Technology Behind Nft

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The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.

If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.

Now hop aboard, and discover what you can do with OpenSea and also see 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. After, you’ll want to read the rest of our article for a more comprehensive review.

OpenSea as an NFT Marketplace Technology Behind Nft

The goal to create OpenSea was to provide artists with a marketplace/platform to upload commissions without any extra costs. It has more functions that let you sell your art without too many problems.

For the registration process, you don’t have to give all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this 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 that are available you can pick which one you would like to upload your NFT on as seller. This ensures the safety of your NFT and the people who want to buy it. All transactions are made along with this blockchain, and you must think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller however it takes a while before anyone can become a reputable one.

There is a wide variety in the collection of NFTs available at OpenSea and you could become a part of this! You can create your own market on this site, as well as find NFTs you want to purchase yourself.

Technology Behind Nft

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What is an NFT?

In a recent development for the crypto market, the term “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.

One of the newest things you can buy is an NFT. An NFT is a token that is non-fungible that is individual and cannot be changed. It could 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 item that you can sell online. In simpler terms, you could just consider as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling the shots on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as you’re putting it up for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and submit it for sale on.

On OpenSea, it’s a simple process to mine your NFTs by visiting the store and simply create a collection! Input the appropriate and complete information about your NFT and choose what kind of settings you want for it (e.g., blockchain or money transfer tokens). Once that’s all done then you’re able to upload it if it fits the limit of 100MB.

You can wait and observe how transactions progress from now on to see if OpenSea is the right marketplace for you.

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What NFTs are available here?

At this point you’re probably asking yourself what kind of NFTs be found here, and what you could also sell if you choose to go down that path. The type of NFT that you can purchase isn’t limited because there’s a wide range of options for how to approach it.

It is possible to sell digital products, trading cards game assets, domain names, and some physical items! Explore what you believe can reap the best rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager feature is what separates OpenSea from the others. There are no gas costs for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t have to spend on extra fees.

Not many NFT marketplaces offer this feature, which is why this is great for you to earn a high return from your collection.

Referral Program

The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money through this action.

Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over them.

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Mobile Application

There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listings.

The mobile apps of OpenSea are available on both iOS as well as Android. While you’re not able to buy or sell things, you can explore the products you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are for you to use to convert your fiat money into cryptocurrency through these platforms. Technology Behind Nft

You can exchange your fiat money via the 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 which is the primary cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built around the ETH blockchain, wallets that share the same network are suitable for the site.

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

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. Technology Behind Nft

For more information about the service You can go through their FAQs for a rundown of how you can get started and also what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:

Pros

  • Mobile apps available that are compatible with iOS as well as Android.
  • Smart contracts can be used to perform transactions.
  • High-level security with the support of blockchain.
  • Best for beginners in the crypto world and NFTs.

Cons

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

Pricing

OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll easily recover that amount when you actively sell because there’s no additional cost for it.

Frequently Asked Questions Technology Behind Nft

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero gas costs and the low commission rate that you have to pay.

You can browse and purchase a vast collection of digital goods in this NFT marketplace and you must go through it!

Is OpenSea legitimate and secure?

Short answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in 2018. Because its system is built on blockchain technology that is secure, you can claim 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 will appear next to your account or the collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure users are protected.

How can I earn royalties on OpenSea?

Unfortunately, as an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison with the other NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) can be commonly used on this site as well as other sites to provide many more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core 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 its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.

Does OpenSea have a desktop/mobile application?

As mentioned before there’s an official mobile app by OpenSea for both iOS or Android. Download it at their respective app store and then you can begin browsing through the collection right now!

The version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications on updates regarding 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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