What Does Nft Mean

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The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth checking out.

If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.

Get on board, and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!

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Before you continue, you may want to watch 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.

OpenSea as an NFT Marketplace What Does Nft Mean

The aim of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra charges. There are additional features which allow you to market your work without having to deal with many difficulties.

In terms of the registration process, you don’t have to provide any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.

OpenSea: Blockchain

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

With these two types of blockchains you can pick which one you would like to publish your NFT as a seller. This is to ensure the security of your NFT and those who wish to buy it. All transactions will be made along with this blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes some time for anyone to become an established seller.

There are a variety of NFTs of NFTs available of NFTs available at OpenSea, and you can join in with the collection! You can start your own market here, along with finding NFTs you want to purchase for yourself.

What Does Nft Mean

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What is an NFT?

In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.

One of the newest things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible token that is very exclusive and cannot be replaced. It can be an item of any rarity like rare baseball trading cards in mint condition, or a unique vinyl album.

There is no limit to what an NFT can be as it’s a non-fungible object you’re selling on the internet. In simpler terms, you could simply consider as an NFT to be a type of digital collectible paid via cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs to your NFTs. You’re claiming the ownership of the particular item you uploaded on market, as you’re selling it. Usually, this is recognized after you fill in all the necessary information about the NFT and finally upload it to the marketplace.

On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then create a collection! Complete the correct and accurate information about your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain and payments tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.

It is possible to wait and see the way transactions are handled from here on out to determine whether OpenSea is the marketplace for you.

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What NFTs can you get here?

So, at this point, you’re probably wondering what kind of NFTs be found here and what you can also sell if you decide to go that route. The kind of NFT that you can purchase is unlimited because there’s a wide range of how you can do it.

You can be selling digital products, trading cards, game assets domain names, some physical items! 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 separates OpenSea from the others. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you sell because you won’t need to spend on additional fees.

There aren’t many NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return from your portfolio.

Referral Program

This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can earn more cash by this method.

Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

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

The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Even though you can’t buy or sell something, you can browse through the selections you’re looking for on the move.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency through these platforms. What Does Nft Mean

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 more!

Each of them has the option to exchange for ETH that is the primary crypto payment in OpenSea.

Crypto Wallets

While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly using an ETH blockchain, wallets that share this network are appropriate for this website.

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

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using a credit card. What Does Nft Mean

To learn more about it to learn more, check out their FAQs to see the steps you can begin and also what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:

Pros

  • Mobile apps available that are compatible with iOS and Android.
  • Smart contracts are used for transactions.
  • Security at the highest level with the help 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 rates).
  • Cannot buy or sell on this mobile application.
  • Only accepts cryptocurrency as a type of payment.
  • A Crypto account is needed to access this marketplace.

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you are actively selling since there’s no additional cost for it.

Frequently Asked Questions What Does Nft Mean

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs due to its no gas costs and low commission fees you must pay.

You can browse and shop for the vast array of digital products on this NFT marketplace, so you should take a look!

Is OpenSea legit & safe?

Short answer: Yes! OpenSea has been a trusted marketplace since its inception in 2018. Since the system it operates on is built on a blockchain, it is safe to declare that transactions are protected and secured.

In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned next to your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are secure.

How can I earn royalties from OpenSea?

However, as an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison against other NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) is widely used on this site and other sites to provide many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can make use of to access OpenSea.

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

OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.

Does OpenSea has a mobile or desktop application?

As mentioned before, there is definitely an official mobile app by OpenSea available for both iOS or Android. Download it at their respective app store, and you can start browsing through the collection right now!

The version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to 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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