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

If you’re interested in crypto, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.

Now hop aboard, and let’s see 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Solar Powered Nft

The goal for OpenSea was to provide a platform/marketplace for artists to upload commissions without any extra charges. It also has additional functions that let you sell your work without having to deal with many issues.

In terms of registration, you won’t have to provide all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It also operates using the Polygon blockchain to ensure the lowest cost and speediest trading.

There are two types of blockchains you can pick which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT and the people who want to buy it. All transactions are made along with this blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

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

There’s a huge selection from the selection at OpenSea and you could also be a part of this! You can start your own personal market there, and also find NFTs you’d like to buy for yourself.

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What is an NFT?

A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t sure exactly what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.

One of the newest things you can buy includes an NFT. The NFT is a non-fungible currency that is individual and cannot be replaced. It could be a piece of rareness, such as authentic baseball cards or unique vinyl album.

There is no limit to what an NFT can be as it’s a non-fungible object you’re selling on the internet. In simpler terms, you could simply imagine the NFT as a digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling the shots for your personal NFTs. You’re claiming the ownership of the particular item that you have uploaded to market, as you’re putting it up for sale. Usually, this is recognized once you fill out the correct information about the NFT and finally 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 making a collection to begin! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like for it (e.g., blockchain and payment tokens). After you’ve completed the process 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 on to determine if OpenSea is the best marketplace for you.

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What NFTs are available here?

So, at this point you’re probably thinking about what kind of NFTs be purchased here and what you can also sell if you decide to go that route. The type of NFT it isn’t limited as there’s a variety of ways to go about it.

You can be selling trade cards, digital goods game assets, domain names, and even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager function is the one that differentiates OpenSea from other companies. There are zero gas fees when you use this feature when you create and market NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you don’t need to pay on extra fees.

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

Referral Program

The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to make more money from this act.

Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea has over the other marketplaces.

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Mobile Application

There is an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell items as you browse through the listings.

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 at least look through the options you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available to you, and you can convert your fiat money into cryptocurrency on these platforms. Solar Powered Nft

You can convert your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:

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

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

Crypto Wallets

While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built on the ETH blockchain, any wallets which are part of that network will be suitable for this site.

Here is a list of different crypto wallets which you can use with OpenSea:

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

*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage as well as the capability to buy cryptocurrency using the credit card. Solar Powered Nft

To know more about it You can go through their FAQs for the steps you can begin 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 its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:

Pros

  • Mobile apps available that are compatible with iOS as well as Android.
  • Smart contracts can be used to perform transactions.
  • High-level security with the support of blockchain.
  • Best for beginners in the crypto market and NFTs.

Cons

  • Allows royalties up to 10% for artists (low royalty).
  • You cannot buy or sell products via our mobile apps.
  • Only accepts cryptocurrency as a method of payment.
  • The use of a Crypto wallet is required to access this marketplace.

Pricing

OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Solar Powered Nft

What is OpenSea?

OpenSea is an NFT marketplace that seeks to offer artists a way for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists who use it to sell NFTs due to its no gas fees and low commission fees which you are required to pay.

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

Is OpenSea legitimate and secure?

Short answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year of 2018. Since the system it operates on is based on a blockchain, it is safe to say that your transactions are safe and secure.

Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear next to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are secure.

How can I earn royalties from OpenSea?

As an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison against others NFT marketplaces.

What are the cryptocurrency options offered in OpenSea?

Ethereum (ETH) can be frequently used on this site as well as many others to accommodate many more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.

Does OpenSea have a desktop/mobile application?

As we mentioned earlier there’s an official mobile application from OpenSea for both iOS or Android. Install it from their app store and you can start browsing through the collection right now!

There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and receive 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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