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Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth a look.

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

Get on board, and let’s see what you can do with OpenSea as well as examining the NFTs that you can see!

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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 Response Card Nft

The aim to create OpenSea was to provide artists with a marketplace/platform to upload their commissions with no additional fees. It also has additional functions which allow you to market your artwork without any issues.

When it comes to registration, you won’t have to provide any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.

With these two types of blockchains that are available you can pick 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 by using the blockchain, and you must think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork by an artist you admire. Anyone can become a seller however it takes some time for anyone to become a reputable one.

There are a variety of NFTs from the selection on OpenSea, and you can become a part of this! You can set up your own personal market there, and also find NFTs you want to purchase yourself.

Response Card Nft

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What is an NFT?

A recent change in the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.

One of the latest ways that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. It can be an item of rarity like authentic baseball cards or rare vinyl record.

There’s no limit on what an NFT could be, since it’s a non-fungible item that you can sell online. It is simpler to simply think of the NFT to be a type of digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is similar to calling for dibs to your NFTs. You’re claiming the ownership of the particular item that you posted to market, as putting it up for sale. Typically, this is official after you fill in the correct information about the NFT and add it on the market.

On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then creating a collection to start! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain and payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.

You can wait and observe how transactions progress from now to see if OpenSea is the right marketplace for you.

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What NFTs can you get here?

In this moment you’re probably thinking about which kind of NFT you shop for here and what you can also sell if you choose to go down that path. The type of NFT it can be is unlimited because there’s a wide range of options for how to go about it.

You could be selling digital items, trading cards, game assets, domain names, and also physical goods! Find out what you think will reap the best rewards by trying OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that sets OpenSea from the others. There are no gas costs when you utilize this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t have to spend on additional fees.

Not many NFT marketplaces offer this feature, and it is great for you to receive high profit from your collection.

Referral Program

This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive benefits by referring your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you earn more cash from this act.

Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.

The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Even though you can’t buy or sell things, you can at least look through the options you’re interested in on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency through these platforms. Response Card Nft

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

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

Each of them has the option of exchange for ETH which is the primary cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built on the ETH blockchain, all wallets that share that network will be suitable for this website.

Here’s a list of various crypto wallets that you can utilize in OpenSea:

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

*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency using credit cards. Response Card Nft

To learn more about it to learn more, check out their FAQs to see an overview of how you can begin 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 an exception to this. You can view its pros and pros here:

Pros

  • Available as mobile apps for iOS as well as Android.
  • Smart contracts are used for transactions.
  • Security at the highest level with the help of blockchain.
  • Best for beginners in the crypto market and NFTs.

Cons

  • Allows royalties of only up to 10% for artists (low royalty).
  • Cannot buy or sell on this mobile application.
  • Only supports cryptocurrency as its type of payment.
  • An Crypto wallet is required 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% portion of commission fees that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there is no additional fee for it.

Frequently Asked Questions Response Card Nft

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists who use for selling NFTs because of its zero gas fees and low commission fee rate that you have to pay.

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

Is OpenSea legit & is it safe?

Short answer: Yes! OpenSea is a reputable marketplace since it was founded in the year 2018. Since its system is built on blockchain technology and is secured, it is safe to claim that your transactions are safe and secure.

Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are secure.

How do I earn royalties from OpenSea?

As an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared against others NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) can be widely used on this site as well as many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on 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 options for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.

Does OpenSea have a desktop or mobile app?

As previously mentioned, there is definitely 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 exploring the collection now!

There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and 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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