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Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto currency. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth checking out.

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

Now hop aboard, and discover the possibilities of OpenSea, along with checking what NFTs you can 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 review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Post Nft Art

The aim for OpenSea was to simply provide an online marketplace for artists to upload their commissions with no additional charges. It has more functions which allow you to market your art without too many issues.

In terms of registration, you won’t have to worry about giving all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that, without much hassle as you step 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 and is used for the majority of transactions. It also functions on the Polygon blockchain, which ensures low-cost and quicker trading.

There are two types of blockchains that are available, you can choose which one you would like to transfer your NFT to as a seller. This is to ensure the security of your NFT as well as the people who want to purchase it. Every transaction will be conducted along with this blockchain, and you must think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist you admire. Anyone can be a seller however, it takes time before anyone can become a reputable one.

There are a variety of NFTs in the collection of NFTs available at OpenSea and you could become a part of this! You can create 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 is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.

One of the newest things you can purchase your cryptocurrency is an NFT. A NFT is a token that is non-fungible which is extremely unique and can’t be substituted. This can be an item of any rarity like rare baseball trading cards in mint condition, or a unique vinyl album.

There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. More straightforwardly, you can simply imagine as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs to your NFTs. You’re claiming the ownership of the particular item you uploaded on the marketplace, and offering it for sale. Usually, this is recognized when you have filled in the correct information about the NFT and finally submit it for sale on.

On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and creating a collection to start! Fill out the proper and complete information about your NFT and then select what type of settings you want for it (e.g. blockchain, payment tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.

You can watch and see how transactions progress from now to determine whether OpenSea is the right marketplace for you.

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What NFTs are available here?

At this point you’re probably thinking about which kind of NFT be found here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT it is indefinite since there’s a broad range of ways to approach it.

You could be selling digital products, trading cards game assets, domain names, and some physical items! Explore what you believe can bring the greatest rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you don’t need to pay on additional fees.

Not many NFT marketplaces offer this feature, so this is a great way to earn a high return from your portfolio.

Referral Program

A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more money through this action.

Other NFT marketplaces don’t have this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything while you browse through the listing.

OpenSea’s mobile apps are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can at least look through the options you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are to you You can also convert your fiat money into cryptocurrency through these platforms. Post Nft Art

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

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex and other things!

All of these have the option of converting them into ETH, which is the standard cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than other. Because it is based using the ETH blockchain, any wallets which are part of the same network are 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: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using a credit card. Post Nft Art

To know more about it You can go through their FAQs for the steps you can start and which other wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:

Pros

  • Available as mobile apps for iOS and Android.
  • Smart contracts are utilized for transactions.
  • High-level security with the support of blockchain.
  • The best option for beginners to the crypto industry and NFTs.

Cons

  • Allows royalty rates of 10% for artists (low royalties).
  • You cannot buy or sell products on our mobile apps.
  • Only supports cryptocurrency as its form of payment.
  • An Crypto digital wallet must be used to use this marketplace.

Pricing

OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly recover this amount if you actively sell because there is no additional fee for it.

Frequently Asked Questions Post Nft Art

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s a great platform for artists using the platform to market NFTs because of its zero gas costs and low commission fees you must pay.

You can browse and shop for an array of digital products on this NFT marketplace which is why you should definitely take a look!

Is OpenSea real and secure?

The short answer is yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since the system it operates on is built on a blockchain, it is safe to say that your transactions are protected and secured.

In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed to your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are protected.

How can I earn royalties on OpenSea?

However, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared with other NFT marketplaces.

What cryptocurrency is offered in OpenSea?

Ethereum (ETH) has been frequently used on this site and many others to accommodate 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 make use of for OpenSea.

What are the payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges on its website. You can buy and 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 has a mobile or desktop app?

As we mentioned earlier, there is definitely an official mobile application from OpenSea that is available for iOS as well as Android. Install it from their app store, and then you can begin exploring the collection now!

There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts as well as receive notifications about updates to 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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