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Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. Markets have popped up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.

If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.

Now hop aboard, and discover what you can do with 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Projected Best Nft Players Week 3

The aim to create OpenSea was to provide an online marketplace for artists to upload commissions with no additional charges. It also has additional functions that let you sell your artwork without any problems.

When it comes to registration, you won’t have to worry about giving too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy 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, which is the system that runs it, and this is used to carry out the majority of processes. It also operates with the Polygon blockchain, which ensures lower costs and faster trading.

With these two types of blockchains that are available you can pick which one you’d like to publish your NFT as seller. This will ensure the security of your NFT and the people who want to purchase it. All transactions will be made by using the blockchain, so you should 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. You can buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can become a seller, but it takes some time before anyone can become a reputable one.

There is a wide variety in the collection at OpenSea, and you can become a part of the collection! You can start your own personal market on this site, as well as find NFTs you’d like to buy yourself.

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What is an NFT?

In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people have heard of 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 latest ways that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible token that is exclusive and cannot be changed. This can be an item of any rarity like mint-condition baseball trading cards or unique vinyl album.

There is no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. It is simpler to simply think of an NFT as a digital item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling dibs to your NFTs. You are calling the ownership of the particular item that you posted to market, as putting it up for sale. Typically, this is official once you fill out the proper information regarding the NFT and then add it on the market.

On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like for it (e.g. blockchain and money transfer tokens). After you’ve completed the process then you’re able to upload it, if it’s within the limit of 100MB.

It is possible to wait and see the way transactions are handled from here on out to determine whether OpenSea is the best marketplace for you.

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What NFTs can you get here?

In this moment you’re probably asking yourself the kind of NFTs you shop for here and what kind of NFTs you can also sell if you choose to go down that path. The type of NFT it can be is indefinite since there’s a broad range of options for how to go about it.

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

OpenSea: Collection Manager Feature

This Collection Manager function is the one that separates OpenSea from the others. There are no gas costs when you utilize this feature to create and market NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on extra fees.

Very few NFT marketplaces have this feature, and it is a great way to make a huge profit from your collection.

Referral Program

This Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you earn more money from this act.

Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.

OpenSea’s mobile apps are available for both iOS as well as Android. Even though you can’t buy or sell anything, you can still look through the options you’re looking for on the move.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency using these platforms. Projected Best Nft Players Week 3

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

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

Each of them has the option of converting them into ETH that is the primary cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based using an ETH blockchain, any wallets that share the same network are suitable for this website.

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

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

*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency with the credit card. Projected Best Nft Players Week 3

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

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Pros and Cons of OpenSea

As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:

Pros

  • Mobile apps available for iOS and Android.
  • Smart contracts can be used to perform transactions.
  • Security at the highest level with the help of blockchain.
  • Best for beginners in the crypto world and NFTs.

Cons

  • Allows royalties 10% for artists (low royalty rates).
  • It is not possible to buy or sell items on this mobile application.
  • Only accepts cryptocurrency as a form of payment.
  • An Crypto account is needed to access this marketplace.

Pricing

OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Projected Best Nft Players Week 3

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online and receive cryptocurrency as a form of payment. It’s a great option for artists who want to use the platform to market NFTs due to its low gas fees and low commission fee rate that you have to pay.

You can browse and purchase the vast array of digital goods in this NFT marketplace, so you should check it out!

Is OpenSea legit & is it safe?

Answer: Yes! OpenSea has been a reliable marketplace since its inception in the year of 2018. Because its system is built on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.

Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark will appear on your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are safe.

How do I earn royalties on OpenSea?

As an artist, you can get only 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) has been commonly used on this site as well as other sites to provide more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

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

OpenSea only 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 for the transaction.

Does OpenSea have a desktop/mobile app?

As we mentioned earlier there’s an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store and you can start browsing through the collection right now!

A Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and receive notifications on updates regarding your account while 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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