Jobs At Nft Consult Uganda

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Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up all over the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.

If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.

So, hop on board and let’s explore the possibilities of 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. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Jobs At Nft Consult Uganda

The aim to create OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra costs. There are additional features that let you sell your art without too many difficulties.

When it comes to registration, you don’t need to give all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency that is used on 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 on the Polygon blockchain, which ensures lower costs and faster trading.

There are two types of blockchains available it is possible to choose which one you want to publish your NFT as an seller. This is to ensure the security of your NFT, along with those who wish to buy it. All transactions are made by using the blockchain, so you should consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to official art from an artist that you admire. Anyone can become a seller however it takes some time for anyone to become a reputable one.

There are a variety of NFTs from the selection on OpenSea and you can also be a part of that! You can start your own personal market here, along with finding NFTs that you would like to purchase yourself.

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What is an NFT?

In a recent advancement for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t sure exactly what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.

One of the latest ways you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be replaced. This can be an item of any rareness, such as rare baseball trading cards in mint condition or a uncommon vinyl record.

There is no limit to what an NFT could be, since it’s a non-fungible item you’re selling on the internet. More straightforwardly, you can just think of as an NFT as a digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling the shots on your own NFTs. You are calling the owner of the item or token that you posted to market, as you’re putting it up for sale. Usually, this is recognized once you fill out 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 visiting the store and simply making a collection to begin! Complete the correct and complete information about your NFT and choose what kind of settings you want for it (e.g. blockchain, payment 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 the way transactions are handled from now on to determine whether OpenSea is the best marketplace for you.

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What NFTs can you find here?

So, at this point you’re probably thinking about what kind of NFTs be purchased here and what you can also sell if you choose to go down that path. The kind of NFT it can be isn’t limited as there’s a variety of options for how to approach it.

You could be selling digital products, trading cards, game assets domain names, some physical items! Find out what you think will yield the most profit when you try out OpenSea.

OpenSea: Collection Manager Feature

The collection Manager feature is what separates OpenSea from the others. There are zero gas fees for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you don’t need to pay on any additional charges.

There aren’t many NFT marketplaces provide this feature, which is why this is great for you to receive high profit from your collection.

Referral Program

This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer advantages by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you earn more cash through this action.

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

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Mobile Application

There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.

OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can explore the products you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are for you to use to convert your fiat money into cryptocurrency on these platforms. Jobs At Nft Consult Uganda

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

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

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

Crypto Wallets

While OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly using the ETH blockchain, wallets that share that network will be suitable for the site.

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

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

*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage, and the function to buy cryptocurrency using the credit card. Jobs At Nft Consult Uganda

To know more about it, you can check their FAQs to get an overview of how you can start and which other wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:

Pros

  • Mobile apps available for iOS and Android.
  • Smart contracts are used for transactions.
  • High-level security with the support of blockchain.
  • Ideal for those who are new to the crypto market and NFTs.

Cons

  • Allows royalties up to 10% for artists (low royalty rates).
  • You cannot buy or sell products on the mobile app.
  • Only supports cryptocurrency as its method of payment.
  • A Crypto digital wallet must be used to access this marketplace.

Pricing

OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly regain that when you are actively selling since there’s no extra charge for it.

Frequently Asked Questions Jobs At Nft Consult Uganda

What is OpenSea?

OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great platform for artists who use for selling NFTs because of its zero gas costs and low commission fees you must pay.

You can browse and purchase an array of digital items on the NFT marketplace, so you should go through it!

Is OpenSea legit & is it safe?

Answer: Yes! OpenSea has been a reliable marketplace since its inception in the year of 2018. Because its system is based on a blockchain, it is safe to declare that transactions are protected and secured.

Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear to your account or any collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are secure.

How do I earn royalties from OpenSea?

However, as an artist, you will get only 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared against the other NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can use for OpenSea.

What are the payment methods for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.

Does OpenSea have a desktop or mobile application?

As previously mentioned There is an official mobile application from OpenSea for both iOS or Android. Download it at their respective app store and begin exploring the collection right now!

A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and get alerts on any updates that affect 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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