What Is An OpenSea

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The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto-coins. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.

If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.

So, hop on board and let’s explore the possibilities of 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace What Is An OpenSea

The aim to create OpenSea was to provide a platform/marketplace for artists to upload their commissions, without having to pay any additional fees. There are additional features that let you sell your art without too many problems.

When it comes to registration, you won’t have to worry about giving too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based using the Polygon blockchain to ensure the lowest cost and speediest trading.

With these two types of blockchains that are available you can pick which one you want to transfer your NFT to as an seller. This ensures the safety of your NFT as well as the people who want to buy it. Every transaction will be conducted by using the blockchain, and you must think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes some time for anyone to become a reputable one.

There are a variety of NFTs from the selection on OpenSea, and you can become a part of the collection! You can set up your own marketplace there, and also find NFTs you want to purchase yourself.

What Is An OpenSea

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What is an NFT?

In a recent advancement for the crypto market”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 exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.

One of the new things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency which is extremely individual and cannot be changed. This can be an item of rareness like authentic baseball cards or a rare vinyl record.

There’s no limit on what an NFT could be, since it’s a non-fungible object that you sell on the internet. In simpler terms, you could just consider the 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 the ownership of the particular item that you posted to the marketplace, and you’re putting it up for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and finally add it on the market.

On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and create a collection! Fill out the proper and complete information about your NFT and then select what type of settings you want for it (e.g. blockchain, money transfer tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.

You can wait and observe the way transactions are handled from now on to determine if OpenSea is the right marketplace for you.

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What NFTs are available here?

So, at this point, you’re probably wondering the kind of NFTs can be purchased here and what you can also sell if you decide to go down that path. The type of NFT it is indefinite because there’s a wide range of ways to approach it.

You could be selling digital items, trading cards game assets, domain names, and also physical goods! Find out what you think will yield the most profit by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The collection Manager features is one of the things that separates OpenSea from other companies. There are zero gas fees when you use this feature to create and market NFTs. This simply means that you’ll get the most profit when you start selling because you won’t need to spend on any additional charges.

There aren’t many NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.

Referral Program

This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can earn more money from this act.

Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over them.

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Mobile Application

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

The mobile apps of OpenSea are available on both iOS in addition to Android. While you’re not able to buy or sell something, you can at least explore the products you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are for you to use to convert your fiat money into cryptocurrency using these platforms. What Is An OpenSea

You can convert your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:

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

All of them have the option of converting them into ETH, which is the standard cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built using an ETH blockchain, wallets that share the same network are suitable for this site.

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

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

*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only and the ability to buy cryptocurrency using a credit card. What Is An OpenSea

To learn more about it You can go through their FAQs to see the steps you can start and also what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:

Pros

  • Available as mobile apps 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 world and NFTs.

Cons

  • Allows royalties 10% to artists (low royalty).
  • Cannot buy or sell on our mobile apps.
  • Only supports cryptocurrency as its form of payment.
  • The use of a Crypto digital wallet must be used to use this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.

Frequently Asked Questions What Is An OpenSea

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 form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no gas fees and low commission fee rate that you have to pay.

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

Is OpenSea legitimate and secure?

The short answer is yes! OpenSea has been a reliable marketplace since it was established in the year of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to say that your transactions are protected and secured.

In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned on your account or any collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.

How do I earn royalties on OpenSea?

However, as an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison with others NFT marketplaces.

What is the most popular cryptocurrency available in OpenSea?

Ethereum (ETH) is widely utilized on this website and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

Which are the accepted payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the transaction.

Does OpenSea has a mobile or desktop app?

As previously mentioned, there is definitely an official mobile application from OpenSea available for both iOS or Android. Download it at their respective app store, and you can start exploring the collection now!

There is also a desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you can 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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