What’S An Nft Token

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Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.

If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.

So, hop on board and discover 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 review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace What’S An Nft Token

The aim for OpenSea was to provide artists with a marketplace/platform to upload their commissions, without having to pay any additional charges. It has more functions which allow you to market your work without having to deal with many difficulties.

When it comes to registration, you don’t need to give all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.

OpenSea: Blockchain

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

With these two kinds of blockchains available, you can choose which one you would like to transfer your NFT to as a seller. This ensures the safety of your NFT, along with those who wish to purchase it. All transactions will be made by using the blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can become a seller however, it takes some time for anyone to be a reputable one.

There are a variety of NFTs of NFTs available of NFTs available at 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'S An Nft Token

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What is an NFT?

A recent change in the crypto 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 actually means. 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 is an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be changed. It could be an item of any rarity like mint-condition baseball trading cards or a unique vinyl album.

There’s no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can simply think of the NFT to be a type of digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs to your NFTs. It is a way of claiming the owner of the item or token that you posted to market, as offering it for sale. Typically, this is official when you have filled in all the necessary information about the NFT and submit it for sale on.

On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain, money transfer tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.

You can wait and observe how the transactions go from now on to see if OpenSea is the right marketplace for you.

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What NFTs are available here?

In this moment you’re probably thinking about the kind of NFTs can be purchased here, and what you could sell should you decide to pursue that route. The type of NFT it is indefinite as there’s a variety of ways to go about it.

It is possible to sell digital items, trading cards games domain names, also physical goods! Consider what you believe will bring the greatest rewards by trying OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager feature is what sets OpenSea from the other options. There are no gas costs for using this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t have to spend on additional fees.

Very few NFT marketplaces have this feature, so this is great for you to make a huge profit from your portfolio.

Referral Program

A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets there are benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more cash through this action.

Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea has over them.

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Mobile Application

There is an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.

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 look through the options you’re interested in on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are for you to use, and you can convert your fiat money into cryptocurrency on these platforms. What’S An Nft Token

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

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

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

Crypto Wallets

While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly around the ETH blockchain, all wallets with a connection to that network will be suitable for the site.

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

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

*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. What’S An Nft Token

To learn more about it You can go through their FAQs to get the steps you can begin and also what other crypto 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 the only one to have this. It is possible to read about its pros and cons here:

Pros

  • Mobile apps available for iOS and Android.
  • Smart contracts can be used to perform transactions.
  • High-level security with the support of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalty rates of up to 10% for artists (low royalty).
  • It is not possible to buy or sell items on the mobile app.
  • Only supports cryptocurrency as its form of payment.
  • The use of a Crypto account is needed to use this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.

Frequently Asked Questions What’S An Nft Token

What is OpenSea?

OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online and receive cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs due to its no cost of gas and the low commission rate that you have 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 real and safe?

Short answer: Yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Because its system is built on blockchain technology 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 will be assigned on your account or the collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are secure.

How can I earn royalties on OpenSea?

Unfortunately, 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 against the other NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) can be frequently utilized on this website and many others to accommodate many more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can make use of for OpenSea.

What are the payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.

Does OpenSea have a desktop/mobile application?

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

There is also a Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications on updates regarding 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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