Nft 50 Dec 4

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The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.

If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.

So, hop on board and discover what you can do with OpenSea as well as examining the NFTs that you can see!

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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’ll want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft 50 Dec 4

The goal to create OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional charges. It has more functions that allow you to sell your artwork without any issues.

In terms of registration, you don’t need to give all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.

With these two kinds 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 as well as those who would like to buy it. All transactions are made along with this blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

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

There are a variety of NFTs in the collection of NFTs available at OpenSea and you can become a part of this! You can create your own market there, and also find NFTs you want to purchase for yourself.

Nft 50 Dec 4

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What is an NFT?

In a recent advancement for the crypto industry, the term “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t sure exactly what it means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.

One of the new things you can buy can be an NFT. The NFT is a non-fungible currency that is unique and can’t be changed. It could be a piece of rarity like mint-condition baseball trading cards, or a uncommon vinyl record.

There’s no limit on what an NFT can be since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can simply think of the NFT being a virtual item which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling the shots for your personal NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the market place, but you’re offering it for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and then upload it to the marketplace.

On OpenSea, it’s a simple process to mint your NFTs by visiting the store and simply making a collection to begin! Complete the correct and correct information regarding your NFT and select the type of settings you want for it (e.g., blockchain or payment tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.

It is possible to wait and see how transactions progress from now on to determine if OpenSea is the best marketplace for you.

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What NFTs can you get here?

So, at this point you’re probably asking yourself what kind of NFTs can you shop for here and what you can also sell if you decide to pursue that route. The kind of NFT it is unlimited because there’s a wide range of options for how to approach it.

It is possible to sell digital items, trading cards, game assets, domain names, and some physical items! Explore what you believe can bring the greatest rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The collection Manager function is the one that sets OpenSea from the others. There are zero gas fees when you use this feature to create and market NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on additional fees.

Not many NFT marketplaces have this feature, which is why this is a great way to receive high profit from your NFT collection.

Referral Program

The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to earn more money by this method.

Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea has over them.

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Mobile Application

There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listing.

OpenSea’s mobile apps are available for both iOS and Android. While you’re not able to buy 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 available for you to use You can also convert your fiat money into cryptocurrency using these platforms. Nft 50 Dec 4

You can exchange your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:

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

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

Crypto Wallets

While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Since it is built on an ETH blockchain, wallets which are part of this network are appropriate 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: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. Nft 50 Dec 4

To know more about it to learn more, check out their FAQs to see 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 all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:

Pros

  • Mobile apps are available for iOS as well as Android.
  • Smart contracts can be used to perform transactions.
  • Security at the highest level with the help of blockchain.
  • The best option for beginners to the crypto world and NFTs.

Cons

  • Allows royalties up to 10% for artists (low royalties).
  • It is not possible to buy or sell items through our mobile apps.
  • Only accepts cryptocurrency as a form of payment.
  • A Crypto account is needed to access this marketplace.

Pricing

OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll easily recover that amount when you sell regularly since there’s no extra charge for it.

Frequently Asked Questions Nft 50 Dec 4

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online to receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its low gas fees and low commission fee rate that you have to pay.

You can browse and shop for an array of digital products on this NFT marketplace, so you should check it out!

Is OpenSea legitimate and is it safe?

Answer: Yes! OpenSea has been a reliable marketplace since its inception in the year 2018. Since the system it operates on is based on a blockchain, it is safe to say that your transactions are secure and safe.

Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are secure.

How do I earn royalties on OpenSea?

As an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared to others NFT marketplaces.

What are the cryptocurrency options offered in OpenSea?

Ethereum (ETH) can be commonly utilized on this website and other sites to provide many more crypto users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can use to access OpenSea.

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

OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal for the transaction.

Does OpenSea have a desktop or mobile app?

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

There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts as well as 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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