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The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.

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

So, hop on board and let’s see what you can do with OpenSea, along with checking what NFTs you can view!

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

OpenSea as an NFT Marketplace Vertical Nft Diy

The aim of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional fees. It also has additional functions which allow you to market your work without having to deal with many problems.

When it comes to the registration process, you don’t have to give any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for most processes. It also operates on the Polygon blockchain to ensure the lowest cost and speediest trading.

With these two kinds of blockchains that are available you can pick which one you would like to publish your NFT as a seller. This is to ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted along with this blockchain, and you must think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can become a seller, but it takes time before anyone can become a reputable one.

There’s a huge selection from the selection on OpenSea, and you can become a part of that! You can start your own market here, along with finding NFTs you want to purchase yourself.

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What is an NFT?

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

One of the newest things you can buy is an NFT. An NFT is a token that is non-fungible that is very exclusive and cannot be substituted. It can be a piece of rareness like authentic baseball cards or unique vinyl album.

There’s no limit on what an NFT can be as it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could just think of the NFT as a digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling dibs to your NFTs. You are calling the owner of the item or token that you posted to market, as selling it. Usually, this is recognized when you have filled in all the necessary information about the NFT and finally add it on the market.

On OpenSea It’s a very simple process to mint your NFTs by visiting the store and create a collection! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain or money transfer tokens). After that you are able to upload it, if it’s within the 100 MB limit.

It is possible to wait and see how the transactions go from here on out to see if OpenSea is the marketplace for you.

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What NFTs can you get here?

In this moment, you’re probably wondering what kind of NFTs you shop for here, and what you could sell should you decide to go that route. The type of NFT it is unlimited as there’s a variety of ways to go about it.

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

OpenSea: Collection Manager Feature

The Collection Manager feature is what separates OpenSea from the others. There are no gas costs when you utilize this feature when you create and market NFTs. This is essentially a way to ensure that you get the most profit when you sell because you don’t need to pay on any additional charges.

There aren’t many NFT marketplaces provide this feature, which is why this is great for you to receive high profit from your NFT collection.

Referral Program

A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more money from this act.

Other NFT marketplaces don’t offer this kind of feature either and that’s another advantage OpenSea has over them.

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Mobile Application

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

OpenSea’s mobile apps are available on both iOS as well as Android. While you’re not able to buy or sell things, you can explore the products you’re interested in on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency through these platforms. Vertical Nft Diy

You can convert your fiat money via 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 converting them into ETH that is the standard cryptocurrency used in OpenSea.

Crypto Wallets

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

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

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage, and the function to buy cryptocurrency using credit cards. Vertical Nft Diy

To learn more about it You can go through their FAQs to get a rundown of how you can get started and which other wallets work with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets each one comes with 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 utilized for transactions.
  • High-level security , with the backing of blockchain.
  • The best option for beginners to the crypto market and NFTs.

Cons

  • Allows royalties up to 10% for artists (low royalty).
  • It is not possible to buy or sell items on this mobile application.
  • Only accepts cryptocurrency as a form of payment.
  • The use of a Crypto wallet is required for this marketplace.

Pricing

OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly regain that when you sell regularly since there’s no additional cost for it.

Frequently Asked Questions Vertical Nft Diy

What is OpenSea?

OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use the platform to market NFTs due to its no gas fees and low commission fee rate you must pay.

You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely go through it!

Is OpenSea legit & safe?

Answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.

In addition as a seller you can become verified once you build up your reputation. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure that users are safe.

How do I earn royalties from OpenSea?

However, as an artist, you’ll get only 10% of the royalties once you upload the NFT. This is believed to be quite low in comparison to others NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) has been commonly utilized on this website and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can make use of for OpenSea.

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

OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.

Does OpenSea have a desktop/mobile application?

As mentioned before there’s an official mobile app by OpenSea that is available for iOS and Android. Download it at their respective app store, and begin exploring the collection now!

A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and get 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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