What Does OpenSea Do

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Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth checking out.

If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.

Get on board, and discover the possibilities of OpenSea as well as examining the NFTs available to 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’ll want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace What Does OpenSea Do

The purpose to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions which allow you to market your art without too many difficulties.

In terms of registration, you don’t need to give all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.

There are two types of blockchains that are available you can pick which one you would like to upload your NFT on as seller. This ensures the safety of your NFT as well as those who would like to buy it. All transactions are made along with this blockchain, which is why you need to consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to official art from an artist you admire. Anyone can be a seller, but it takes a while for anyone to be an established seller.

There are a variety of NFTs from the selection at OpenSea and you can become a part of this! You can create your own market here, along with finding NFTs you want to purchase for yourself.

What Does OpenSea Do

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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 the internet that many millennials are familiar with it but not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.

One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a token that is non-fungible that is exclusive and cannot be replaced. It could be an item of rareness, such as mint-condition baseball trading cards, or a unique vinyl album.

There is no limit to what an NFT can be as it’s a non-fungible object you’re selling online. In simpler terms, you could just think of an NFT being a virtual 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 have uploaded to the marketplace, and you’re putting it up for sale. Usually, this becomes official after you fill in the correct information about the NFT and finally submit it for sale on.

On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and then making a collection to begin! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain, money transfer 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 see if OpenSea is the marketplace for you.

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What NFTs are available here?

In this moment, you’re probably wondering what kind of NFTs be purchased here, and what you could also sell if you choose to go down that path. The type of NFT it is unlimited since there’s a broad range of how you can approach it.

You could be selling trade cards, digital goods, game assets domain names, some physical items! Consider what you believe will reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees when you use this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on extra fees.

There aren’t many NFT marketplaces provide this feature, and it is great for you to earn a high return from your portfolio.

Referral Program

A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive benefits by referring your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, letting you earn more cash from this act.

Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea has over them.

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Mobile Application

There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell anything while you scroll through the list.

The mobile apps of OpenSea are available on 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 on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available to you You can also trade your fiat currency for cryptocurrency on these platforms. What Does OpenSea Do

You can exchange the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:

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

Each of them has the option of exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly using an ETH blockchain, all wallets with a connection to the same network are suitable for this site.

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

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

*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only, and the function to buy cryptocurrency using the credit card. What Does OpenSea Do

To learn more about it, you can check their FAQs for the steps you can start and what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like all 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

  • Available as mobile apps for iOS and Android.
  • Smart contracts are utilized for transactions.
  • Security at the highest level with the help of blockchain.
  • The best option for beginners to the crypto industry and NFTs.

Cons

  • Allows royalties of only 10% to artists (low royalties).
  • Cannot buy or sell on our mobile apps.
  • Only supports cryptocurrency as its method of payment.
  • A Crypto account is needed for this marketplace.

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly regain that when you actively sell because there is no additional fee for it.

Frequently Asked Questions What Does OpenSea Do

What is OpenSea?

OpenSea is an NFT marketplace that seeks to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s a great option for artists who want to use for selling NFTs due to its no gas fees and low commission fees you must pay.

You can browse and purchase an array of digital products on this NFT marketplace and you must go through it!

Is OpenSea legit & is it safe?

Answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of the year of 2018. Since its system is based on a blockchain, it is safe to say that your transactions are secure and safe.

In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will appear to your account or any collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure that users are safe.

How do I earn royalties from OpenSea?

However, as an artist, you will get only 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared against other NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) has been widely used on this site and many others to accommodate more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can utilize for OpenSea.

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

OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.

Does OpenSea have a desktop/mobile application?

As previously mentioned There is an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store and begin browsing through the collection right now!

A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can 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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