Enjin 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 purchase and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.

If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.

Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking the NFTs that you can see!

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

OpenSea as an NFT Marketplace Enjin Nft

The goal to create OpenSea was to offer an online marketplace for artists to upload their commissions without any extra fees. It has more functions that let you sell your artwork without any problems.

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

OpenSea: Blockchain

The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures low-cost and quicker trading.

There are two types of blockchains available it is possible to choose which one you would like to publish your NFT as seller. This ensures the safety of your NFT, along with those who wish to buy it. All transactions will be made using this blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can be a seller however, it takes time for anyone to be a reputable one.

There’s a huge selection from the selection of NFTs available at OpenSea, and you can also be a part of this! You can set up your own market on this site, as well as find NFTs you’d like to buy for yourself.

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What is an NFT?

In a recent advancement for the crypto market, the term “NFT” has been going around for so long on the internet that the majority of young people have heard of it but not exactly sure what it means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.

One of the new things you can buy includes an NFT. A NFT is a non-fungible token which is extremely unique and can’t be changed. It can be a piece of rareness, such as authentic baseball cards, or a rare vinyl record.

There is no limit to what an NFT can be as it’s a non-fungible thing that you can sell online. It is simpler to simply consider the NFT being a virtual collectible which is only paid in cryptocurrency.

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 that you have uploaded to market, as you’re putting it up for sale. Typically, this is official after you fill in the correct information about the NFT and then add it on the market.

On OpenSea it’s a straightforward process to mine your NFTs by going to the store and then creating a collection to start! Complete the correct and correct information regarding your NFT and then select what type of settings you want to use it with (e.g. blockchain, payments tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.

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

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What NFTs can you find here?

So, at this point you’re probably thinking about the kind of NFTs can be found here and what you can also sell if you choose to go down that path. The type of NFT it isn’t limited because there’s a wide range of how you can go about it.

It is possible to sell digital products, trading cards game assets domain names, even physical assets! Find out what you think will reap the best 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 zero gas fees when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you begin selling since you don’t need to pay on any additional charges.

Very few NFT marketplaces provide this feature, and it is great for you to make a huge profit from your collection.

Referral Program

A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer benefits by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, letting you earn more cash by this method.

Other NFT marketplaces don’t have this kind of feature either, 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 for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.

The mobile apps from OpenSea are accessible for both iOS and Android. While you’re not able to 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 trade your fiat currency for cryptocurrency through these platforms. Enjin Nft

You can convert your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:

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

All of them have the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than others. Since it is built using an ETH blockchain, wallets that share that network will be suitable for this website.

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

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

Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with credit cards. Enjin Nft

For more information about the service, you can check their FAQs to get a rundown of how you can begin and 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 disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:

Pros

  • Available as mobile apps that are compatible with 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 industry and NFTs.

Cons

  • Allows royalty rates of 10% to artists (low royalty).
  • Cannot buy or sell through the mobile app.
  • Only supports cryptocurrency as its type of payment.
  • The use of a Crypto wallet is required to use this marketplace.

Pricing

OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly regain that when you are actively selling since there’s no additional cost for it.

Frequently Asked Questions Enjin Nft

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online and receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use for selling NFTs due to its low gas fees 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 real and safe?

Short answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Since its system is based on a blockchain that is secure, you can claim that your transactions are protected and secured.

Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed on your account or the collection you uploaded to reassure any customer. The team at OpenSea regularly checks the contents to ensure users are protected.

How can I earn royalties from OpenSea?

As an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be quite low in comparison against the other NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) can be commonly utilized on this website and other sites to provide many more cryptocurrency users. These are other cryptos 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 methods for OpenSea?

OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.

Does OpenSea have a desktop/mobile application?

As previously mentioned There is an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store, and then you can begin exploring the collection right now!

A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding 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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