Fewocious 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 coins. Marketplaces are popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth looking into.

If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.

Now hop aboard, and let’s see what you can do with OpenSea as well as examining what NFTs you can 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. Afterward, you will want to read the rest of the article for a more comprehensive review.

OpenSea as an NFT Marketplace Fewocious Nft

The purpose of OpenSea was to offer an online marketplace for artists to upload their commissions without any extra charges. It has more functions which allow you to market your artwork without any issues.

When it comes to registration, you don’t need to give all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for most processes. It also functions using the Polygon blockchain, which allows for lower costs and faster trading.

With these two types of blockchains you can pick which one you would like to publish your NFT as seller. This will ensure the security of your NFT as well as the people who want to buy it. Every transaction will be conducted using this blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art by an artist you admire. Anyone can be a seller however, it takes time before anyone can become a reputable one.

There is a wide variety from the selection at OpenSea and you can also be a part of the collection! You can create your own market on this site, as well as find NFTs that you would like to purchase yourself.

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What is an NFT?

In a recent development for the cryptocurrency industry the term “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.

One of the latest ways you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible currency which is extremely unique and can’t be changed. It can be an item of rarity like authentic baseball cards or unique vinyl album.

There’s no limit on what an NFT can be as it’s a non-fungible object that you sell online. More straightforwardly, you can just imagine as an NFT as a digital item paid via cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to the market place, but putting it up for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and then submit it for sale on.

On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and simply creating a collection to start! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like for it (e.g., blockchain or payments tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.

It is possible to wait and see how transactions progress from here on out to determine if OpenSea is the best marketplace for you.

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What NFTs are available here?

So, at this point you’re probably asking yourself what kind of NFTs can you shop for here and what you can also sell if you decide to go that route. The type of NFT it is indefinite because there’s a wide range of how you can do it.

You can be selling digital items, trading cards game assets, domain names, and also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The collection Manager feature is what separates OpenSea from other companies. There are no gas costs when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you don’t need to pay on extra fees.

There aren’t many NFT marketplaces offer this feature, and it is great for you to receive high profit from your NFT collection.

Referral Program

The Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to earn more money by this method.

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

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Mobile Application

There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.

OpenSea’s mobile apps are available on both iOS in addition to Android. Even though you can’t buy or sell something, you can browse through the selections you’re interested in while on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are to you to trade your fiat currency for cryptocurrency on these platforms. Fewocious Nft

You can convert the fiat currency you have with 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 them have the option of converting them into ETH, which is the most common cryptocurrency payment option in OpenSea.

Crypto Wallets

While OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than others. Since it is built on the ETH blockchain, all wallets with a connection to the same network are suitable for this website.

Here is a list of several crypto wallets you can utilize in OpenSea:

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

*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. Fewocious Nft

To learn more about it, you can check their FAQs to see the steps you can begin and what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:

Pros

  • Mobile apps available for iOS as well as Android.
  • Smart contracts are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • The best option for beginners to the crypto industry and NFTs.

Cons

  • Allows royalty rates of 10% for artists (low royalties).
  • It is not possible to buy or sell items through this mobile application.
  • Only accepts cryptocurrency as a form of payment.
  • The use of a Crypto account is needed to access this marketplace.

Pricing

OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll easily recover that amount when you are actively selling since there is no additional fee for it.

Frequently Asked Questions Fewocious Nft

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists using it to sell NFTs due to its no cost of gas and the low commission rate which you are required to pay.

You can browse and shop for the vast array of digital items on the NFT marketplace, so you should check it out!

Is OpenSea legit & secure?

Short answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of the year 2018. Since the system it operates on is built on blockchain technology that is secure, you can say that your transactions are safe and secure.

Furthermore as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned next to your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure users are safe.

How do I earn royalties from OpenSea?

As an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared against other NFT marketplaces.

What are the cryptocurrency options offered in OpenSea?

Ethereum (ETH) is commonly utilized on this website and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

Which are the accepted payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.

Does OpenSea has a mobile or desktop app?

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

There is also a desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to 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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