Nft Travel

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The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s 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 cryptocurrency enthusiasts due to its security and quick transactions.

Get on board, and let’s explore the possibilities of OpenSea, along with checking 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft Travel

The goal to create OpenSea was to simply provide an online marketplace for artists to upload commissions with no additional charges. There are additional features which allow you to market your art without too many issues.

In terms of registration, you won’t have to give all of your personal details. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for the majority of transactions. It also functions on the Polygon blockchain, which ensures lower costs and faster trading.

There are two types of blockchains that are available, you can choose which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT, along with the people who want to buy it. All transactions will be made using this blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can become a seller however, it takes time for anyone to become an established seller.

There’s a huge selection in the collection of NFTs available at OpenSea and you can join in with the collection! You can set up your own personal 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” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.

One of the latest ways you can buy can be an NFT. An NFT is a non-fungible token that is very individual and cannot be changed. It can be a piece of rareness, such as rare baseball trading cards in mint condition or uncommon vinyl record.

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

Minting NFTs

Minting is like calling the shots on your own NFTs. You are calling the owner of the item or token you uploaded on the marketplace, and you’re selling it. Typically, this is official when you have filled in the proper information regarding the NFT and then upload it to the marketplace.

On OpenSea, it’s a simple process to mine your NFTs by visiting the store and making a collection to begin! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use it with (e.g. blockchain, money transfer tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.

You can watch and see how transactions progress from now on to see whether OpenSea is the right marketplace for you.

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What NFTs can you get here?

So, at this point you’re probably asking yourself which kind of NFT you shop for here and what you can also sell if you choose to go that route. The kind of NFT that you can purchase is unlimited because there’s a wide range of how you can 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 when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager feature is what separates OpenSea from the others. There are no gas costs for using this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you begin selling since you don’t need to pay on any additional charges.

Very few NFT marketplaces have this feature, and it is a great way to receive high profit from your portfolio.

Referral Program

A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you make more money from this act.

Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy 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 browse through the selections you’re interested in on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency through these platforms. Nft Travel

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

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

Each of them has the option of exchange for ETH which is the most common crypto payment in OpenSea.

Crypto Wallets

While OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based on the ETH blockchain, all wallets which are part of that network will be suitable for this site.

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

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

*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. Nft Travel

To learn more about it You can go through their FAQs for 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, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:

Pros

  • Available as mobile apps that are compatible with iOS and Android.
  • Smart contracts are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • Ideal for those who are new to the crypto market and NFTs.

Cons

  • Allows royalty rates of up to 10% for artists (low royalty rates).
  • You cannot buy or sell products via this mobile application.
  • Only supports cryptocurrency as its form of payment.
  • An Crypto wallet is required to use this marketplace.

Pricing

OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly regain that when you are actively selling since there’s no additional cost for it.

Frequently Asked Questions Nft Travel

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online to receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its low gas costs and low commission fee rate you must pay.

You can browse and purchase a vast collection of digital products on this NFT marketplace which is why you should definitely take a look!

Is OpenSea legit & secure?

Short answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of the year 2018. Since its system is built on a blockchain, it is safe to say that your transactions are safe and secure.

In addition as a seller you will be verified after you have built up your credibility. A blue checkmark is placed to your account or any collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure that users are safe.

How can I earn royalties on OpenSea?

However, as an artist, you’ll get only 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared against others NFT marketplaces.

What is the most popular cryptocurrency accessible in OpenSea?

Ethereum (ETH) has been widely used on this site and 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 primary cryptocurrencies you can use to access OpenSea.

What are the payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.

Does OpenSea has a mobile or desktop application?

As we mentioned earlier There is an official mobile app from OpenSea that is available for iOS or Android. Download it at their respective app store and then you can begin exploring the collection now!

There is also a version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and get 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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