Learn About Nft

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The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto-coins. Markets have popped up across the internet, designed to sell and buy 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 prior to this for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.

So, hop on board and discover what you can do with 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 review. After, you’ll want to read the rest of the article for a more comprehensive review.

OpenSea as an NFT Marketplace Learn About Nft

The aim for OpenSea was to offer a platform/marketplace for artists to upload their commissions with no additional charges. There are additional features which allow you to market your artwork without any problems.

When it comes to registration, you won’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 on OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for the majority of transactions. It also functions on the Polygon blockchain, which allows for lower costs and faster trading.

There are two types of blockchains it is possible to choose which one you want to transfer your NFT to as seller. This will ensure the security of your NFT and those who would like to purchase it. All transactions will be made along with this blockchain, and you must consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist that you admire. Anyone can be a seller, but it takes some time for anyone to be an established one.

There is a wide variety of NFTs available at OpenSea and you can join in with that! You can start your own marketplace there, and also find NFTs that you would like to purchase for yourself.

Learn About Nft

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What is an NFT?

In a recent advancement for the cryptocurrency industry the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but not exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.

One of the new things you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible token that is very exclusive and cannot be substituted. This can be a piece of rareness like authentic baseball cards or a unique vinyl album.

There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could just consider as an NFT being a virtual item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling dibs for your personal NFTs. You are calling the owner of the item or token you uploaded on the market place, but selling it. Typically, this is official once you fill out all the necessary information about the NFT and finally add it on the market.

On OpenSea It’s a very simple process to mine your NFTs by visiting the store and create a collection! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain and payments tokens). After that you are able to upload it, if it’s within the 100 MB limit.

You can watch and see how transactions progress from now on to see if OpenSea is the best marketplace for you.

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What NFTs can you find here?

In this moment, you’re probably wondering which kind of NFT can you shop for here and what you can also sell if you decide to pursue that route. The kind of NFT it can be is indefinite as there’s a variety of ways to go about it.

You can be selling trade cards, digital goods, game assets domain names, even physical assets! Consider what you believe will yield the most profit by experimenting with OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs for using this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t have to spend on extra fees.

There aren’t many NFT marketplaces offer this feature, so this is a great way to earn a high return from your portfolio.

Referral Program

A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer advantages by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can earn more money by this method.

Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

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

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

Crypto Exchange Platforms

Various crypto exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency through these platforms. Learn About Nft

You can swap your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:

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

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

Crypto Wallets

While OpenSea is an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built on the ETH blockchain, all wallets that share the same network are suitable for the site.

Here is a list of various crypto wallets that you can use in OpenSea:

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

*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. Learn About Nft

To know more about it to learn more, check out their FAQs to see an overview of how you can start and what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:

Pros

  • Mobile apps available that are compatible with iOS and Android.
  • Smart contracts are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • Best for beginners in the crypto market and NFTs.

Cons

  • Allows royalty rates of up to 10% for artists (low royalties).
  • You cannot buy or sell products via this mobile application.
  • Only supports cryptocurrency as its type of payment.
  • An Crypto digital wallet must be used to use this marketplace.

Pricing

OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly regain that when you sell regularly since there’s no extra charge for it.

Frequently Asked Questions Learn About Nft

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs due to its no gas costs and low commission fees which you are required to pay.

You can browse and purchase an array of digital products on this NFT marketplace which is why you should definitely go through it!

Is OpenSea real and is it safe?

Answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year of 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are secure and safe.

Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed to your account or any collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.

How do I earn royalties on OpenSea?

Unfortunately, as an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared with other NFT marketplaces.

What are the cryptocurrency options offered in OpenSea?

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

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can utilize for OpenSea.

What are the payment options for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.

Does OpenSea have a desktop or mobile application?

As we mentioned earlier, there is definitely an official mobile application from OpenSea that is available for iOS and Android. You can download it through their app store and begin exploring the collection now!

A desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application 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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