Nft Use Cases

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The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto-coins. Markets have popped up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.

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

Now hop aboard, and discover the possibilities of OpenSea and also see the NFTs that you can see!

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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 will want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Use Cases

The aim of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional charges. There are additional features which allow you to market your work without having to deal with many issues.

For registration, you don’t need to worry about giving any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and 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 system which is utilized to carry out the majority of processes. It also operates with the Polygon blockchain, which ensures the lowest cost and speediest trading.

There are two types of blockchains that are available you can pick which one you want to publish your NFT as a seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions are made using this blockchain, and you must think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist you admire. Anyone can become a seller however it takes time for anyone to become an established one.

There’s a huge selection from the selection of NFTs available at OpenSea, and you can join in with this! You can create your own market here, along with finding NFTs you’d like to buy for yourself.

Nft Use Cases

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What is an NFT?

A recent change in the crypto industry the term “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.

One of the new things you can buy includes an NFT. A NFT is a non-fungible currency that is very exclusive and cannot be substituted. This can be an item of rareness like mint-condition baseball trading cards, or a rare vinyl record.

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

Minting NFTs

Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to market, as putting it up for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and submit it for sale on.

On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and then creating a collection to start! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use it with (e.g. blockchain, payments tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.

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

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What NFTs can you get here?

In this moment, you’re probably wondering what kind of NFTs you shop for here and what you can also sell if you decide to go down that path. The type of NFT it can be is indefinite since there’s a broad range of options for how to go about it.

You can be selling trade cards, digital goods game assets domain names, even physical assets! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs for using this feature when you 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 extra fees.

There aren’t many NFT marketplaces have this feature, which is why this is a great way to make a huge profit from your portfolio.

Referral Program

A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can make more money from this act.

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

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Mobile Application

There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listings.

The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can at least look through the options you’re looking for on the move.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are at your disposal to trade your fiat currency for cryptocurrency on these platforms. Nft Use Cases

You can convert your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:

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

Each of them has the option of converting them into ETH which is the standard cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than other. Because it is based around an ETH blockchain, any wallets with a connection to this network are appropriate for this website.

Here’s a list of different crypto wallets you can utilize in OpenSea:

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

*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to purchase cryptocurrency using a credit card. Nft Use Cases

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

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Pros and Cons of OpenSea

Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:

Pros

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

Cons

  • Allows royalties of only 10% for artists (low royalties).
  • It is not possible to buy or sell items through our mobile apps.
  • Only accepts cryptocurrency as a form of payment.
  • The use of a Crypto digital wallet must be used for this marketplace.

Pricing

OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you actively sell because there’s no additional cost for it.

Frequently Asked Questions Nft Use Cases

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.

You can shop and browse a vast collection of digital items on the NFT marketplace, so you should check it out!

Is OpenSea legit & is it safe?

Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year 2018. Because its system is built on a blockchain that is secure, you can claim that your transactions are secure and safe.

Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned next to your account or collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.

How can I earn royalties on OpenSea?

As an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared to the other NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) has been frequently used on this site and other sites to provide the increasing number of cryptocurrency 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 use OpenSea.

What are the payment options for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.

Does OpenSea have a desktop or mobile app?

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

There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and receive alerts on any updates that affect your account from 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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