How To Sell An Nft

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Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto-coins. Marketplaces are popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth checking out.

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 enthusiasts due to its safety and speedy transactions.

Get on board, and let’s see the possibilities of OpenSea and also see 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 overview. After, you will want to read the rest of the article for a more comprehensive review.

OpenSea as an NFT Marketplace How To Sell An Nft

The purpose to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions without any extra costs. It also has additional functions which allow you to market your art without too many problems.

In terms of registration, you won’t have to give any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for the majority of transactions. It is also based on the Polygon blockchain to ensure the lowest cost and speediest trading.

With these two types of blockchains available you can pick which one you want to transfer your NFT to as an seller. This ensures the safety of your NFT and the people who want to buy it. All transactions are made by using the blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can sell, but it takes a while for anyone to be an established seller.

There is a wide variety in the collection at OpenSea and you could join in with the collection! You can start your own personal market on this site, as well as find NFTs you’d like to buy for yourself.

How To Sell An Nft

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What is an NFT?

A recent change in the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.

One of the new things you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible currency that is very unique and can’t be changed. This can be an item of any rarity like rare baseball trading cards in mint condition, or a rare vinyl record.

There is 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 consider as an NFT to be a type of digital item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but offering it for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and then upload it to the marketplace.

On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g., blockchain, money transfer tokens). After that, you can finally upload it if it fits the 100 MB limit.

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

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What NFTs are available here?

At this point, you’re probably wondering which kind of NFT be found here, and what you could also sell if you choose to pursue that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of ways to go about it.

You could be selling trade cards, digital goods games domain names, also physical goods! Consider what you believe will bring the greatest rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The collection Manager features is one of the things that separates OpenSea from other companies. There are zero gas fees when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t have to spend on additional fees.

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

Referral Program

This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can make more money from this act.

Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea has over them.

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Mobile Application

There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.

OpenSea’s mobile apps are available for the two platforms of iOS and Android. While you’re not able to buy or sell things, you can explore the products you’re looking for on the move.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency through these platforms. How To Sell An Nft

You can convert your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:

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

All of these have the option of converting them into ETH that 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 other. Because it is based around the ETH blockchain, any wallets which are part of the same network are suitable for this website.

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

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

*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with credit cards. How To Sell An Nft

For more information about the service to learn more, check out their FAQs for the steps you can begin and also what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:

Pros

  • Available as mobile apps that are compatible with iOS or Android.
  • Smart contracts are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • Best for beginners in the crypto world and NFTs.

Cons

  • Allows royalties 10% for artists (low royalty).
  • It is not possible to buy or sell items via our mobile apps.
  • Only supports cryptocurrency as its type of payment.
  • An Crypto account is needed to access this marketplace.

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly recover this amount if you actively sell because there’s no extra charge for it.

Frequently Asked Questions How To Sell An Nft

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 platform for artists who use the platform to market NFTs because of its zero gas costs and the low commission rate which you are required to pay.

You can browse and shop for the vast array of digital goods in this NFT marketplace, so you should take a look!

Is OpenSea legit & safe?

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

Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark is placed on your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.

How do I earn royalties on OpenSea?

As an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison with other NFT marketplaces.

What is the most popular cryptocurrency available in OpenSea?

Ethereum (ETH) can be widely utilized on this website and many others to accommodate the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can utilize for OpenSea.

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

OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and 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 app?

As mentioned before There is 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 right now!

There is also a desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications about updates to 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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