Nft Forensics

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The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth a look.

If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.

So, hop on board and discover what you can do with OpenSea, along with checking what NFTs you can view!

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Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft Forensics

The goal to create OpenSea was to provide artists with a marketplace/platform to upload their commissions with no additional fees. There are additional features that allow you to sell your artwork without any problems.

In terms of registration, you don’t need to provide all of your personal details. 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 hurdles as you walk into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain to ensure low-cost and quicker trading.

With these two types of blockchains it is possible to choose which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT, along with the people who want to buy it. All transactions will be made by using the blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name to an official artwork by an artist you admire. Anyone can be a seller however, it takes a while before anyone can become a reputable one.

There’s a huge selection from the selection at OpenSea and you can become a part of this! You can start your own marketplace on this site, as well as find NFTs you’d like to buy yourself.

Nft Forensics

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What is an NFT?

In a recent advancement for the crypto market the term “NFT” has been going around for so long on the internet that many millennials have heard of it but not exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.

One of the newest things that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible token that is very individual and cannot be replaced. It could be a piece of rareness like rare baseball trading cards in mint condition or a unique vinyl album.

There is no limit to what an NFT can be since it’s a non-fungible object you’re selling on the internet. It is simpler to simply think of the NFT being a virtual collectible which is only paid in cryptocurrency.

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the owner of the item or token that you posted to market, as you’re putting it up for sale. Typically, this is official after you fill in all the necessary information about the NFT and finally upload it to the marketplace.

On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and simply create a collection! 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 or payment tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.

You can wait and observe the way transactions are handled from now to determine if OpenSea is the right marketplace for you.

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What NFTs can you find here?

In this moment you’re probably thinking about the kind of NFTs be purchased here, and what you could sell should you decide to go that route. The type of NFT it can be is unlimited as there’s a variety of options for how to approach it.

You can be selling trade cards, digital goods games, domain names, and also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager feature is what separates OpenSea from the others. There are no gas costs when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t need to spend on additional fees.

Very few NFT marketplaces have this feature, and it is a great way to make a huge profit from your NFT collection.

Referral Program

This Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets there are benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more cash from this act.

Other NFT marketplaces do not have this feature This is a further advantage OpenSea has over the other marketplaces.

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Mobile Application

There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell items as you browse through the listing.

The mobile apps of OpenSea are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re interested in on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are available to you to exchange your fiat money for cryptocurrency through these platforms. Nft Forensics

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

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

All of them have the option to exchange for ETH that is the primary crypto payment in OpenSea.

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than others. Because it is based on an ETH blockchain, any wallets that share the same network are suitable for this site.

Here’s a list of different crypto wallets you can use in OpenSea:

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

*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency using a credit card. Nft Forensics

To know more about it, you can check their FAQs to get a rundown of how you can start and what other crypto 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 its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:

Pros

  • Mobile apps available that are compatible with iOS and Android.
  • Smart contracts can be used to perform transactions.
  • High-level security with the support of blockchain.
  • Ideal for those who are new to the crypto industry and NFTs.

Cons

  • Allows royalty rates of 10% for artists (low royalty rates).
  • It is not possible to buy or sell items on the mobile app.
  • Only supports cryptocurrency as its method of payment.
  • A Crypto account is needed for this marketplace.

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly regain that when you sell regularly since there’s no additional cost for it.

Frequently Asked Questions Nft Forensics

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use for selling NFTs due to its low gas fees and low commission fee rate that you have to pay.

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

Is OpenSea legit & is it safe?

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

Additionally, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned next to your account or any collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the contents to ensure users are safe.

How can I earn royalties from OpenSea?

Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison with others NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) has been commonly used on this site and many others to accommodate 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 to use OpenSea.

Which are the accepted payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.

Does OpenSea have a desktop or mobile application?

As mentioned before There is an official mobile app by OpenSea that is available for iOS and Android. You can download it through their app store and begin exploring the collection now!

There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications about updates to 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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