What Does Nft/Nfs Mean

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The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto-coins. Markets have popped up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth a look.

If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.

Get on board, and let’s explore the possibilities of 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace What Does Nft/Nfs Mean

The goal for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions with no additional charges. There are additional features that allow you to sell your work without having to deal with many issues.

For registration, you don’t need to give any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency 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 also functions using the Polygon blockchain, which ensures low-cost and quicker trading.

With these two types of blockchains available you can pick which one you’d like to publish your NFT as an seller. This ensures the safety of your NFT and those who would like to purchase it. Every transaction will be conducted along with this blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can be a seller, but it takes time for anyone to be an established one.

There’s a huge selection from the selection on OpenSea and you can become a part of this! You can set up your own marketplace there, and also find NFTs you’d like to buy for yourself.

What Does Nft/Nfs Mean

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What is an NFT?

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

One of the newest things you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible currency that is very unique and can’t be changed. It can be an item of any rarity like rare baseball trading cards in mint condition or a unique vinyl album.

There’s no limit on what an NFT can be as it’s a non-fungible item that you can sell online. In simpler terms, you could just consider the 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. You’re claiming the ownership of the particular item that you posted to the market place, but selling it. Typically, this is official when you have filled in all the necessary information about the NFT and then add it on the market.

On OpenSea it’s a straightforward process to mint your NFTs by going to the store and create a collection! Complete the correct and accurate 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 then you’re able to upload it, if it’s within the 100 MB limit.

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 can you get here?

In this moment you’re probably asking yourself which kind of NFT you shop for here and what you can also sell if you decide to go down that path. The type of NFT it can be is unlimited because there’s a wide range of options for how to approach it.

It is possible to sell trade cards, digital goods, game assets domain names, even physical assets! 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 sets OpenSea from other companies. There’s no cost for gas for using this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you don’t need to pay on additional fees.

There aren’t many NFT marketplaces offer this feature, and it is a great way to earn a high return from your collection.

Referral Program

This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which means you can make more money through this action.

Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea has over them.

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Mobile Application

There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.

The mobile apps of OpenSea are available on the two platforms of iOS and Android. While you’re not able to buy or sell something, you can explore the products you’re looking for on the move.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency through these platforms. What Does Nft/Nfs Mean

You can exchange your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex and other things!

All of these have the option of exchange for 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 types of crypto, wallets are still more compatible with it than other. Because it is based using the ETH blockchain, all wallets that share the same network are suitable for the site.

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

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

*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only and the ability to buy cryptocurrency using the credit card. What Does Nft/Nfs Mean

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

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Pros and Cons of OpenSea

Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:

Pros

  • Mobile apps available for iOS or Android.
  • Smart contracts can be used to perform transactions.
  • Security at the highest level with the help of blockchain.
  • Ideal for those who are new to the crypto market and NFTs.

Cons

  • Allows royalty rates of 10% for artists (low royalty).
  • You cannot buy or sell products on the mobile app.
  • Only accepts cryptocurrency as a type of payment.
  • A Crypto digital wallet must be used to access this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.

Frequently Asked Questions What Does Nft/Nfs Mean

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using it to sell NFTs because of its zero cost of gas and low commission fees which you are required to pay.

You can browse and shop for a vast collection of digital items on the NFT marketplace and you must take a look!

Is OpenSea real and safe?

The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are protected and secured.

In addition as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned to your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are protected.

How can I earn royalties on OpenSea?

As an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared against other NFT marketplaces.

What cryptocurrency is accessible in OpenSea?

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

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can use for OpenSea.

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

OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.

Does OpenSea have a desktop/mobile app?

As previously mentioned There is an official mobile app from OpenSea that is available for iOS or Android. You can download it through their app store and you can start browsing through the collection right now!

A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and get alerts on any updates that affect 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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