Nft Investment Limited Hong Kong

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The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.

If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.

Now hop aboard, and discover the possibilities of OpenSea and also see 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Investment Limited Hong Kong

The goal for OpenSea was to offer artists with a marketplace/platform to upload their commissions, without having to pay any additional costs. There are additional features that let you sell your work without having to deal with many problems.

When it comes to registration, you don’t need to worry about giving too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that and without much hassle as you step into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain to ensure the lowest cost and speediest trading.

There are two types of blockchains available you can pick which one you would like to upload your NFT on as a seller. This ensures the safety of your NFT as well as those who wish to buy it. Every transaction will be conducted by using the blockchain, so you should consider where to upload it.

OpenSea: NFT Collection Galore

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

There are a variety of NFTs of NFTs available of NFTs available at OpenSea, and you can join in with that! You can create your own marketplace there, and also find NFTs you want to purchase yourself.

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What is an NFT?

In a recent development for the crypto industry, the term “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.

One of the latest ways you can buy can be an NFT. A NFT is a non-fungible currency that is very unique and can’t be replaced. It could be a piece of rarity like mint-condition baseball trading cards, or a unique vinyl album.

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

Minting NFTs

Minting is like calling the shots on your own NFTs. It is a way of claiming the ownership of the particular item you uploaded on the market place, but you’re selling it. Usually, this becomes official when you have filled in the correct information about the NFT and add it on the market.

On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then making a collection to begin! Complete the correct and accurate information about your NFT and select the type of settings you want to use it with (e.g. blockchain and 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 watch and see how transactions progress from now on to determine if OpenSea is the right marketplace for you.

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What NFTs can you get here?

So, at this point you’re probably thinking about what kind of NFTs be found here, and what you could also sell if you decide to go that route. The kind of NFT it is indefinite since there’s a broad range of options for how to do it.

It is possible to sell digital items, trading cards games, domain names, and some physical items! Consider what you believe will reap the best rewards by trying OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that differentiates OpenSea from the other options. There are zero gas fees for using 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 don’t need to pay on extra fees.

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

Referral Program

This 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 invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money by this method.

Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea has over the other marketplaces.

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Mobile Application

There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell anything as you browse through the listing.

The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can 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 trade your fiat currency for cryptocurrency through these platforms. Nft Investment Limited Hong Kong

You can swap your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex and other things!

Each of them has the option of converting them into ETH, which is the primary cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than others. Since it is built mainly using an ETH blockchain, all wallets that share that network will be suitable for the site.

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

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

*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage, and the function to purchase cryptocurrency using the credit card. Nft Investment Limited Hong Kong

For more information about the service to learn more, check out their FAQs to see 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 many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros 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 backing of blockchain.
  • The best option for beginners to the crypto world and NFTs.

Cons

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

Pricing

OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.

Frequently Asked Questions Nft Investment Limited Hong Kong

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero gas costs and the low commission rate that you have to pay.

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

Is OpenSea legitimate and is it safe?

The short answer is yes! OpenSea is a reputable marketplace since it was established at the end of the year of 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are secure and safe.

In addition as a seller you will be verified after you have built up your credibility. A blue checkmark will appear on your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are protected.

How do I earn royalties from OpenSea?

Unfortunately, as an artist, you will get only 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared with others NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) can be commonly used on this site as well as numerous others to cater for many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can use for OpenSea.

What are the payment methods for OpenSea?

OpenSea does not allow 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/mobile application?

As previously mentioned, there is definitely an official mobile app from OpenSea for both iOS or Android. Install it from their app store and begin 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 and get notifications on updates regarding 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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