Who Has The Biggest Fan Base In The Nft

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The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto currency. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.

If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.

Get on board, and discover what you can do with OpenSea and also see the NFTs that you can see!

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Before you continue, 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 Who Has The Biggest Fan Base In The Nft

The aim to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions without any extra fees. It has more functions that allow you to sell your art without too many issues.

In terms of registration, you don’t need to give any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also operates with the Polygon blockchain to ensure lower costs and faster trading.

There are two types of blockchains you can pick which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT and those who wish to buy it. Every transaction will be conducted using this blockchain, which is why you need to think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to official art by an artist you admire. Anyone can sell however it takes a while for anyone to be an established one.

There’s a huge selection of NFTs available at OpenSea and you could join in with this! You can set up your own personal market here, along with finding NFTs you want to purchase yourself.

Who Has The Biggest Fan Base In The Nft

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What is an NFT?

In a recent advancement for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t sure exactly what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.

One of the newest things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible currency which is extremely exclusive and cannot be changed. It could be a piece of rarity like rare baseball trading cards in mint condition or a rare vinyl record.

There’s no limit on what an NFT can be since it’s a non-fungible item that you can sell online. More straightforwardly, you can simply imagine an NFT being a virtual item paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and offering it for sale. Usually, this becomes official after you fill in the correct information about the NFT and add it on the market.

On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and simply making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain, payments tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.

You can wait and observe the way transactions are handled from now on to determine whether OpenSea is the marketplace for you.

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What NFTs can you get here?

At this point, you’re probably wondering the kind of NFTs can be purchased here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT that you can purchase isn’t limited 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, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager feature is what separates OpenSea from the other options. There’s no cost for gas for using this feature when you make and then sell the NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on additional fees.

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

Referral Program

This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more cash from this act.

Other NFT marketplaces don’t offer this kind of feature either and that’s another advantage OpenSea has over them.

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Mobile Application

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

The mobile apps of OpenSea are available for both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency using these platforms. Who Has The Biggest Fan Base In The Nft

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

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

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

Crypto Wallets

Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built around an ETH blockchain, all wallets that share the same network are suitable for this website.

Here is a list of different crypto wallets you can use in OpenSea:

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

Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. Who Has The Biggest Fan Base In The Nft

To know more about it to learn more, check out their FAQs for 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

Like all crypto markets every one of them has 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 can be used to perform transactions.
  • High-level security , with the backing of blockchain.
  • Ideal for those who are new to the crypto industry and NFTs.

Cons

  • Allows royalties of only 10% for artists (low royalties).
  • Cannot buy or sell through the mobile app.
  • Only accepts cryptocurrency as a method of payment.
  • An Crypto digital wallet must be used for this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there is no additional fee for it.

Frequently Asked Questions Who Has The Biggest Fan Base In The Nft

What is OpenSea?

OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists using it to sell NFTs because of its zero gas costs and the low commission rate that you have to pay.

You can browse and shop for an array of digital goods in this NFT marketplace and you must check it out!

Is OpenSea real and safe?

The short answer is yes! OpenSea is a reputable marketplace since it was established in the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can declare that transactions are secure and safe.

Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned on your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are secure.

How can I earn royalties from OpenSea?

Unfortunately, as an artist, you’ll get only 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared against other NFT marketplaces.

What is the most popular cryptocurrency accessible in OpenSea?

Ethereum (ETH) is commonly used on this site and numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

Which are the accepted payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.

Does OpenSea has a mobile or desktop app?

As we mentioned earlier, there is definitely an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store, and then you can begin exploring the collection now!

The Desktop application that OpenSea which can be downloaded from 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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