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The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.

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

Now hop aboard, and let’s explore what you can do with OpenSea as well as examining what NFTs you can view!

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Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Texas Steel Building 24 Nft Lean To

The goal for OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional costs. It has more functions which allow you to market your art without too many problems.

When it comes to registration, you won’t have to give 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). This market is built upon the Ethereum blockchain system which is utilized for most processes. It is also based on the Polygon blockchain to ensure lower costs and faster trading.

With these two kinds of blockchains available you can pick which one you want to upload your NFT on as an seller. This will ensure the security of your NFT as well as those who wish to buy it. Every transaction will be conducted using this blockchain, so you should think about where you should upload it.

OpenSea: NFT Collection Galore

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

There is a wide variety from the selection of NFTs available at OpenSea and you can join in with the collection! You can set up your own personal market there, and also find NFTs that you would like to purchase yourself.

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What is an NFT?

In a recent advancement for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t sure exactly what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.

One of the newest things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be substituted. It can be a piece of rareness, such as authentic baseball cards or a rare vinyl record.

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

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. You are calling ownership over that particular token/item that you posted to the market place, but you’re offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and finally upload it to the marketplace.

On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and simply creating a collection to start! Fill out the proper and complete information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain or 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 the way transactions are handled from now on to determine if OpenSea is the best marketplace for you.

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What NFTs can you get here?

At this point you’re probably asking yourself which kind of NFT can you shop for here and what kind of NFTs you can also sell if you choose to pursue that route. The kind of NFT it can be is indefinite because there’s a wide range of how you can approach it.

It is possible to sell digital items, trading cards game assets, domain names, and some physical items! Find out what you think will reap the best rewards by trying OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager feature is what differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature to create and market NFTs. This is essentially a way to ensure that you get the most profit when you sell because you won’t have to spend on additional fees.

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

Referral Program

A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, letting you make more money from this act.

Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over the other marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.

The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still at least explore the products you’re looking for on the move.

Crypto Exchange Platforms

Various crypto exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency on these platforms. Texas Steel Building 24 Nft Lean To

You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:

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

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

Crypto Wallets

Although OpenSea is an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than others. Because it is based on the ETH blockchain, wallets that share the same network are suitable for this website.

Here’s a list of various crypto wallets that which you can use with OpenSea:

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. Texas Steel Building 24 Nft Lean To

For more information about the service, you can check their FAQs to get an overview of how you can get started and which other wallets work with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:

Pros

  • Mobile apps are available that are compatible with iOS and Android.
  • Smart contracts are used for transactions.
  • High-level security with the support of blockchain.
  • Ideal for those who are new to the crypto industry and NFTs.

Cons

  • Allows royalties of only up to 10% for artists (low royalty).
  • Cannot buy or sell via our mobile apps.
  • Only accepts cryptocurrency as a method of payment.
  • A Crypto account is needed to use this marketplace.

Pricing

OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.

Frequently Asked Questions Texas Steel Building 24 Nft Lean To

What is OpenSea?

OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online to receive cryptocurrency as a form of payment. It’s a great platform for artists using for selling NFTs due to its low gas fees and the low commission rate you must pay.

You can browse and shop for an array of digital items on the NFT marketplace which is why you should definitely check it out!

Is OpenSea legitimate and secure?

Answer: Yes! OpenSea is a reputable marketplace since it was founded in the year 2018. Since the system it operates on is built on blockchain technology that is secure, you can say that your transactions are protected and secured.

Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear next to your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are safe.

How do I earn royalties from OpenSea?

However, as an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison to the other NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) has been commonly utilized on this website and many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can utilize to access OpenSea.

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

OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.

Does OpenSea have a desktop/mobile application?

As mentioned before There is an official mobile application from OpenSea that is available for iOS or Android. Install it from their app store, and then you can begin exploring the collection right now!

The Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive alerts on any updates that affect 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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