Nft East Village

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Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.

If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.

So, hop on board and let’s explore 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft East Village

The aim to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions without any extra costs. It has more functions that allow you to sell your work without having to deal with many difficulties.

For registration, you won’t have to provide any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also functions on the Polygon blockchain, which allows for the lowest cost and speediest trading.

With these two types of blockchains available you can pick which one you would like to transfer your NFT to as an seller. This is to ensure the security of your NFT as well as those who wish to purchase it. All transactions will be made along with this blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller, but it takes some time before anyone can become an established seller.

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

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What is an NFT?

A recent change in the cryptocurrency industry the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.

One of the latest ways you can buy is an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be substituted. It can be an item of any rareness like mint-condition baseball trading cards or uncommon vinyl record.

There is no limit to what an NFT can be as it’s a non-fungible item you’re selling on the internet. In simpler terms, you could simply consider an NFT as a digital item paid via cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the market place, but you’re putting it up for sale. Usually, this is recognized after you fill in the correct information about the NFT and finally upload it to the marketplace.

On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Fill out the proper and complete information about your NFT and then select what type of settings you want for it (e.g., blockchain, money transfer tokens). After that, you can finally upload it if it fits the limit of 100MB.

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

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What NFTs can you get here?

In this moment you’re probably thinking about the kind of NFTs can you shop for here, and what you could also sell if you decide to go down that path. The kind of NFT it is indefinite because there’s a wide range of how you can go about it.

You can be selling digital items, trading cards games, domain names, and some physical items! Explore what you believe can bring the greatest rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that separates OpenSea from the others. There are no gas costs when you utilize this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you sell because you don’t need to pay on any additional charges.

There aren’t many NFT marketplaces have this feature, so this is a great way to make a huge profit from your collection.

Referral Program

A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets, you can receive benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more money from this act.

Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea has over them.

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Mobile Application

There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listings.

The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are to you You can also exchange your fiat money for cryptocurrency using these platforms. Nft East Village

You can convert the fiat currency you have with a your credit or debit card as well as 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 that is the primary crypto payment in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than other. Because it is based around an ETH blockchain, any wallets that share the same network are suitable for this website.

Here’s a list of different crypto wallets you can use in 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, only mobile usage as well as the capability to purchase cryptocurrency using credit cards. Nft East Village

For more information about the service You can go through their FAQs for a rundown of how you can get started and also what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:

Pros

  • Mobile apps available that are compatible with iOS as well as Android.
  • Smart contracts are utilized for transactions.
  • High-level security with the support of blockchain.
  • Ideal for those who are new to the crypto market and NFTs.

Cons

  • Allows royalties of only 10% for artists (low royalties).
  • It is not possible to buy or sell items via the mobile app.
  • Only supports cryptocurrency as its type of payment.
  • The use of a Crypto digital wallet must be used for this marketplace.

Pricing

OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are selling, 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 is no additional fee for it.

Frequently Asked Questions Nft East Village

What is OpenSea?

OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its no cost of gas and low commission fee rate that you have to pay.

You can browse and shop for a vast collection of digital goods in this NFT marketplace, so you should go through it!

Is OpenSea legit & secure?

Answer: Yes! OpenSea has been a trusted marketplace since it was founded in 2018. Because its system is built on a blockchain and is secured, it is safe to say that your transactions are secure and safe.

Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or the collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure users are safe.

How can I earn royalties from OpenSea?

However, as an artist, you will receive only up to 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.

What is the most popular cryptocurrency available in OpenSea?

Ethereum (ETH) has been frequently used on this site as well as other sites to provide the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment options for OpenSea?

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

Does OpenSea have a desktop/mobile app?

As previously mentioned, there is definitely an official mobile app by OpenSea available for both iOS and Android. Install it from their app store and you can start browsing through the collection right now!

There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can 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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