Are Nfts Cryptocurrency

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The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is one of them and is worth a look.

If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.

Get on board, and let’s explore what you can do with OpenSea and also see the NFTs that you can see!

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Before you continue, 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 Are Nfts Cryptocurrency

The purpose to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional costs. It has more functions that allow you to sell your artwork without any issues.

In terms of the registration process, you don’t have to provide any personal information about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also operates with the Polygon blockchain, which ensures lower costs and faster trading.

With these two kinds of blockchains available it is possible to choose which one you’d like to transfer your NFT to as a seller. This is to 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 think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however, it takes time for anyone to be a reputable one.

There is a wide variety from the selection on OpenSea and you could become a part of this! You can set up your own market here, along with finding NFTs you’d like to buy for yourself.

Are Nfts Cryptocurrency

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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 the internet that many millennials have heard of it but not exactly sure what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.

One of the newest things you can buy includes an NFT. A NFT is a token that is non-fungible which is extremely unique and can’t be replaced. This can be an item of rarity like rare baseball trading cards in mint condition or a unique vinyl album.

There’s no limit on what an NFT can be since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply imagine the NFT being a virtual item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling the shots to your NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and offering it for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and then upload it to the marketplace.

On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and simply create a collection! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain and payment tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.

You can watch and see how the transactions go from here on out to determine whether OpenSea is the best marketplace for you.

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What NFTs are available here?

So, at this point, you’re probably wondering what kind of NFTs can be purchased here, and what you could sell should you decide to pursue that route. The kind of NFT it isn’t limited as there’s a variety of how you can approach it.

It is possible to sell digital products, trading cards games domain names, even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that separates OpenSea from other companies. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on extra fees.

Very few NFT marketplaces provide this feature, and it is a great way to earn a high return from your NFT collection.

Referral Program

This Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to make more money by this method.

Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

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

The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are available for you to use to trade your fiat currency for cryptocurrency through these platforms. Are Nfts Cryptocurrency

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

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

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

Crypto Wallets

Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based using the ETH blockchain, all wallets that share this network are appropriate for this site.

Here’s a list several crypto wallets you can use in OpenSea:

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

*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using the credit card. Are Nfts Cryptocurrency

For more information about the service, you can check their FAQs to get a rundown of how you can get started 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 has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:

Pros

  • Mobile apps available for iOS or Android.
  • Smart contracts are utilized for transactions.
  • High-level security with the support of blockchain.
  • Ideal for those who are new to the crypto industry and NFTs.

Cons

  • Allows royalty rates of 10% to artists (low royalties).
  • Cannot buy or sell on our mobile apps.
  • Only accepts cryptocurrency as a method of payment.
  • A Crypto digital wallet must be used to access 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. But overall, you can easily recover that amount when you are actively selling since there is no additional fee for it.

Frequently Asked Questions Are Nfts Cryptocurrency

What is OpenSea?

OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online and receive cryptocurrency as a method of payment. It’s a great platform for artists using the platform to market NFTs because of its zero gas costs and low commission fee rate which you are required to pay.

You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely go through it!

Is OpenSea real and safe?

Short answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Because its system is based on a blockchain and is secured, it is safe to say that your transactions are safe and secure.

Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed next to your account or the collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are secure.

How do I earn royalties from OpenSea?

Unfortunately, as an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.

What cryptocurrency is offered in OpenSea?

Ethereum (ETH) is commonly utilized on this website and other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.

Does OpenSea have a desktop or mobile application?

As mentioned before there’s an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store, and begin exploring the collection right now!

There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and receive alerts on any updates that affect 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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