1St Round Nft Draft 2021 Outcome

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The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto coins. 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 interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.

Get on board, and let’s see what you can do with OpenSea, along with checking the NFTs available to view!

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Before you go on, 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.

OpenSea as an NFT Marketplace 1St Round Nft Draft 2021 Outcome

The aim to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional costs. There are additional features which allow you to market your artwork without any difficulties.

For registration, you don’t need 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 on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It is also based using the Polygon blockchain, which ensures low-cost and quicker trading.

With these two kinds of blockchains that are available you can pick which one you would like to publish your NFT as an seller. This ensures the safety of your NFT as well as those who would like to purchase it. All transactions are made using this blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

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

There is a wide variety in the collection on OpenSea and you can also be a part of this! You can start your own marketplace here, along with finding NFTs you want to purchase for yourself.

1St Round Nft Draft 2021 Outcome

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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 have heard of it but aren’t exactly sure what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.

One of the new things you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be replaced. This can be a piece of rarity like rare baseball trading cards in mint condition or a rare vinyl record.

There is no limit to what an NFT can be since it’s a non-fungible thing you’re selling online. More straightforwardly, you can just consider as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs to your NFTs. You’re claiming the ownership of the particular item you uploaded on market, as you’re putting it up for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and then add it on the market.

On OpenSea It’s a very simple process to mine your NFTs by visiting the store and create a collection! Complete the correct and complete information about your NFT and then select what type of settings you want for it (e.g. blockchain or payment tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.

You can watch and see how the transactions go from now on to see if OpenSea is the right marketplace for you.

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What NFTs are available here?

So, at this point you’re probably asking yourself which kind of NFT can you shop for here and what you can sell should you decide to pursue that route. The type of NFT that you can purchase is unlimited as there’s a variety of how you can approach it.

You can be selling digital products, trading cards game assets, domain names, and also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager features is one of the things that sets OpenSea from the other options. There’s no cost for gas when you use this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you don’t need to pay on any additional charges.

Not many NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your NFT collection.

Referral Program

A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer advantages by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can earn more cash from this act.

Other NFT marketplaces do not have this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.

OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can at least look through the options you’re interested in on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency through these platforms. 1St Round Nft Draft 2021 Outcome

You can convert your fiat currency using a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:

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

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

Crypto Wallets

While OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly using an ETH blockchain, all wallets which are part of that network will be suitable for this website.

Here is a list of different crypto wallets you can use in OpenSea:

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

*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. 1St Round Nft Draft 2021 Outcome

For more information about the service You can go through their FAQs to see a rundown of how you can begin and also what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:

Pros

  • Mobile apps available for iOS as well as 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 world and NFTs.

Cons

  • Allows royalties 10% for artists (low royalty rates).
  • Cannot buy or sell through the mobile app.
  • Only accepts cryptocurrency as a form of payment.
  • A Crypto wallet is required to access this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you actively sell because there’s no additional cost for it.

Frequently Asked Questions 1St Round Nft Draft 2021 Outcome

What is OpenSea?

OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online and receive cryptocurrency as their form of payment. It’s a great platform for artists using for selling NFTs due to its low gas costs and the low commission rate which you are required to pay.

You can shop and browse a vast collection of digital items on the NFT marketplace and you must go through it!

Is OpenSea legitimate and secure?

The short answer is yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year 2018. Because its system is built on a blockchain that is secure, you can declare that transactions are secure and safe.

Additionally, as a seller, you can become verified once you build up your reputation. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure users are secure.

How can I earn royalties on OpenSea?

Unfortunately, as an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared to other NFT marketplaces.

What is the most popular cryptocurrency available in OpenSea?

Ethereum (ETH) has been widely used on this site as well as other sites to provide more 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 use OpenSea.

What are the payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges on 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 we mentioned earlier there’s an official mobile application from OpenSea that is available for iOS and Android. You can download it through their app store, and then you can begin exploring the collection now!

A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and receive notifications about updates to 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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