Nft Token Art Trading

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The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.

If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.

So, hop on board and let’s see what you can do with OpenSea as well as examining what NFTs you can view!

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Before you continue, 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 the article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft Token Art Trading

The aim to create OpenSea was to provide a platform/marketplace for artists to upload their commissions without any extra fees. It also has additional functions that allow you to sell your work without having to deal with many issues.

For registration, you won’t have to give any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, 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.

There are two types of blockchains, you can choose which one you would like to upload your NFT on as a seller. This ensures the safety of your NFT, along with those who wish to buy it. Every transaction will be conducted by using the blockchain, which is why you need to consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist you admire. Anyone can sell however, it takes a while for anyone to become an established one.

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

Nft Token Art Trading

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What is an NFT?

A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but not exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.

One of the new things you can buy can be an NFT. An NFT is a non-fungible token that is very exclusive and cannot be substituted. It can be an item of rareness, such as mint-condition baseball trading cards or uncommon vinyl record.

There is no limit to what an NFT can be as it’s a non-fungible thing that you can sell online. It is simpler to simply think of the NFT to be a type of digital item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling the shots on your own NFTs. You’re claiming the ownership of the particular 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 finally submit it for sale on.

On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain, payment tokens). After that then you’re able to upload it if it fits the 100 MB limit.

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

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What NFTs are available here?

So, at this point you’re probably thinking about the kind of NFTs be found here, and what you could sell should you decide to go down that path. The kind of NFT it can be isn’t limited as there’s a variety of options for how to go about it.

It is possible to sell digital products, trading cards game assets domain names, even physical assets! Explore what you believe can yield the most profit by trying OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager feature is what separates OpenSea from the other options. There’s no cost for gas for using this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t need to spend on additional fees.

Very few NFT marketplaces provide this feature, and it can be a fantastic way to earn a high return from your NFT collection.

Referral Program

A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you make more money by this method.

Other NFT marketplaces don’t have 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 is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.

The mobile apps from OpenSea are accessible on both iOS in addition to Android. While you’re not able to buy or sell things, you can explore the products you’re interested in on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are to you You can also exchange your fiat money for cryptocurrency on these platforms. Nft Token Art Trading

You can swap your fiat currency using 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 of converting them into ETH which is the standard cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than others. Since it is built on an ETH blockchain, wallets which are part of this network are appropriate for the site.

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

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

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

To know more about it to learn more, check out their FAQs to get the steps you can begin 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 the only one to have this. It is possible to read about its pros and pros here:

Pros

  • Mobile apps available for iOS as well as Android.
  • Smart contracts can be used to perform transactions.
  • Security at the highest level with the help of blockchain.
  • The best option for beginners to the crypto world and NFTs.

Cons

  • Allows royalties 10% to artists (low royalty rates).
  • It is not possible to buy or sell items via our mobile apps.
  • Only accepts cryptocurrency as a method of payment.
  • An Crypto account is needed to access this marketplace.

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.

Frequently Asked Questions Nft Token Art Trading

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use for selling NFTs because of its zero gas fees and low commission fees that you have to pay.

You can shop and browse a vast collection of digital products on this NFT marketplace which is why you should definitely check it out!

Is OpenSea legit & is it safe?

The short answer is yes! OpenSea has been a trusted marketplace since it was established in 2018. Because its system is based on a blockchain, it is safe to say that your transactions are safe and secure.

Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned next to your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are secure.

How can I earn royalties from OpenSea?

However, as an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.

What are the cryptocurrency options accessible in OpenSea?

Ethereum (ETH) has been commonly used on this site as well as other sites to provide the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can utilize for OpenSea.

What are the payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.

Does OpenSea have a desktop/mobile application?

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

The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive alerts on any updates that affect 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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