What Does Nft Stan

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The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto coins. Marketplaces are popping up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth a look.

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

Now hop aboard, and let’s explore what you can do with 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. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace What Does Nft Stan

The aim to create OpenSea was to offer an online marketplace for artists to upload their commissions, without having to pay any additional costs. It also has additional functions that let you sell your art without too many difficulties.

For the registration process, you don’t have to worry about giving all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also operates using the Polygon blockchain, which allows for the lowest cost and speediest trading.

With these two kinds of blockchains, you can choose which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT, along with those who would like to buy it. All transactions are made using this blockchain, which is why you need to think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes a while before anyone can become an established seller.

There is a wide variety of NFTs available at OpenSea, and you can join in with that! You can set up your own market on this site, as well as find NFTs you’d like to buy yourself.

What Does Nft Stan

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What is an NFT?

In a recent advancement for the crypto market 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 actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.

One of the new things you can buy can be an NFT. An NFT is a non-fungible currency that is very exclusive and cannot be replaced. This can be an item of any rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.

There’s no limit to what an NFT can be since it’s a non-fungible item you’re selling on the internet. In simpler terms, you could just imagine the NFT being a virtual collectible which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling the shots on your own NFTs. You are calling the ownership of the particular item that you have uploaded to market, as you’re putting it up for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and then submit it for sale on.

On OpenSea, it’s a simple process to mine your NFTs by visiting the store and simply create a collection! Fill out the proper and complete information about your NFT and select the type of settings you’d like for it (e.g., blockchain and payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.

You can watch and see how the transactions go from now on 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 the kind of NFTs can you shop for here and what you can sell should you decide to go down that path. The kind of NFT it is indefinite since there’s a broad range of ways to approach it.

You could be selling trade cards, digital goods, game assets domain names, some physical items! Explore what you believe can reap the best rewards by trying OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that sets OpenSea from the other options. There are zero gas fees when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you don’t need to pay on additional fees.

Very few NFT marketplaces offer this feature, and it is a great way to earn a high return from your NFT collection.

Referral Program

The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are advantages by referring your 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 allows you to earn more cash from this act.

Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea has over them.

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Mobile Application

There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.

OpenSea’s mobile apps are available on both iOS as well as Android. Although you aren’t able to purchase or sell things, you can explore the products you’re looking for on the move.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available for you to use to trade your fiat currency for cryptocurrency through these platforms. What Does Nft Stan

You can swap the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:

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

All of them have the option of exchange for ETH which is the standard cryptocurrency payment option in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built using the ETH blockchain, wallets which are part of this network are appropriate for this website.

Here is a list of several crypto wallets which you can use with OpenSea:

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

*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage, and the function to purchase cryptocurrency using the credit card. What Does Nft Stan

To learn more about it, you can check their FAQs to see a rundown of how you can begin and also what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

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

Pros

  • Mobile apps are available that are compatible with iOS as well as Android.
  • Smart contracts are used for transactions.
  • Security at the highest level with the help of blockchain.
  • The best option for beginners to the crypto market and NFTs.

Cons

  • Allows royalties up to 10% for artists (low royalty).
  • You cannot buy or sell products through our mobile apps.
  • Only accepts cryptocurrency as a type of payment.
  • A Crypto digital wallet must be used for this marketplace.

Pricing

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

Frequently Asked Questions What Does Nft Stan

What is OpenSea?

OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists who use for selling NFTs due to its no cost of gas and low commission fees that you have to pay.

You can shop and browse an array of digital items on the NFT marketplace and you must go through it!

Is OpenSea legit & safe?

The short answer is yes! OpenSea is a reputable marketplace since it was founded in 2018. Because its system is built on a blockchain and is secured, it is safe to declare that transactions are protected and secured.

Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or the collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure that users are secure.

How can I earn royalties from OpenSea?

However, as an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison against other NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) has been widely used on this site as well as numerous others to cater for more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can use to access OpenSea.

What are the payment options for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.

Does OpenSea have a desktop/mobile app?

As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS and Android. Install it from their app store, and you can start exploring the collection now!

A version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and receive notifications about updates to 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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