Taiwan Venture Capitalist Bay Area Nft

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Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto-coins. Markets have popped up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.

If you’re interested in crypto you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.

Get on board, and let’s explore what you can do with OpenSea as well as examining what NFTs you can view!

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Before you go on, 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 Taiwan Venture Capitalist Bay Area Nft

The aim of OpenSea was to simply provide an online marketplace for artists to upload commissions with no additional costs. It also has additional functions which allow you to market your artwork without any difficulties.

When it comes to registration, you don’t need to give too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for most processes. It also functions on the Polygon blockchain to ensure lower costs and faster trading.

There are two types of blockchains available you can pick which one you’d like to transfer your NFT to as a seller. This will ensure the security of your NFT and those who wish to buy it. Every transaction will be conducted along with 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 NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art by an artist you admire. Anyone can become a seller however it takes time for anyone to be an established one.

There are a variety of NFTs from the selection on OpenSea and you could become a part of the collection! You can start your own personal market on this site, as well as find NFTs you want to purchase for yourself.

Taiwan Venture Capitalist Bay Area Nft

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What is an NFT?

A recent change in the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on 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 any beginners in cryptocurrency.

One of the newest things that you can buy with cryptocurrency is an NFT. An NFT is a token that is non-fungible which is extremely individual and cannot be changed. It can be an item of rarity like rare baseball trading cards in mint condition or uncommon vinyl record.

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

Minting NFTs

Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token you uploaded on the market place, but putting it up for sale. Typically, this is official when you have filled in the correct information about the NFT and upload it to the marketplace.

On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and create a collection! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain and money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.

It is possible to wait and see the way transactions are handled from now to see whether OpenSea is the marketplace for you.

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What NFTs can you get here?

At this point you’re probably asking yourself the kind of NFTs you shop for here, and what you could sell should you decide to go down that path. The type of NFT it can be is indefinite because there’s a wide range of options for how to go about it.

You can be selling trade cards, digital goods game assets, domain names, and even physical assets! Find out what you think will reap the best rewards by trying OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs for using this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t have to spend on any additional charges.

Very few NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your portfolio.

Referral Program

This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to earn more money through this action.

Other NFT marketplaces don’t have this feature and that’s another advantage OpenSea has over the other marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.

OpenSea’s mobile apps are available on the two platforms of iOS and Android. While you’re not able to buy or sell something, you can explore the products you’re looking for on the move.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency through these platforms. Taiwan Venture Capitalist Bay Area Nft

You can exchange your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:

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

All of them have the option to exchange for ETH which is the primary crypto payment in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Because it is based on the ETH blockchain, all wallets which are part of that network will be suitable 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: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Taiwan Venture Capitalist Bay Area Nft

To know more about it to learn more, check out their FAQs to get the steps you can start 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 drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:

Pros

  • Mobile apps are available for 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).
  • It is not possible to buy or sell items through the mobile app.
  • Only accepts cryptocurrency as a method of payment.
  • A Crypto digital wallet must be used to access this marketplace.

Pricing

OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly regain that when you actively sell because there’s no extra charge for it.

Frequently Asked Questions Taiwan Venture Capitalist Bay Area Nft

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 form of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero cost of gas and low commission fees you must pay.

You can browse and purchase an array of digital items on the NFT marketplace, so you should take a look!

Is OpenSea legit & is it safe?

The short answer is yes! OpenSea has been a trusted marketplace since its inception 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 secure and safe.

Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or the collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure users are secure.

How do I earn royalties on OpenSea?

However, as an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) can be commonly used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can utilize for OpenSea.

What are the payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.

Does OpenSea has a mobile or desktop application?

As we mentioned earlier there’s an official mobile app from OpenSea that is available for iOS or Android. You can download it through their app store, and you can start browsing through the collection right 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 receive notifications on updates regarding 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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