The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto coins. Markets have popped up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea and also see the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Consult In Uganda
The aim to create OpenSea was to provide an online marketplace for artists to upload their commissions, without having to pay any additional costs. There are additional features which allow you to market your work without having to deal with many issues.
In terms of registration, you don’t need to provide any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for most processes. It also operates with the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains available it is possible to choose which one you’d like to transfer your NFT to as seller. This is to ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes a while before anyone can become a reputable one.
There are a variety of NFTs in the collection at OpenSea and you could join in with the collection! You can create your own market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around so long on the internet that many millennials have heard of it but not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible token that is unique and can’t be substituted. This can be an item of any rarity like mint-condition baseball trading cards or uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object you’re selling on the internet. It is simpler to simply imagine as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. You’re claiming the owner of the item or token that you have uploaded to the marketplace, and offering it for sale. Usually, this becomes official when you have filled in the correct information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain or payments tokens). After that you are able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about which kind of NFT be purchased here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT it can be is unlimited because there’s a wide range of ways to approach it.
It is possible to sell digital items, trading cards game assets domain names, some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the other options. There’s no cost for gas when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, which is why this is great for you to earn a high return from your portfolio.
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are advantages when you refer someone else to OpenSea! If you encourage a friend 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 make more money from this act.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Consult In Uganda
You can exchange your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option to exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than others. Since it is built around an ETH blockchain, all wallets that share the same network are suitable for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to purchase cryptocurrency using a credit card. Nft Consult In Uganda
To know more about it to learn more, check out their FAQs for the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Consult In Uganda
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists using for selling NFTs due to its no gas fees and low commission fees you must pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Because its system is built on blockchain technology and is secured, it is safe to say that your transactions are safe and secure.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned on your account or any collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and many others to accommodate many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier There is an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store and then you can begin exploring the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and get alerts on any updates that affect 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/).