3.2 Cu Nft

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The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto currency. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them 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 one of the biggest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.

So, hop on board and discover what you can do with OpenSea, along with checking the NFTs available to view!

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

OpenSea as an NFT Marketplace 3.2 Cu Nft

The goal for OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional charges. It has more functions which allow you to market your work without having to deal with many problems.

For registration, you don’t need to provide all of your personal details. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It also functions using the Polygon blockchain, which ensures the lowest cost and speediest trading.

There are two types of blockchains available, you can choose which one you would like to upload your NFT on as an seller. This will ensure the security of your NFT as well as the people who want to buy it. Every transaction will be conducted by using the blockchain, which is why you need to consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can be a seller however, it takes a while for anyone to become a reputable one.

There is a wide variety from the selection on OpenSea, and you can become a part of the collection! You can create your own personal market on this site, as well as find NFTs you want to purchase yourself.

3.2 Cu Nft

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What is an NFT?

In a recent advancement for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.

One of the newest things you can buy is an NFT. A NFT is a non-fungible token that is very unique and can’t be changed. This can be an item of rarity like authentic baseball cards or a rare vinyl record.

There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell online. In simpler terms, you could just think of an NFT to be a type of digital collectible paid via cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token you uploaded on market, as putting it up for sale. Typically, this is official when you have filled in the correct information about the NFT and submit it for sale on.

On OpenSea It’s a very simple process to mint your NFTs by visiting the store and then create a collection! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain, payments tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.

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

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What NFTs are available here?

At this point, you’re probably wondering the kind of NFTs can you shop for here and what you can also sell if you decide to go down that path. The kind of NFT that you can purchase isn’t limited since there’s a broad range of options for how to do it.

You could be selling digital items, trading cards, game assets domain names, some physical items! Consider what you believe will yield the most profit by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager feature is what separates OpenSea from other companies. There are no gas costs when you utilize this feature when you create and market NFTs. This simply means that you’ll get the most profit when you begin selling since you don’t need to pay on additional fees.

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

Referral Program

This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to make more money through this action.

Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea has over the other marketplaces.

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Mobile Application

There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. You can’t buy or sell items as you browse through the listings.

The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re looking for on the move.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are for you to use, and you can convert your fiat money into cryptocurrency through these platforms. 3.2 Cu Nft

You can swap your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex, and 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 that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based using the ETH blockchain, any wallets which are part of the same network are suitable for this site.

Here’s a list of different crypto wallets which you can use with OpenSea:

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

*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage and the ability to buy cryptocurrency using a credit card. 3.2 Cu Nft

To know more about it You can go through their FAQs to get the steps you can begin and what other crypto 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. It is possible to read about its pros and cons here:

Pros

  • Mobile apps are available that are compatible with iOS or Android.
  • Smart contracts can be used to perform transactions.
  • High-level security , with the backing of blockchain.
  • Best for beginners in the crypto world and NFTs.

Cons

  • Allows royalties up to 10% for artists (low royalty).
  • You cannot buy or sell products through this mobile application.
  • Only accepts cryptocurrency as a method of payment.
  • A Crypto wallet is required to use this marketplace.

Pricing

OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly regain that when you sell regularly since there is no additional fee for it.

Frequently Asked Questions 3.2 Cu Nft

What is OpenSea?

OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online, and to accept cryptocurrency as their form of payment. It’s a great option for artists who want to use it to sell NFTs due to its low gas costs and the low commission rate which you are required to pay.

You can browse and purchase the vast array of digital goods in this NFT marketplace, so you should take a look!

Is OpenSea legit & is it safe?

Short answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year 2018. Since the system it operates on is based on a blockchain, it is safe to say that your transactions are safe and secure.

In addition as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are safe.

How do I earn royalties on OpenSea?

Unfortunately, as an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.

What cryptocurrency is offered in OpenSea?

Ethereum (ETH) has been commonly utilized on this website and many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can utilize to use OpenSea.

What are the payment options for OpenSea?

OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.

Does OpenSea have a desktop or mobile application?

As mentioned before there’s an official mobile app from OpenSea that is available for iOS as well as Android. Download it at their respective app store, and you can start exploring the collection now!

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