Nft Post Meaning

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Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth a look.

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 safety and speedy 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Post Meaning

The purpose for OpenSea was to simply provide an online marketplace for artists to upload their commissions without any extra charges. It has more functions which allow you to market your work without having to deal with many issues.

For the registration process, you don’t have to provide too many details about yourself. All you need to connect your crypto 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 popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also operates on the Polygon blockchain, which allows for the lowest cost and speediest trading.

With these two kinds of blockchains that are available you can pick which one you’d like to upload your NFT on as a seller. This is to ensure the security of your NFT, along with those who wish to purchase it. All transactions are made along with this blockchain, which is why you need to consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist that you admire. Anyone can sell however, it takes time for anyone to become an established one.

There is a wide variety of NFTs available of NFTs available at OpenSea, and you can become a part of the collection! You can set up your own market on this site, as well as find NFTs that you would like to purchase yourself.

Nft Post Meaning

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What is an NFT?

A recent change in the crypto industry the term “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.

One of the latest ways you can buy includes an NFT. An NFT is a non-fungible token which is extremely unique and can’t be changed. It could be an item of rareness, such as rare baseball trading cards in mint condition, or a unique vinyl album.

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

Minting NFTs

Minting is like calling dibs on your own NFTs. You’re claiming the ownership of the particular item you uploaded on the market place, but you’re offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and finally add it on the market.

On OpenSea, it’s a simple process to mint your NFTs by visiting the store and then creating a collection to start! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain and money transfer tokens). After that you are able to upload it, if it’s within the limit of 100MB.

It is possible to wait and see how transactions progress from now to see if OpenSea is the marketplace for you.

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What NFTs are available here?

So, at this point, you’re probably wondering which kind of NFT be purchased here and what you can also sell if you choose to go that route. The type of NFT that you can purchase is unlimited since there’s a broad range of ways to go about it.

You could be selling digital items, trading cards games domain names, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that sets OpenSea from the other options. There’s no cost for gas when you use this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you don’t need to pay on any additional charges.

Very few NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return from your portfolio.

Referral Program

A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more money through this action.

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

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Mobile Application

There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.

The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re looking for on the move.

Crypto Exchange Platforms

Various crypto exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency on these platforms. Nft Post Meaning

You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:

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

All of them have the option of exchange for ETH that is the primary cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly around an ETH blockchain, wallets with a connection to this network are appropriate for this site.

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

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

*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. Nft Post Meaning

To know more about it to learn more, check out their FAQs to get an overview of how you can start and what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about 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 backing of blockchain.
  • Ideal for those who are new to the crypto world and NFTs.

Cons

  • Allows royalties of only 10% to artists (low royalties).
  • You cannot buy or sell products through this mobile application.
  • Only supports cryptocurrency as its method of payment.
  • An Crypto digital wallet must be used to use this marketplace.

Pricing

OpenSea is open to everyone 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 recover this amount if you sell regularly since there’s no extra charge for it.

Frequently Asked Questions Nft Post Meaning

What is OpenSea?

OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use for selling NFTs because of its zero gas costs and the low commission rate you must pay.

You can browse and purchase a vast collection of digital products on this NFT marketplace, so you should take a look!

Is OpenSea legit & is it safe?

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

Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned to your account or collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the contents to ensure users are safe.

How do I earn royalties from OpenSea?

As an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared with others NFT marketplaces.

What is the most popular cryptocurrency accessible in OpenSea?

Ethereum (ETH) has been frequently used on this site and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can make use of to use OpenSea.

Which are the accepted payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.

Does OpenSea have a desktop or mobile app?

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

The desktop application for 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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