OpenSea Janky Heist

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The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.

If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now 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 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace OpenSea Janky Heist

The purpose to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions, without having to pay any additional charges. It also has additional functions which allow you to market your artwork without any problems.

For registration, you don’t need to worry about giving too many details about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for most processes. It is also based using the Polygon blockchain, which ensures the lowest cost and speediest trading.

With these two kinds of blockchains that are available, you can choose which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT and those who would like to buy it. Every transaction will be conducted by using the blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

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

There’s a huge selection of NFTs available of NFTs available at OpenSea and you can become a part of that! You can start your own personal market here, along with finding NFTs that you would like to purchase yourself.

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What is an NFT?

In a recent advancement for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but not exactly sure what it actually means. Let’s take a look at what 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 individual and cannot be replaced. It can be an item of rareness like mint-condition baseball trading cards or a unique vinyl album.

There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can just think of the NFT being a virtual item which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to the market place, but you’re offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and then submit it for sale on.

On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and then creating a collection to start! Fill out the proper and complete information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain or money transfer tokens). After that you are able to upload it if it fits the 100 MB limit.

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

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What NFTs can you get here?

In this moment you’re probably asking yourself what kind of NFTs you shop for here and what you can sell should you decide to go that route. The type of NFT it is indefinite since there’s a broad range of how you can approach it.

You can be selling trade cards, digital goods game assets domain names, also physical goods! Explore what you believe can bring the greatest rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The collection Manager function is the one that sets OpenSea from the others. There are no gas costs for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you sell because you don’t need to pay on additional fees.

Very few NFT marketplaces have this feature, which is why this can be a fantastic way to make a huge profit from your collection.

Referral Program

The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to earn more money from this act.

Other NFT marketplaces don’t have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.

The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in while on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency on these platforms. OpenSea Janky Heist

You can exchange the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:

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

All of these have the option of converting them into ETH that is the standard crypto payment in OpenSea.

Crypto Wallets

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

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

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

Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. OpenSea Janky Heist

To learn more about it to learn more, check out their FAQs to see a rundown of how you can start and also 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 disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:

Pros

  • Mobile apps available that are compatible with iOS and 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 industry and NFTs.

Cons

  • Allows royalties of only up to 10% for artists (low royalty rates).
  • You cannot buy or sell products via the mobile app.
  • Only accepts cryptocurrency as a type of payment.
  • A Crypto wallet is required for this marketplace.

Pricing

OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly regain that when you sell regularly since there is no additional fee for it.

Frequently Asked Questions OpenSea Janky Heist

What is OpenSea?

OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its low gas costs and low commission fee rate which you are required to pay.

You can browse and purchase a vast collection of digital goods in this NFT marketplace which is why you should definitely go through it!

Is OpenSea legit & secure?

The short answer is yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to declare that transactions are protected and secured.

In addition as a seller you can become verified once you’ve earned a reputation. A blue checkmark is placed next to your account or the collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure that users are protected.

How can I earn royalties on OpenSea?

Unfortunately, as an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared with other NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) has been frequently used on this site as well as numerous others to cater for 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 make use of for OpenSea.

How do I pay for OpenSea? What are my payment options for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.

Does OpenSea has a mobile or desktop application?

As previously mentioned, there is definitely an official mobile application from OpenSea that is available for iOS or Android. Install it from their app store, and then you can begin exploring the collection right now!

There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications on updates regarding 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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