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Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.

If you’re interested in crypto, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.

Now hop aboard, and let’s explore what you can do with OpenSea, along with checking 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Saint Louis Nft Tearm

The purpose for OpenSea was to provide an online marketplace for artists to upload commissions with no additional charges. It also has additional functions which allow you to market your art without too many problems.

When it comes to registration, you don’t need to worry about giving all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions using the Polygon blockchain, which ensures low-cost and quicker trading.

With these two types of blockchains that are available it is possible to choose which one you want to transfer your NFT to as a seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions are made using this blockchain, which is why you need to think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art by an artist you admire. Anyone can become a seller, but it takes time for anyone to be a reputable one.

There’s a huge selection from the selection on OpenSea and you could become a part of the collection! You can create your own marketplace on this site, as well as find NFTs you want to purchase yourself.

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What is an NFT?

A recent change in the crypto market”NFT” is a term that has been used in recent times “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 actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.

One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible that is very exclusive and cannot be changed. It can be a piece of rarity like rare baseball trading cards in mint condition, or a uncommon vinyl record.

There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling online. In simpler terms, you could simply consider an NFT being a virtual collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling the shots to your NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as selling it. Usually, this becomes official after you fill in all the necessary information about the NFT and then upload it to the marketplace.

On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and simply creating a collection to start! Fill out the proper and complete information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain and payments tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.

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

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What NFTs are available here?

At this point you’re probably asking yourself the kind of NFTs you shop for here, and what you could also sell if you choose to go that route. The type of NFT that you can purchase is indefinite as there’s a variety of ways to approach it.

You could be selling digital items, trading cards games domain names, even physical assets! Find out what you think will bring the greatest rewards by trying OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager function is the one that sets OpenSea from the other options. There are no gas costs when you utilize this feature to create and market NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t need to spend on any additional charges.

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

Referral Program

A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can make more money by this method.

Other NFT marketplaces do not have the same feature This is a further benefit OpenSea has over them.

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Mobile Application

There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell items as you scroll through the list.

The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can at least explore the products you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are available at your disposal You can also trade your fiat currency for cryptocurrency using these platforms. Saint Louis Nft Tearm

You can exchange your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:

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

All of these have the option of converting them into ETH that is the primary cryptocurrency payment option in OpenSea.

Crypto Wallets

While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Since it is built around the ETH blockchain, all wallets with a connection to the same network are suitable for the site.

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

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

*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. Saint Louis Nft Tearm

To learn more about it, you can check their FAQs for 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 comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:

Pros

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

Cons

  • Allows royalty rates of 10% for artists (low royalty rates).
  • Cannot buy or sell via the mobile app.
  • Only supports cryptocurrency as its type of payment.
  • An Crypto wallet is required to access this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you sell regularly since there’s no extra charge for it.

Frequently Asked Questions Saint Louis Nft Tearm

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online, and to accept 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 no cost of gas and the low commission rate which you are required to pay.

You can browse and shop for an array of digital items on the NFT marketplace and you must go through it!

Is OpenSea legit & is it safe?

The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of the year 2018. Because its system is built on a blockchain, it is safe to declare that transactions are protected and secured.

In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear to your account or collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are secure.

How can I earn royalties on OpenSea?

However, as an artist, you can get only 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) is commonly utilized on this website and numerous others to cater for more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can use to access OpenSea.

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

OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.

Does OpenSea has a mobile or desktop application?

As we mentioned earlier, there is definitely an official mobile app from OpenSea available for both iOS or Android. You can download it through their app store and begin browsing through the collection right now!

A Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application 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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