Nft Worth It

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The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto-coins. Markets have popped up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.

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

So, hop on board and discover the possibilities of OpenSea, along with checking the NFTs that you can see!

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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 our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Worth It

The goal for OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. There are additional features that allow you to sell your work without having to deal with many difficulties.

When it comes to registration, you don’t need to provide any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures the lowest cost and speediest trading.

There are two types of blockchains you can pick which one you’d like to publish your NFT as seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions will be made by using the blockchain, which is why you need to consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name, to a piece of art by an artist you admire. Anyone can sell, but it takes a while for anyone to become an established one.

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

Nft Worth It

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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 so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.

One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token that is very exclusive and cannot be replaced. It can be an item of any rarity like rare baseball trading cards in mint condition or a uncommon vinyl record.

There’s no limit to what an NFT could be, since it’s a non-fungible thing that you sell online. It is simpler to simply consider as an NFT as a digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is similar to calling for dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and you’re offering it for sale. Usually, this is recognized once you fill out the correct information about the NFT and submit it for sale on.

On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and then creating a collection to start! 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). Once that’s all done you are able to upload it if it fits the 100 MB limit.

It is possible to wait and see how transactions progress from here on out to determine whether OpenSea is the best marketplace for you.

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What NFTs can you find here?

So, at this point you’re probably thinking about which kind of NFT can be found here, and what you could sell should you decide to go that route. The type of NFT it is unlimited because there’s a wide range of ways to do it.

It is possible to sell digital items, trading cards games domain names, also physical goods! Find out what you think will bring the greatest rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t have to spend on any additional charges.

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

Referral Program

This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive advantages by referring 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 purchase amount, which allows you to earn more money through this action.

Other NFT marketplaces do not have this 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 app, but it is mainly used to browse the marketplace. You can’t buy or sell anything as you browse through the listings.

OpenSea’s mobile apps are available for both iOS in addition to Android. While you’re not able to buy or sell something, you can at least look through the options you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency on these platforms. Nft Worth It

You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:

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

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

Crypto Wallets

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

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

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

Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with credit cards. Nft Worth It

For more information about the service You can go through their FAQs for the steps you can start and also what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

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

Pros

  • Mobile apps available 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 world and NFTs.

Cons

  • Allows royalty rates of up to 10% for artists (low royalty).
  • Cannot buy or sell via our mobile apps.
  • Only supports cryptocurrency as its form of payment.
  • A Crypto digital wallet must be used for this marketplace.

Pricing

OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly recover this amount if you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Nft Worth It

What is OpenSea?

OpenSea is an NFT marketplace that aims to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs due to its low gas fees and low commission fee rate which you are required to pay.

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

Is OpenSea legit & is it safe?

Answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year of 2018. Since the system it operates on is built on a blockchain that is secure, you can say that your transactions are protected and secured.

Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear to your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the contents to ensure users are safe.

How do I earn royalties from OpenSea?

However, as an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared with others NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) has been frequently used on this site as well as many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.

Does OpenSea have a desktop or mobile application?

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

There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and get alerts on any updates that affect 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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