Nft 1.3 Million

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The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to sell and buy 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 largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.

Now hop aboard, and discover the possibilities of OpenSea, along with checking 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft 1.3 Million

The purpose for OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional fees. It has more functions that allow you to sell your work without having to deal with many issues.

For registration, you don’t need to give too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It is also based with the Polygon blockchain, which allows for lower costs and faster trading.

With these two kinds of blockchains that are available you can pick which one you would like to transfer your NFT to as a seller. This is to ensure the security of your NFT as well as the people who want to buy it. All transactions will be made using this blockchain, which is why you need to think about 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 cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can become a seller however, it takes a while for anyone to become a reputable one.

There’s a huge selection of NFTs available at OpenSea and you can also be a part of this! You can create your own personal market there, and also find NFTs that you would like to purchase for yourself.

Nft 1.3 Million

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What is an NFT?

In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it but not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.

One of the newest things you can buy can be an NFT. The NFT is a non-fungible currency that is unique and can’t be changed. It can be an item of any rareness, such as rare baseball trading cards in mint condition or a rare vinyl record.

There’s no limit to what an NFT could be, since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could just consider as an NFT to be a type of digital collectible which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the market place, but selling it. Usually, this becomes official when you have filled in the correct information about the NFT and then submit it for sale on.

On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use it with (e.g., blockchain, payments tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.

It is possible to wait and see the way transactions are handled from now on to determine if OpenSea is the right marketplace for you.

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What NFTs are available here?

In this moment you’re probably thinking about the kind of NFTs be purchased here and what you can also sell if you decide to go that route. The type of NFT that you can purchase isn’t limited because there’s a wide range of ways to go about it.

You could be selling digital products, trading cards, game assets domain names, even physical assets! Explore what you believe can yield the most profit by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The collection Manager feature is what sets OpenSea from the other options. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t need to spend on any additional charges.

There aren’t many NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.

Referral Program

A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 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, so that’s just 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 is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.

The mobile apps from OpenSea are accessible for both iOS and Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re interested in while on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are to you to convert your fiat money into cryptocurrency on these platforms. Nft 1.3 Million

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

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

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

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are still more compatible with it than other. Since it is built around an ETH blockchain, wallets with a connection to that network will be suitable for this website.

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

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

*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to buy cryptocurrency using a credit card. Nft 1.3 Million

To know more about it, you can check their FAQs for the steps you can begin and 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. 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.
  • Security at the highest level with the help of blockchain.
  • The best option for beginners to the crypto market and NFTs.

Cons

  • Allows royalties of only 10% to artists (low royalty).
  • Cannot buy or sell on our mobile apps.
  • Only accepts cryptocurrency as a form of payment.
  • A Crypto wallet is required to access this marketplace.

Pricing

OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly regain that when you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Nft 1.3 Million

What is OpenSea?

OpenSea is an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s a great option for artists who want to use it to sell NFTs due to its low gas fees and low commission fee rate you must pay.

You can shop and browse a vast collection of digital items on the NFT marketplace, so you should go through it!

Is OpenSea legitimate and secure?

The short answer is yes! OpenSea has been a trusted marketplace since it was established at the end of the year of 2018. Since its system is built on blockchain technology that is secure, you can claim that your transactions are protected and secured.

Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear next to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.

How can I earn royalties on OpenSea?

However, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison with the other NFT marketplaces.

What are the cryptocurrency options offered in OpenSea?

Ethereum (ETH) is widely utilized on this website and other sites to provide more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

Which are the accepted payment options for OpenSea?

OpenSea only allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.

Does OpenSea have a desktop or mobile application?

As previously mentioned There is an official mobile app from OpenSea available for both iOS and Android. Download it at their respective app store and begin exploring the collection right now!

A Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and receive alerts on any updates that affect 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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