Thomas Calhoun President On Nft

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Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.

If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.

Now hop aboard, and let’s see what you can do with 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 the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Thomas Calhoun President On Nft

The goal of OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional charges. It has more functions that allow you to sell your art without too many difficulties.

When it comes to the registration process, you don’t have to provide all of your personal details. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for lower costs and faster trading.

There are two types of blockchains available you can pick which one you’d like to upload your NFT on as a seller. This is to ensure the security of your NFT as well as those who wish to buy it. All transactions will be made along with this blockchain, so you should think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork by an artist you admire. Anyone can sell however, it takes a while for anyone to be an established seller.

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

Thomas Calhoun President On Nft

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What is an NFT?

In a recent development for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.

One of the newest things you can buy is an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be changed. It could be a piece of rareness, such as authentic baseball cards or rare vinyl record.

There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell online. It is simpler to just think of an NFT as a digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling the shots for your personal NFTs. You are calling the owner of the item or token that you have uploaded to the marketplace, and you’re offering it for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and then upload it to the marketplace.

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

You can watch and see how transactions progress from here on out to see whether OpenSea is the best marketplace for you.

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What NFTs can you find here?

In this moment, you’re probably wondering the kind of NFTs can be found here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT it is indefinite because there’s a wide range of options for how to approach it.

It is possible to sell trade cards, digital goods games, domain names, and some physical items! Consider what you believe will yield the most profit by experimenting with OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that separates OpenSea from the other options. There are zero gas fees for using this feature when you create and market NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t have to spend on extra fees.

There aren’t many NFT marketplaces have this feature, so this is great for you to earn a high return from your NFT collection.

Referral Program

This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer advantages by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which means you can make more money through this action.

Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea has over them.

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Mobile Application

There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.

OpenSea’s mobile apps are available on both iOS and Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency on these platforms. Thomas Calhoun President On Nft

You can swap your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:

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

All of these have the option of converting them into ETH which is the primary cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built on an ETH blockchain, wallets that share that network will be suitable for the site.

Here’s a list of different crypto wallets 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 has its own limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency with the credit card. Thomas Calhoun President On Nft

For more information about the service You can go through their FAQs to get a rundown of how you can begin and which other wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:

Pros

  • Mobile apps are available for iOS and Android.
  • Smart contracts are used for transactions.
  • High-level security with the support of blockchain.
  • The best option for beginners to the crypto world and NFTs.

Cons

  • Allows royalty rates of 10% to artists (low royalties).
  • Cannot buy or sell through the mobile app.
  • Only accepts cryptocurrency as a method of payment.
  • A Crypto wallet is required to use this marketplace.

Pricing

OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there’s no additional cost for it.

Frequently Asked Questions Thomas Calhoun President On Nft

What is OpenSea?

OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists using for selling NFTs because of its zero gas costs and low commission fees which you are required to pay.

You can browse and shop for the vast array of digital items on the NFT marketplace which is why you should definitely take a look!

Is OpenSea legit & is it safe?

Short answer: Yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are protected and secured.

In addition as a seller you can become verified once you have built up your credibility. A blue checkmark is placed on your account or any collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are protected.

How can I earn royalties from OpenSea?

Unfortunately, as an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared to others NFT marketplaces.

What is the most popular cryptocurrency accessible in OpenSea?

Ethereum (ETH) is commonly used on this site and numerous others to cater for more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can use to use OpenSea.

What are the payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.

Does OpenSea have a desktop or mobile app?

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

There is also a desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts as well as 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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