How Does An Nft Work?

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The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto coins. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth a look.

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

Get on board, and let’s explore the possibilities of OpenSea as well as examining what NFTs you can view!

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

OpenSea as an NFT Marketplace How Does An Nft Work?

The purpose for OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional fees. There are additional features that allow you to sell your art without too many problems.

When it comes to registration, you won’t have to worry about giving any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It is also based using the Polygon blockchain to ensure the lowest cost and speediest trading.

With these two types of blockchains you can pick which one you want to upload your NFT on as an seller. This will ensure the security of your NFT and those who would like to purchase it. All transactions are made along with this blockchain, so you should think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s 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 from an artist you admire. Anyone can become a seller, but it takes time for anyone to become an established seller.

There’s a huge selection from the selection on OpenSea and you can join in with this! You can set up your own market on this site, as well as find NFTs you’d like to buy yourself.

How Does An Nft Work?

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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 the internet that a lot of millennials have heard of it but aren’t exactly sure what it is. 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. The NFT is a non-fungible currency which is extremely unique and can’t be substituted. This can be an item of rarity like mint-condition baseball trading cards, or a unique vinyl album.

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

Minting NFTs

Minting is like calling dibs for your personal NFTs. You are calling ownership over that particular token/item that you have uploaded to market, as putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and finally add it on the market.

On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you want for it (e.g. blockchain and payments tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.

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

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What NFTs can you find here?

At this point, you’re probably wondering what kind of NFTs can be found here, and what you could also sell if you decide to pursue that route. The kind of NFT that you can purchase is indefinite as there’s a variety of ways to go about it.

You could be selling digital items, trading cards, game assets domain names, some physical items! Consider what you believe will reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The collection Manager feature is what sets 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 be able to make the highest profits once you sell because you won’t need to spend on any additional charges.

There aren’t many NFT marketplaces offer this feature, so this is a great way to receive high profit from your NFT collection.

Referral Program

This Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which means you can make more money from this act.

Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

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

OpenSea’s mobile apps are available on both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can look through the options you’re interested in on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency through these platforms. How Does An Nft Work?

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

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex, and other things!

All of them have the option of exchange for ETH, which is the standard crypto payment in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than other. Because it is based on the ETH blockchain, any wallets which are part of that network will be suitable for this site.

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

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage as well as the capability to buy cryptocurrency using the credit card. How Does An Nft Work?

To know more about it, you can check their FAQs to get 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

Like many crypto marketplaces 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 or Android.
  • Smart contracts are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalties 10% to artists (low royalty rates).
  • Cannot buy or sell through our mobile apps.
  • Only supports cryptocurrency as its method of payment.
  • The use of a Crypto digital wallet must be used to access this marketplace.

Pricing

OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will easily recover that amount when you sell regularly since there’s no extra charge for it.

Frequently Asked Questions How Does An Nft Work?

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use for selling NFTs because of its zero gas fees and low commission fees that you have to pay.

You can browse and shop for the vast array of digital goods in this NFT marketplace, so you should go through it!

Is OpenSea real and safe?

The short answer is yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year of 2018. Since the system it operates on is built on a blockchain, it is safe to declare that transactions are safe and secure.

Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear on your account or any collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure that users are secure.

How can I earn royalties from OpenSea?

As an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared against other NFT marketplaces.

What are the cryptocurrency options accessible in OpenSea?

Ethereum (ETH) has been widely used on this site as well as numerous others to cater for many more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can make use of for OpenSea.

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

OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.

Does OpenSea have a desktop/mobile app?

As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS or Android. You can download it through their app store, and begin exploring the collection now!

The version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and get notifications on updates regarding your account from 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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