Broadway Nft

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The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea can be one, and it’s worth a look.

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 largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.

Now hop aboard, and let’s explore the possibilities of OpenSea as well as examining 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.

OpenSea as an NFT Marketplace Broadway Nft

The goal to create OpenSea was to provide artists with a marketplace/platform to upload commissions without any extra charges. There are additional features that allow you to sell your art without too many problems.

In terms of registration, you won’t have to give all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.

OpenSea: Blockchain

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

With these two types of blockchains, you can choose which one you want to transfer your NFT to as an seller. This ensures the safety of your NFT, along with the people who want to buy it. All transactions will be made along with this blockchain, which is why you need to think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to official art from an artist you admire. Anyone can sell, but it takes a while for anyone to become an established one.

There is a wide variety from the selection at OpenSea and you could join in with this! You can start your own marketplace here, along with finding NFTs you want to purchase yourself.

Broadway Nft

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What is an NFT?

In a recent development for the crypto market the term “NFT” has been going around for so long on internet that many millennials have heard of it but not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.

One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible that is very individual and cannot be replaced. This can be a piece of rareness like authentic baseball cards, or a unique vinyl album.

There is no limit to what an NFT can be since it’s a non-fungible thing you’re selling online. In simpler terms, you could just imagine an NFT to be a type of digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token that you posted to the market place, but you’re putting it up for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and finally add it on the market.

On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and simply making a collection to begin! Fill out the proper and complete information about your NFT and then select what type of settings you want for it (e.g. blockchain and payments tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.

You can watch and see how transactions progress from now to see whether OpenSea is the marketplace for you.

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What NFTs can you get here?

In this moment, you’re probably wondering which kind of NFT be found here and what you can also sell if you decide to go down that path. The kind of NFT that you can purchase is unlimited as there’s a variety of how you can do it.

It is possible to sell trade cards, digital goods game assets domain names, some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The collection Manager feature is what differentiates OpenSea from the other options. There are zero gas fees when you use this feature when you create and market NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on extra fees.

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

Referral Program

This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are advantages by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to earn more money from this act.

Other NFT marketplaces do not have the same feature This is a further advantage OpenSea has over them.

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Mobile Application

There is an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.

The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Although you aren’t able to purchase 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 available for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Broadway Nft

You can convert your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:

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

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

Crypto Wallets

While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly on the ETH blockchain, all wallets with a connection to that network will be suitable for this site.

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

  • WalletConnect
  • Coinbase
  • TrustWallet
  • OperaTouch
  • Bitski
  • Authereum and 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 the credit card. Broadway Nft

To know more about it, you can check their FAQs for the steps you can get started and also what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

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

Pros

  • Available as mobile apps for iOS and Android.
  • Smart contracts can be used to perform transactions.
  • Security at the highest level with the help of blockchain.
  • Ideal for those who are new to the crypto world and NFTs.

Cons

  • Allows royalties 10% to artists (low royalties).
  • It is not possible to buy or sell items on this mobile application.
  • Only supports cryptocurrency as its type of payment.
  • The use of a Crypto wallet is required to use this marketplace.

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly regain that when you are actively selling since there’s no additional cost for it.

Frequently Asked Questions Broadway Nft

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to market their work online, and to accept cryptocurrency as a form of payment. It’s a great option for artists who want to use for selling NFTs due to its no gas fees and low commission fees that you have to pay.

You can browse and purchase the vast array of digital products on this NFT marketplace and you must check it out!

Is OpenSea real and safe?

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

In addition as a seller you will be verified after you build up your reputation. A blue checkmark will be assigned next to your account or collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure that users are safe.

How can I earn royalties on OpenSea?

As an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison to others NFT marketplaces.

What is the most popular cryptocurrency available in OpenSea?

Ethereum (ETH) is frequently used on this site as well as other sites to provide more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment options for OpenSea?

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

Does OpenSea have a desktop or mobile application?

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

The Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts as well as 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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