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The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.

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 biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.

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

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

OpenSea as an NFT Marketplace Verticle Nft

The purpose of OpenSea was to offer artists with a marketplace/platform to upload commissions, without having to pay any additional fees. There are additional features which allow you to market your artwork without any issues.

In terms of the registration process, you don’t have to worry about giving all of your personal details. All you need to do is 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 popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also operates on the Polygon blockchain to ensure low-cost and quicker trading.

With these two kinds of blockchains that are available, you can choose which one you’d like to publish your NFT as an seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions are made using this blockchain, which is why you need to think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can become a seller, but it takes a while for anyone to become an established one.

There’s a huge selection of NFTs available of NFTs available at OpenSea and you could join in with that! You can set up your own market here, along with finding NFTs that you would like to purchase for yourself.

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What is an NFT?

In a recent development for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t sure exactly what it actually 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 you can buy is an NFT. The NFT is a non-fungible token that is individual and cannot be replaced. It could be an item of rareness like rare baseball trading cards in mint condition or rare vinyl record.

There’s no limit on what an NFT can be since it’s a non-fungible item you’re selling online. In simpler terms, you could just imagine an NFT as a digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs for your personal NFTs. You are calling the ownership of the particular item that you have uploaded to the marketplace, and offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and then upload it to the marketplace.

On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and creating a collection to start! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain or payments tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.

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

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What NFTs can you find here?

So, at this point, you’re probably wondering what kind of NFTs be found here, and what you could also sell if you choose to go that route. The type of NFT it can be is unlimited because there’s a wide range of ways to approach it.

You could be selling trade cards, digital goods games domain names, also physical goods! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that separates OpenSea from the others. There are no gas costs when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t need to spend on any additional charges.

There aren’t many NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your portfolio.

Referral Program

A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which means you can earn more cash from this act.

Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea has over them.

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Mobile Application

There is an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell anything while you scroll through the list.

OpenSea’s mobile apps are available for both iOS and Android. Even though you can’t buy or sell things, you can look through the options you’re looking for on the move.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are to you to exchange your fiat money for cryptocurrency on these platforms. Verticle Nft

You can convert your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:

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

All of them have the option to exchange for ETH which is the primary cryptocurrency payment option in OpenSea.

Crypto Wallets

While OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are still more compatible with it than others. Since it is built around the ETH blockchain, wallets which are part of that network will be suitable for this website.

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 seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with credit cards. Verticle Nft

To know more about it You can go through 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 all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:

Pros

  • Available as mobile apps for iOS or Android.
  • Smart contracts are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • Ideal for those who are new to the crypto world and NFTs.

Cons

  • Allows royalties 10% to artists (low royalties).
  • You cannot buy or sell products on the mobile app.
  • Only supports cryptocurrency as its type of payment.
  • The use of a Crypto account is needed for this marketplace.

Pricing

OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you sell regularly since there is no additional fee for it.

Frequently Asked Questions Verticle Nft

What is OpenSea?

OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its no cost of gas and low commission fee rate which you are required to pay.

You can shop and browse a vast collection of digital goods in this NFT marketplace which is why you should definitely take a look!

Is OpenSea legit & is it safe?

Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are protected and secured.

Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned on your account or the collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the contents to ensure users are protected.

How do I earn royalties from OpenSea?

As an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.

What cryptocurrency is accessible in OpenSea?

Ethereum (ETH) is commonly used on this site and numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

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

OpenSea only allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.

Does OpenSea has a mobile or desktop app?

As mentioned before there’s an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store, and begin exploring the collection right now!

A version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications about updates to 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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