Expensive Nft Sold

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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 coins. Marketplaces are popping up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth a look.

If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.

Get on board, and let’s explore what you can do with OpenSea as well as examining the NFTs available to view!

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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’ll want to read the rest of the article for a more comprehensive review.

OpenSea as an NFT Marketplace Expensive Nft Sold

The goal of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions that let you sell your art without too many difficulties.

For registration, you don’t need to provide any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It is also based using the Polygon blockchain to ensure the lowest cost and speediest trading.

There are two types of blockchains, you can choose which one you’d like to upload your NFT on as an seller. This is to ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted along with this blockchain, which is why you need to consider 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 buy anything the simplest domain name to official art from an artist you admire. Anyone can be a seller however, it takes a while for anyone to be a reputable one.

There is a wide variety of NFTs available on OpenSea and you can join in with this! You can set up your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.

Expensive Nft Sold

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What is an NFT?

In a recent development for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t sure exactly what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.

One of the latest ways you can buy can be an NFT. A NFT is a token that is non-fungible which is extremely individual and cannot be substituted. This can be a piece of rareness like authentic baseball cards or a uncommon vinyl record.

There is no limit to what an NFT can be as it’s a non-fungible object that you sell on the internet. More straightforwardly, you can just consider the NFT being a virtual collectible paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but you’re selling it. Usually, this is recognized after you fill in the correct information about the NFT and finally upload it to the marketplace.

On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and simply making a collection to begin! Fill out the proper and correct information regarding your NFT and select the type of settings you want to use it with (e.g. blockchain or payments tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.

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

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What NFTs are available here?

So, at this point, you’re probably wondering the kind of NFTs be purchased here and what kind of NFTs you can also sell if you choose to pursue that route. The kind of NFT it can be is indefinite since there’s a broad range of how you can approach it.

You can be selling digital products, trading cards game assets, domain names, and some physical items! Find out what you think will bring the greatest rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager feature is what differentiates OpenSea from other companies. There are no gas costs when you use this feature to 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.

There aren’t many NFT marketplaces have this feature, which is why this is a great way to earn a high return from your collection.

Referral Program

The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, letting you make more money from this act.

Other NFT marketplaces do not have this feature and that’s another benefit OpenSea has over them.

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Mobile Application

There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listing.

The mobile apps of OpenSea are available for both 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

Numerous cryptocurrency exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency through these platforms. Expensive Nft Sold

You can exchange your fiat currency using a credit card or Paypal via these reputable websites to exchange it for crypto:

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

All of these have the option of converting them into ETH, which is the most common crypto payment in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built mainly using the ETH blockchain, wallets which are part of the same network are suitable for this site.

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

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage, and the function to buy cryptocurrency using a credit card. Expensive Nft Sold

To know more about it, you can check their FAQs for a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:

Pros

  • Mobile apps are available for iOS or Android.
  • Smart contracts can be used to perform transactions.
  • High-level security with the support of blockchain.
  • The best option for beginners to the crypto market and NFTs.

Cons

  • Allows royalties 10% for artists (low royalties).
  • It is not possible to buy or sell items via this mobile application.
  • Only supports cryptocurrency as its form of payment.
  • A Crypto wallet is required for this marketplace.

Pricing

OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.

Frequently Asked Questions Expensive Nft Sold

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s a great option for artists who want to use the platform to market NFTs because of its zero gas fees and low commission fees that you have to pay.

You can browse and shop for a vast collection of digital items on the NFT marketplace and you must check it out!

Is OpenSea legitimate and safe?

The short answer is yes! OpenSea has been a trusted marketplace since it was established at the end of the year of 2018. Because its system is built on blockchain technology, it is safe to declare that transactions are secure and safe.

Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned on your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are secure.

How do I earn royalties from OpenSea?

Unfortunately, as an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.

What are the cryptocurrency options offered in OpenSea?

Ethereum (ETH) has been widely utilized on this website and numerous others to cater for many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

How do I pay for OpenSea? What are my payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.

Does OpenSea have a desktop/mobile app?

As we mentioned earlier There is an official mobile app from OpenSea for both iOS and Android. You can download it through their app store, and then you can begin exploring the collection now!

The 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 when 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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