What Is Nft Means

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The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth a look.

If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.

Get on board, and let’s see the possibilities of OpenSea and also see the NFTs that you can see!

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Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace What Is Nft Means

The purpose for OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra costs. There are additional features that allow you to sell your artwork without any issues.

In terms of registration, you won’t have to worry about giving too many details about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that and without many hurdles as you walk 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 technology and is used for most processes. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.

There are two types of blockchains that are available it is possible to choose which one you would like to publish your NFT as an seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions are made along with this blockchain, which is why you need to think about where you should upload it.

OpenSea: NFT Collection Galore

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

There’s a huge selection of NFTs available on OpenSea and you could also be a part of the collection! You can start your own market there, and also find NFTs you’d like to buy for yourself.

What Is Nft Means

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What is an NFT?

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

One of the latest ways that you can buy with cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is very unique and can’t be substituted. This can be a piece of rareness like authentic baseball cards, or a rare vinyl record.

There’s no limit on what an NFT can be as it’s a non-fungible object that you sell on the internet. More straightforwardly, you can just imagine as an NFT to be a type of digital item paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs on your own NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but offering it for sale. Usually, this is recognized once you fill out the correct information about the NFT and upload it to the marketplace.

On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and create a collection! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like for it (e.g., blockchain or payment tokens). After you’ve completed the process, you can finally upload it if it fits the 100 MB limit.

It is possible to wait and see how the transactions go from now to determine whether OpenSea is the best marketplace for you.

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What NFTs can you get here?

In this moment you’re probably thinking about what kind of NFTs be found here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of options for how to approach it.

You could be selling digital items, trading cards game assets, domain names, and some physical items! Explore what you believe can bring the greatest rewards by trying OpenSea.

OpenSea: Collection Manager Feature

The collection Manager function is the one that separates OpenSea from the others. There are no gas costs when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you don’t need to pay on any additional charges.

There aren’t many NFT marketplaces have this feature, which is why this is great for you to make a huge profit from your NFT 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 someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to earn more money from this act.

Other NFT marketplaces don’t have this feature, so that’s just 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. You can’t buy or sell items as you browse through the listing.

The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re looking for on the move.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. What Is Nft Means

You can convert your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:

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

All of these have the option to exchange for ETH which is the most common cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based using the ETH blockchain, wallets that share that network will be suitable for this site.

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

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

Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using the credit card. What Is Nft Means

To know more about it to learn more, check out their FAQs for a rundown of how you can start and also what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:

Pros

  • Available as mobile apps that are compatible with iOS as well as Android.
  • Smart contracts are utilized for transactions.
  • Security at the highest level with the help of blockchain.
  • The best option for beginners to the crypto world and NFTs.

Cons

  • Allows royalties up to 10% for artists (low royalty rates).
  • You cannot buy or sell products through the mobile app.
  • Only supports cryptocurrency as its type of payment.
  • An Crypto wallet is required for this marketplace.

Pricing

OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.

Frequently Asked Questions What Is Nft Means

What is OpenSea?

OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs because of its zero gas fees and low commission fees you must pay.

You can browse and shop for a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!

Is OpenSea real and is it safe?

The short answer is yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year 2018. Since its system is built on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.

Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed on your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are protected.

How can I earn royalties from OpenSea?

Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is believed to be reasonably low compared with other NFT marketplaces.

What is the most popular cryptocurrency accessible in OpenSea?

Ethereum (ETH) has been widely utilized on this website and many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can use for OpenSea.

What are the payment methods for OpenSea?

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

Does OpenSea have a desktop/mobile application?

As previously mentioned there’s an official mobile app from OpenSea for both iOS or Android. You can download it through their app store, and then you can begin exploring the collection right now!

There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect 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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