Best Nft Channels

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The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto coins. Marketplaces are popping up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth a look.

If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.

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

OpenSea as an NFT Marketplace Best Nft Channels

The purpose for OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra charges. It has more functions that allow you to sell your art without too many issues.

For registration, you won’t have to give all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used to carry out the majority of processes. It also functions using the Polygon blockchain, which allows for low-cost and quicker trading.

With these two types of blockchains that are available it is possible to choose which one you want to transfer your NFT to as seller. This will ensure the security of your NFT and the people who want to purchase it. All transactions will be made using 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. It is possible to purchase anything the simplest 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 an established seller.

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 set up your own market on this site, as well as find NFTs you’d like to buy for yourself.

Best Nft Channels

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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 have heard of it but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for any beginners in cryptocurrency.

One of the newest things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency that is very individual and cannot be changed. It could be a piece of rarity like authentic baseball cards or a rare vinyl record.

There is no limit to what an NFT could be, since it’s a non-fungible thing that you can sell online. It is simpler to just imagine the NFT as a digital collectible paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs to your NFTs. You’re claiming the ownership of the particular item that you posted to the market place, but you’re offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and finally upload it to the marketplace.

On OpenSea, it’s a simple process to mint your NFTs by going to the store and creating a collection to start! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain and money transfer tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.

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

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What NFTs are available 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 pursue that route. The type of NFT it can be is indefinite since there’s a broad range of options for how to go about it.

You can be selling digital items, trading cards, game assets, domain names, and also physical goods! Explore what you believe can yield the most profit by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager feature is what sets OpenSea from the others. 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 sell because you don’t need to pay on additional fees.

Not many NFT marketplaces offer this feature, and it is a great way to receive high profit from your collection.

Referral Program

A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer advantages by referring 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 means you can make more money through this action.

Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.

The mobile apps of OpenSea are available on both iOS and Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re interested in on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency through these platforms. Best Nft Channels

You can exchange the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:

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

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

Crypto Wallets

While 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 around an ETH blockchain, all wallets which are part of the same network are suitable for this site.

Here is a list of various crypto wallets that 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 including simple registration, mobile-only usage and the ability to purchase cryptocurrency using credit cards. Best Nft Channels

To know more about it to learn more, check out their FAQs to get the steps you can get started and what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets, each one 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

  • Available as mobile apps that are compatible with iOS or 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 world and NFTs.

Cons

  • Allows royalty rates of 10% for artists (low royalties).
  • You cannot buy or sell products on the mobile app.
  • Only accepts cryptocurrency as a method of payment.
  • The use of a Crypto wallet is required to access this marketplace.

Pricing

OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly regain that when you actively sell because there’s no extra charge for it.

Frequently Asked Questions Best Nft Channels

What is OpenSea?

OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists using the platform to market NFTs because of its zero gas fees and low commission fees you must pay.

You can browse and purchase an array of digital products on this NFT marketplace, so you should take a look!

Is OpenSea legit & secure?

The short answer is yes! OpenSea has been a reliable marketplace since its inception at the end of the year 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are safe and secure.

Additionally as a seller you can become verified once you build up your reputation. A blue checkmark will appear to your account or collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.

How can I earn royalties on OpenSea?

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

What are the cryptocurrency options accessible in OpenSea?

Ethereum (ETH) has been frequently utilized on this website and other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

What are the payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.

Does OpenSea have a desktop/mobile application?

As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS as well as Android. You can download it through their app store, and then you can begin exploring the collection now!

The Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and get notifications on updates regarding your account when 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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