Nft Network

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The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto coins. Markets have popped up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.

If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.

Now hop aboard, and let’s see what you can do with OpenSea and also see the NFTs that you can see!

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Before you continue, 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 Network

The aim to create OpenSea was to provide artists with a marketplace/platform to upload their commissions with no additional fees. It has more functions that allow you to sell your work without having to deal with many difficulties.

In terms of registration, you don’t need to give too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.

With these two types of blockchains available you can pick which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT as well as those who wish to purchase it. All transactions are made by using the blockchain, which is why you need to think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can be a seller, but it takes some time for anyone to become an established one.

There’s a huge selection in the collection on OpenSea and you could join in with the collection! You can create your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.

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What is an NFT?

In a recent development for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.

One of the new things you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible token which is extremely individual and cannot be substituted. This can be an item of rarity like authentic baseball cards or a unique vinyl album.

There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. In simpler terms, you could simply imagine as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and you’re selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and submit it for sale on.

On OpenSea It’s a very simple process to mint your NFTs by going to the store and then making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain, payments tokens). After you’ve completed the process, you can finally upload it, if it’s within the 100 MB limit.

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

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What NFTs can you find here?

In this moment, you’re probably wondering the kind of NFTs you shop for here and what kind of NFTs you can sell should you decide to go that route. The type of NFT that you can purchase isn’t limited because there’s a wide range of how you can approach it.

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

OpenSea: Collection Manager Feature

The collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas for using this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you start selling because you won’t have to spend on extra fees.

There aren’t many NFT marketplaces provide this feature, and it is great for you to earn a high return from your portfolio.

Referral Program

The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you earn more money from this act.

Other NFT marketplaces don’t offer this feature This is a further benefit 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 for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.

The mobile apps of OpenSea are available on the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re interested in while on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency on these platforms. Nft Network

You can convert your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:

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

All of these have the option of exchange for ETH, which is the most common crypto payment in OpenSea.

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly using the ETH blockchain, all wallets that share this network are appropriate for this site.

Here’s a list of several crypto wallets you can utilize in OpenSea:

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

*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Nft Network

For more information about the service, you can check their FAQs to get a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.

ethereum-coins

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Pros and Cons of OpenSea

Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:

Pros

  • Available as mobile apps for iOS as well as Android.
  • Smart contracts are used for transactions.
  • High-level security , with the backing of blockchain.
  • Best for beginners in the crypto market and NFTs.

Cons

  • Allows royalties of only 10% to artists (low royalty).
  • You cannot buy or sell products through the mobile app.
  • Only accepts cryptocurrency as a method of payment.
  • The use of a Crypto wallet is required to use this marketplace.

Pricing

OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly regain that when you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Nft Network

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed 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 costs and the low commission rate you must pay.

You can browse and shop for the vast array of digital goods in this NFT marketplace and you must go through it!

Is OpenSea legit & is it safe?

Answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to say that your transactions are secure and safe.

Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned next to your account or collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are protected.

How do I earn royalties on OpenSea?

Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be quite low in comparison to other NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) can be widely used on this site as well as many others to accommodate many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can utilize to access OpenSea.

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

OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.

Does OpenSea have a desktop/mobile app?

As mentioned before there’s an official mobile app by OpenSea available for both iOS as well as Android. You can download it through their app store, and begin browsing through the collection right now!

The Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications about updates to your account while 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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