3/8 Nft Tamper Proof Bolts

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The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth looking into.

If you’re familiar with cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.

Now hop aboard, and discover what you can do with OpenSea and also see 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 review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace 3/8 Nft Tamper Proof Bolts

The purpose to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra costs. It also has additional functions that let you sell your art without too many issues.

When it comes to the registration process, you don’t have to give any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that, without much hassle as you step into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for most processes. It is also based with the Polygon blockchain to ensure lower costs and faster trading.

With these two types of blockchains that are available, you can choose which one you want to transfer your NFT to as a seller. This will ensure the security of your NFT and the people who want to purchase it. Every transaction will be conducted using this blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist you admire. Anyone can be a seller however it takes some time for anyone to become an established one.

There’s a huge selection in the collection on OpenSea and you can join in with the collection! You can start your own marketplace on this site, as well as find NFTs you want to purchase yourself.

3/8 Nft Tamper Proof Bolts

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What is an NFT?

In a recent advancement 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 aren’t sure exactly what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.

One of the latest ways you can buy is an NFT. A NFT is a non-fungible token which is extremely individual and cannot be substituted. This can be a piece of rareness, such as authentic baseball cards or unique vinyl album.

There’s no limit on what an NFT can be as it’s a non-fungible item that you can sell online. In simpler terms, you could simply imagine the NFT as a digital item 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 the marketplace, and you’re selling it. Usually, this becomes official after you fill in the correct information about the NFT and add it on the market.

On OpenSea It’s a very simple process to mint your NFTs by going to the store and create a collection! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use it with (e.g., blockchain, money transfer tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.

You can wait and observe how transactions progress from now on to determine whether OpenSea is the best marketplace for you.

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What NFTs can you find here?

At this point you’re probably thinking about which kind of NFT be found here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT it is indefinite since there’s a broad range of how you can go about it.

You could be selling trade cards, digital goods games domain names, also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The collection Manager features is one of the things that differentiates OpenSea from the other options. There are no gas costs for using this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on any additional charges.

Not many NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your NFT collection.

Referral Program

A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more cash from this act.

Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea has over them.

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Mobile Application

There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.

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

Crypto Exchange Platforms

Various crypto exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency on these platforms. 3/8 Nft Tamper Proof Bolts

You can swap your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:

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

All of these have the option of exchange for ETH that is the standard cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than others. Since it is built mainly around an ETH blockchain, all wallets which are part of this network are appropriate for this website.

Here’s a list various crypto wallets that 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, such as easy registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. 3/8 Nft Tamper Proof Bolts

To learn more about it, you can check their FAQs to see a rundown of how you can begin and which other wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

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

Pros

  • Mobile apps are available for iOS and Android.
  • Smart contracts can be used to perform transactions.
  • High-level security with the support of blockchain.
  • Ideal for those who are new to the crypto world and NFTs.

Cons

  • Allows royalties of only up to 10% for artists (low royalty).
  • Cannot buy or sell via the mobile app.
  • Only accepts cryptocurrency as a type of payment.
  • An 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 selling, 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 sell regularly since there is no additional fee for it.

Frequently Asked Questions 3/8 Nft Tamper Proof Bolts

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online to receive cryptocurrency as a method of payment. It’s a great option for artists who want to use for selling NFTs because of its zero gas fees and low commission fee rate that you have to pay.

You can browse and purchase a vast collection of digital goods in this NFT marketplace which is why you should definitely check it out!

Is OpenSea legitimate and safe?

Answer: Yes! OpenSea has been a trusted marketplace since it was founded in the year 2018. Since the system it operates on is built on a blockchain, it is safe to claim that your transactions are secure and safe.

Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned on your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are safe.

How can I earn royalties from OpenSea?

As an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.

What cryptocurrency is accessible in OpenSea?

Ethereum (ETH) can be frequently utilized on this website and many others to accommodate more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can utilize for OpenSea.

Which are the accepted payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.

Does OpenSea have a desktop/mobile application?

As mentioned before there’s an official mobile app from OpenSea that is available for iOS and Android. You can download it through their app store and begin exploring the collection right now!

A desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and 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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