crypto world and NFTs.

Cons

  • Allows royalties 10% to artists (low royalties).
  • It is not possible to buy or sell items through this mobile application.
  • Only supports cryptocurrency as its form of payment.
  • An Crypto wallet is required to use this marketplace.

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Patron 24 Nft Nrl

What is OpenSea?

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

You can shop and browse a vast collection of digital products on this NFT marketplace, so you should check it out!

Is OpenSea real and is it safe?

The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year of 2018. Because its system is based on a blockchain and is secured, it is safe to declare that transactions are secure and safe.

Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark is placed on your account or collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure that users are protected.

How can I earn royalties on OpenSea?

However, as an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be quite low in comparison to other NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) has been frequently used on this site and numerous others to cater for many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can use to use 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 on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.

Does OpenSea have a desktop or mobile app?

As previously mentioned, there is definitely an official mobile application from OpenSea available for both iOS and Android. Install it from their app store and begin exploring the collection right now!

The desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and get 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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