The Difference Between Nft

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The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto-coins. Markets have popped up across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.

If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.

Now hop aboard, and discover the possibilities of OpenSea as well as examining what NFTs you can view!

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Before you go on, 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 The Difference Between Nft

The aim for OpenSea was to offer artists with a marketplace/platform to upload their commissions, without having to pay any additional charges. There are additional features that allow you to sell your artwork without any problems.

For registration, you won’t have to provide any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that, without much hassle as you step into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain to ensure low-cost and quicker trading.

With these two kinds of blockchains it is possible to choose which one you’d like to publish your NFT as an seller. This is to ensure the security of your NFT and those who would like to buy it. All transactions will be made using this blockchain, and you must consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can become a seller however it takes a while before anyone can become an established one.

There are a variety of NFTs of NFTs available on OpenSea, and you can also be a part of that! You can set up your own market on this site, as well as find NFTs you want to purchase for yourself.

The Difference Between Nft

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What is an NFT?

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

One of the new things you can buy can be an NFT. An NFT is a non-fungible token which is extremely exclusive and cannot be replaced. It can be an item of any rarity like mint-condition baseball trading cards or a rare vinyl record.

There’s no limit to what an NFT can be as it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply consider as an NFT being a virtual collectible paid via cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs on your own NFTs. You’re claiming ownership over that particular token/item that you have uploaded to market, as offering it for sale. Typically, this is official after you fill in the correct information about the NFT and add it on the market.

On OpenSea it’s a straightforward process to mine your NFTs by going to the store and making a collection to begin! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain and payments tokens). After that, you can finally upload it, if it’s within the 100 MB limit.

It is possible to wait and see how transactions progress from now on 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 can also sell if you decide to go down that path. The kind of NFT it can be is unlimited since there’s a broad range of ways to approach it.

You could be selling digital items, trading cards, game assets, domain names, and some physical items! Find out what you think will yield the most profit by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager features is one of the things that separates OpenSea from other companies. There are zero gas fees when you use this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t need to spend on any additional charges.

Very few NFT marketplaces provide this feature, and it can be a fantastic way to make a huge profit from your collection.

Referral Program

A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits by referring your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more cash by this method.

Other NFT marketplaces do not have this kind of feature either, so that’s just another 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 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 both iOS as well as Android. While you’re not able to buy or sell things, you can at least look through the options you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are available to you to trade your fiat currency for cryptocurrency on these platforms. The Difference Between Nft

You can convert your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:

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

All of these have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly on the ETH blockchain, wallets with a connection to this network are appropriate for the site.

Here’s a list several crypto wallets which you can use with OpenSea:

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

*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using credit cards. The Difference Between Nft

To know more about it You can go through their FAQs to get the steps you can get started and also what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:

Pros

  • Available as mobile apps that are compatible with iOS and Android.
  • Smart contracts are utilized for transactions.
  • High-level security with the support of blockchain.
  • Ideal for those who are new to the crypto world and NFTs.

Cons

  • Allows royalties of only 10% to artists (low royalty rates).
  • Cannot buy or sell through this mobile application.
  • Only supports cryptocurrency as its form of payment.
  • A Crypto digital wallet must be used to use this marketplace.

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can easily recover that amount when you are actively selling since there’s no additional cost for it.

Frequently Asked Questions The Difference Between 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 method of payment. It’s an excellent platform for artists using it to sell NFTs due to its no cost of gas and low commission fee rate that you have to pay.

You can browse and shop for the vast array of digital goods in this NFT marketplace and you must go through it!

Is OpenSea legit & secure?

Short answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of 2018. Because its system is built on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.

Additionally, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned on your account or any collection you uploaded to reassure any customer. The team at OpenSea regularly checks the contents to ensure users are safe.

How do I earn royalties from OpenSea?

Unfortunately, as an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) can be frequently utilized on this website and many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can utilize to access OpenSea.

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

OpenSea only allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the transaction.

Does OpenSea has a mobile or desktop application?

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

A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and receive notifications about updates to 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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