Nft Trade

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Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto-coins. Markets have popped up all over the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.

If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.

So, hop on board and let’s explore 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 review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Trade

The purpose for OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional costs. It has more functions that allow you to sell your work without having to deal with many problems.

In terms of registration, you don’t need to provide all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for most processes. It is also based with the Polygon blockchain, which ensures low-cost and quicker trading.

There are two types of blockchains that are available it is possible to choose which one you would like to publish your NFT as a seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions are made by using the blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist you admire. Anyone can sell however it takes time for anyone to become an established seller.

There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you could join in with the collection! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.

Nft Trade

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What is an NFT?

In a recent advancement for the crypto market the term “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.

One of the new things you can buy can be an NFT. The NFT is a token that is non-fungible which is extremely unique and can’t be substituted. It could be an item of rarity like mint-condition baseball trading cards, or a unique vinyl album.

There’s no limit on what an NFT can be since it’s a non-fungible thing you’re selling on the internet. It is simpler to simply think of the NFT to be a type of digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling dibs to your NFTs. You are calling the ownership of the particular item that you have uploaded to the market place, but you’re putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and finally add it on the market.

On OpenSea It’s a very simple process to mint your NFTs by going to the store and simply creating a collection to start! Fill out the proper and complete information about your NFT and select the type of settings you want to use it with (e.g., blockchain, payment tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.

It is possible to wait and see how transactions progress from here on out 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 thinking about which kind of NFT be found here and what you can also sell if you decide to go that route. The kind of NFT it is unlimited because there’s a wide range of how you can approach it.

You could be selling digital items, trading cards game assets domain names, some physical items! Explore what you believe can yield the most profit 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 when you utilize this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t need to spend on extra fees.

Very few NFT marketplaces have this feature, which is why this is great for you to earn a high return from your portfolio.

Referral Program

This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces, you can receive advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to make more money through this action.

Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it is mainly used to browse through 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. While you’re not able to buy or sell things, you can at least explore the products you’re interested in on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are available to you to convert your fiat money into cryptocurrency on these platforms. Nft Trade

You can convert your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:

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

All of them have the option of exchange for ETH which is the standard cryptocurrency payment option in OpenSea.

Crypto Wallets

While OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than others. Since it is built mainly on the ETH blockchain, all wallets with a connection to this network are appropriate for the site.

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

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

*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with credit cards. Nft Trade

To learn more about it to learn more, check out their FAQs to see the steps you can get started and what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:

Pros

  • Mobile apps available for 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% for artists (low royalty).
  • Cannot buy or sell through this mobile application.
  • Only supports cryptocurrency as its type of payment.
  • An Crypto wallet is required to use this marketplace.

Pricing

OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Nft Trade

What is OpenSea?

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

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

Is OpenSea real and is it safe?

The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are protected and secured.

In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will be assigned next to your account or the collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure that users are protected.

How can I earn royalties from OpenSea?

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

What cryptocurrency is offered in OpenSea?

Ethereum (ETH) can be widely used on this site and many others to accommodate more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

Which are the accepted payment methods for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.

Does OpenSea have a desktop/mobile app?

As mentioned before There is an official mobile application from OpenSea for both iOS or Android. Install it from their app store and then you can begin browsing through the collection right now!

There is also a desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get 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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