What Is The Nft Net

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The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto coins. Markets have popped up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.

If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.

Get on board, and let’s see the possibilities of OpenSea as well as examining what NFTs you can view!

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Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.

OpenSea as an NFT Marketplace What Is The Nft Net

The goal of OpenSea was to offer a platform/marketplace for artists to upload commissions without any extra costs. It also has additional functions that let you sell your work without having to deal with many difficulties.

In terms of registration, you won’t have to give all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also functions on the Polygon blockchain, which ensures lower costs and faster trading.

There are two types of blockchains that are available it is possible to choose which one you want to publish your NFT as an seller. This ensures the safety of your NFT, along with the people who want to purchase it. Every transaction will be conducted using 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 exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to official art from an artist you admire. Anyone can sell however it takes time for anyone to become a reputable one.

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

What Is The Nft Net

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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 internet that the majority of young people have heard of it but aren’t sure exactly what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.

One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible token that is unique and can’t be replaced. It can be an item of rareness, such as mint-condition baseball trading cards, or a unique vinyl album.

There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell online. In simpler terms, you could simply consider an NFT being a virtual item paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and you’re putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and then submit it for sale on.

On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and then create a collection! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain or payments tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.

You can watch and see the way transactions are handled from here on out to determine if OpenSea is the marketplace for you.

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What NFTs can you find here?

So, at this point you’re probably asking yourself which kind of NFT can you shop for here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT that you can purchase is indefinite because there’s a wide range of how you can approach it.

It is possible to sell digital items, trading cards games, domain names, and also physical goods! Explore what you believe can yield the most profit by trying OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager features is one of the things that separates OpenSea from the other options. There are zero gas fees when you utilize this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on extra fees.

Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your portfolio.

Referral Program

The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are advantages by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you make more money from this act.

Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea has over the other marketplaces.

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Mobile Application

There’s an OpenSea mobile application, however it’s mostly used to browse 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 in addition to Android. Even though you can’t buy or sell something, you can at least look through the options you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are to you You can also trade your fiat currency for cryptocurrency using these platforms. What Is The Nft Net

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

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

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

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly using an ETH blockchain, wallets which are part of this network are appropriate for this site.

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

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

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only, and the function to purchase cryptocurrency using credit cards. What Is The Nft Net

For more information about the service, you can check their FAQs for an overview of how you can begin and which other wallets work with OpenSea.

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Pros and Cons of OpenSea

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

Pros

  • Available as mobile apps for iOS and Android.
  • Smart contracts are utilized for transactions.
  • Security at the highest level with the help of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalties up to 10% for artists (low royalty).
  • Cannot buy or sell through this mobile application.
  • Only supports cryptocurrency as its method of payment.
  • An Crypto account is needed to use 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% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly regain that when you are actively selling since there’s no extra charge for it.

Frequently Asked Questions What Is The Nft Net

What is OpenSea?

OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online to receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use it to sell NFTs because of its zero cost of gas and low commission fees which you are required to pay.

You can shop and browse the vast array of digital products on this NFT marketplace, so you should check it out!

Is OpenSea legitimate and safe?

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

In addition as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned 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 secure.

How do 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 thought to be a reasonable amount compared with other NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) has been commonly used on this site and many others to accommodate many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can utilize to access OpenSea.

What are the payment options for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.

Does OpenSea has a mobile or desktop app?

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

There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and receive notifications on updates regarding 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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