Nft Ben Rankin

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Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto currency. Marketplaces are popping up across the digital web designed to purchase and sell NFTs using 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 cryptocurrency users because of its security and rapid transactions.

Now hop aboard, and let’s see what you can do with 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 our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Ben Rankin

The purpose for OpenSea was to offer artists with a marketplace/platform to upload their commissions, without having to pay any additional fees. It also has additional functions that allow you to sell your art without too many difficulties.

When it comes to registration, you won’t have to worry about giving any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency to use in 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 to ensure the lowest cost and speediest trading.

With these two types of blockchains it is possible to choose which one you want to upload your NFT on as an seller. This ensures the safety of your NFT as well as those who wish 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’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to official art from an artist that you admire. Anyone can become a seller however, it takes some time for anyone to be an established one.

There is a wide variety from the selection at OpenSea and you can become a part of that! You can start your own market here, along with finding NFTs that you would like to purchase yourself.

Nft Ben Rankin

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What is an NFT?

In a recent advancement for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it but aren’t sure exactly what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.

One of the latest ways that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible currency that is unique and can’t be changed. This can be a piece of rareness like authentic baseball cards, or a uncommon vinyl record.

There’s no limit on what an NFT can be as it’s a non-fungible object you’re selling on the internet. It is simpler to simply imagine an NFT as a digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling the shots for your personal NFTs. You’re claiming the owner of the item or token that you posted to the marketplace, and you’re putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and then add it on the market.

On OpenSea It’s a very simple process to mint your NFTs by visiting the store and then making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain, money transfer tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.

You can wait and observe how transactions progress from now on to see if OpenSea is the right marketplace for you.

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What NFTs can you get here?

At this point, you’re probably wondering what kind of NFTs 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 as there’s a variety of ways to do it.

You could be selling trade cards, digital goods, game assets domain names, also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that separates OpenSea from the other options. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you don’t need to pay on extra fees.

There aren’t many NFT marketplaces provide this feature, and it is a great way to receive high profit from your collection.

Referral Program

A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer someone else 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, letting you earn more money by this method.

Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

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

OpenSea’s mobile apps are available for both iOS and Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re looking for on the move.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available for you to use to exchange your fiat money for cryptocurrency using these platforms. Nft Ben Rankin

You can exchange the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:

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

Each of them has the option to exchange for ETH that is the standard crypto payment in OpenSea.

Crypto Wallets

While OpenSea is an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than other. Since it is built around the ETH blockchain, wallets that share this network are appropriate for the site.

Here’s a list of different crypto wallets you can utilize in 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 including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with a credit card. Nft Ben Rankin

To learn more about it, you can check their FAQs for an overview of how you can start and which other wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

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

Pros

  • Available as mobile apps for iOS or Android.
  • Smart contracts are utilized for transactions.
  • Security at the highest level with the help of blockchain.
  • Ideal for those who are new to the crypto market and NFTs.

Cons

  • Allows royalty rates of up to 10% for artists (low royalty rates).
  • You cannot buy or sell products through our mobile apps.
  • Only supports cryptocurrency as its method of payment.
  • The use of a Crypto wallet is required to access this marketplace.

Pricing

OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you actively sell because there’s no extra charge for it.

Frequently Asked Questions Nft Ben Rankin

What is OpenSea?

OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs because of its zero gas costs and low commission fee rate you must pay.

You can browse and purchase a vast collection of digital items on the NFT marketplace which is why you should definitely go through it!

Is OpenSea legit & secure?

Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim that your transactions are safe and secure.

Additionally, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will be assigned on your account or the collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are secure.

How do I earn royalties from OpenSea?

However, as an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared with others NFT marketplaces.

What is the most popular cryptocurrency accessible in OpenSea?

Ethereum (ETH) can be commonly used on this site as well as other sites to provide many more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can utilize for OpenSea.

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

OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the transaction.

Does OpenSea has a mobile or desktop application?

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

A Desktop application that OpenSea which can be downloaded from WebCatalog. With 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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