Invest In Nft Technology

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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. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth a look.

If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.

Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!

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

OpenSea as an NFT Marketplace Invest In Nft Technology

The aim for OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra costs. It also has additional functions that let you sell your artwork without any difficulties.

In terms of the registration process, you don’t have to worry about giving too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hassles when you enter 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 to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for low-cost and quicker trading.

With these two types of blockchains, you can choose which one you’d like to transfer your NFT to as a seller. This ensures the safety of your NFT and those who wish to buy it. All transactions will be made along with this blockchain, so you should consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can be a seller however, it takes a while for anyone to become an established seller.

There’s a huge selection of NFTs available of NFTs available at OpenSea and you could also be a part of the collection! You can start your own market here, along with finding NFTs that you would like to purchase yourself.

Invest In Nft Technology

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What is an NFT?

A recent change in the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people 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 newest things you can buy includes an NFT. The NFT is a token that is non-fungible that is individual and cannot be replaced. It can be an item of rarity like rare baseball trading cards in mint condition, or a unique vinyl album.

There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling online. More straightforwardly, you can just consider as an NFT as a digital collectible which is only paid in cryptocurrency.

Minting NFTs

Minting is similar to calling for dibs for your personal NFTs. You’re claiming the ownership of the particular item that you posted to the market place, but offering it for sale. Typically, this is official after you fill in all the necessary information about the NFT and then submit it for sale on.

On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and making a collection to begin! Complete the correct and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain or payment tokens). After that you are able to upload it if it fits the 100 MB limit.

It is possible to wait and see how the transactions go from now to determine whether OpenSea is the right marketplace for you.

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What NFTs can you get here?

In this moment you’re probably asking yourself the kind of NFTs can you shop for here, and what you could also sell if you choose to go that route. The kind of NFT it can be is unlimited as there’s a variety of options for how to go about it.

It is possible to sell trade cards, digital goods, game assets domain names, even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.

OpenSea: Collection Manager Feature

The collection Manager features is one of the things that sets OpenSea from the other options. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t need to spend on any additional charges.

Very few NFT marketplaces have this feature, and it is great for you to earn a high return from your collection.

Referral Program

The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards when you refer your friend to OpenSea! If you invite 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 through this action.

Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea has over the other marketplaces.

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Mobile Application

There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.

The mobile apps from OpenSea are accessible for both iOS as well as Android. Even though you can’t buy or sell anything, you can still explore the products you’re interested in on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency through these platforms. Invest In Nft Technology

You can exchange your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:

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

Each of them has the option of exchange for ETH, which is the standard cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than other. Since it is built mainly around an ETH blockchain, all wallets that share the same network are suitable for this website.

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

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

*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. Invest In Nft Technology

To know more about it to learn more, check out their FAQs to get the steps you can start and what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:

Pros

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

Cons

  • Allows royalties 10% to artists (low royalties).
  • You cannot buy or sell products via our mobile apps.
  • Only supports cryptocurrency as its form of payment.
  • A Crypto account is needed for this marketplace.

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly regain that when you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Invest In Nft Technology

What is OpenSea?

OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online, and to accept cryptocurrency as a form of payment. It’s a great option for artists who want to use for selling NFTs due to its no gas fees and low commission fees which you are required to pay.

You can shop and browse the vast array of digital items on the NFT marketplace which is why you should definitely take a look!

Is OpenSea legit & secure?

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

Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear on your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure users are safe.

How can I earn royalties from OpenSea?

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

What are the cryptocurrency options offered in OpenSea?

Ethereum (ETH) can be frequently utilized on this website and other sites to provide more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can use for OpenSea.

What are the payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.

Does OpenSea have a desktop or mobile app?

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

A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications on updates regarding 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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