Nft Sales

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Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.

If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.

Get on board, and discover the possibilities of OpenSea and also see 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft Sales

The purpose to create OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional fees. It has more functions that let you sell your art without too many problems.

In terms of registration, you won’t have to give all of your personal details. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.

With these two kinds of blockchains available you can pick which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions will be made along with this blockchain, so you should think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to official art by an artist you admire. Anyone can sell however, it takes some time for anyone to be an established one.

There’s a huge selection from the selection of NFTs available at OpenSea, and you can become a part of the collection! You can start your own market there, and also find NFTs that you would like to purchase for yourself.

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What is an NFT?

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

One of the newest things you can buy includes an NFT. A NFT is a non-fungible token that is exclusive and cannot be substituted. This can be an item of rareness, such as authentic baseball cards or uncommon vinyl record.

There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell online. It is simpler to just imagine as an NFT being a virtual collectible which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling the shots on your own NFTs. You are calling the ownership of the particular item you uploaded on the marketplace, and you’re offering it for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and finally submit it for sale on.

On OpenSea it’s a straightforward process to mint your NFTs by going to 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’d like to use to use it with (e.g., blockchain, payment tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.

You can wait and observe how the transactions go from now to see whether OpenSea is the marketplace for you.

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What NFTs are available here?

At this point, you’re probably wondering which kind of NFT be found here and what you can also sell if you decide to go that route. The type of NFT that you can purchase is indefinite as there’s a variety of how you can do it.

You can be selling trade cards, digital goods games, domain names, and also physical goods! Explore what you believe can 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 others. There are zero gas fees for using this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on extra fees.

Not many NFT marketplaces offer this feature, so this is a great way to receive high profit from your collection.

Referral Program

The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money through this action.

Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea has over them.

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Mobile Application

There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.

The mobile apps of OpenSea are available for both iOS in addition to 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

Numerous cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Sales

You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:

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

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

Crypto Wallets

While OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than others. Since it is built using the ETH blockchain, all wallets with a connection to this network are appropriate for the site.

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

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

*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. Nft Sales

For more information about the service to learn more, check out their FAQs for the steps you can start and which other wallets work with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:

Pros

  • Mobile apps available that are compatible with iOS and Android.
  • Smart contracts are used for transactions.
  • High-level security , with the backing of blockchain.
  • The best option for beginners to the crypto market and NFTs.

Cons

  • Allows royalties 10% for artists (low royalties).
  • Cannot buy or sell through our mobile apps.
  • Only supports cryptocurrency as its form of payment.
  • The use of a Crypto digital wallet must be used to use this marketplace.

Pricing

OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there is no additional fee for it.

Frequently Asked Questions Nft Sales

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its no gas costs and low commission fee rate you must pay.

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

Is OpenSea legit & is it safe?

The short answer is yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Since its system is built on a blockchain and is secured, it is safe to declare that transactions are protected and secured.

Additionally as a seller you will be verified after you build up your reputation. A blue checkmark will appear on your account or the collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.

How do I earn royalties from OpenSea?

However, as an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) can be widely utilized on this website and other sites to provide the increasing number of 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 use to use OpenSea.

Which are the accepted payment methods for OpenSea?

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

Does OpenSea has a mobile or desktop application?

As mentioned before, there is definitely an official mobile app by OpenSea that is available for iOS or Android. Download it at their respective app store and you can start browsing through the collection right now!

A version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts as well as receive notifications on updates regarding 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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