Week 1 Nft Lines

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Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth looking into.

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

Get on board, and discover what you can do with OpenSea, along with checking the NFTs available to 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Week 1 Nft Lines

The goal to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions, without having to pay any additional costs. It has more functions that let you sell your artwork without any problems.

When it comes to the registration process, you don’t have to provide any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It is also based on the Polygon blockchain, which allows for the lowest cost and speediest trading.

There are two types of blockchains that are available you can pick which one you want to publish your NFT as an seller. This will ensure the security of your NFT, along with those who wish to purchase it. All transactions will be made along with this blockchain, and you must consider where to upload it.

OpenSea: NFT Collection Galore

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

There are a variety of NFTs in the collection at OpenSea and you can also be a part of the collection! You can start your own market here, along with finding NFTs that you would like to purchase for yourself.

Week 1 Nft Lines

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What is an NFT?

In a recent development for the cryptocurrency industry the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.

One of the new things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible token which is extremely unique and can’t be replaced. It can be an item of rareness like authentic baseball cards or uncommon vinyl record.

There’s no limit to what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can just consider an NFT being a virtual collectible paid via cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs for your personal NFTs. You are calling the owner of the item or token that you have uploaded to the market place, but offering it for sale. Usually, this becomes official once you fill out the correct information about the NFT and finally submit it for sale on.

On OpenSea, it’s a simple process to mine your NFTs by going to the store and simply making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain, payments 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 how the transactions go from here on out to see whether OpenSea is the best marketplace for you.

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What NFTs can you find here?

So, at this point you’re probably asking yourself what kind of NFTs be purchased here and what you can also sell if you decide to go that route. The type of NFT it can be is unlimited as there’s a variety of options for how to approach it.

You could be selling trade cards, digital goods games, domain names, and some physical items! Explore what you believe can reap the best rewards by experimenting with OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager function is the one that sets OpenSea from the others. There are zero gas fees when you utilize this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t need to spend on additional fees.

Very few NFT marketplaces have this feature, so this is great for you to make a huge profit from your portfolio.

Referral Program

The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer rewards by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more cash by this method.

Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell anything as you scroll through the list.

The mobile apps from OpenSea are accessible for both iOS in addition to Android. While you’re not able to buy or sell anything, you can still look through the options you’re interested in on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency on these platforms. Week 1 Nft Lines

You can exchange the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:

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

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

Crypto Wallets

While OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than others. Because it is based on an ETH blockchain, wallets that share this network are appropriate for the site.

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

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

*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only and the ability to buy cryptocurrency using a credit card. Week 1 Nft Lines

To know more about it to learn more, check out their FAQs for an overview of how you can begin and which other wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about 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 support of blockchain.
  • Ideal for those who are new to the crypto industry and NFTs.

Cons

  • Allows royalty rates of up to 10% for artists (low royalty).
  • It is not possible to buy or sell items via the mobile app.
  • Only accepts cryptocurrency as a method of payment.
  • An Crypto account is needed to access this marketplace.

Pricing

OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.

Frequently Asked Questions Week 1 Nft Lines

What is OpenSea?

OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using the platform to market NFTs due to its no cost of gas and low commission fees 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 real and is it safe?

Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year 2018. Since its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.

Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed next to your account or any collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are protected.

How do I earn royalties on OpenSea?

As an artist, you will get only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared with other NFT marketplaces.

What are the cryptocurrency options offered in OpenSea?

Ethereum (ETH) is commonly used on this site as well as many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on 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 is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.

Does OpenSea have a desktop/mobile app?

As mentioned before there’s an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store and begin exploring the collection now!

The Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive alerts on any updates that affect 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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