The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Consult Uganda Jobs 2021
The goal for OpenSea was to offer a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. There are additional features that allow you to sell your art without too many difficulties.
When it comes to registration, you won’t have to provide any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also operates using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains available, you can choose which one you want to publish your NFT as a seller. This will ensure the security of your NFT and the people who want to purchase it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to official art from an artist you admire. Anyone can sell however it takes some time before anyone can become an established one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea, and you can also be a part of that! You can create your own personal market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t sure exactly what it means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy is an NFT. The NFT is a non-fungible currency that is very individual and cannot be changed. It could be a piece of rareness like authentic baseball cards, or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible object that you sell online. It is simpler to just consider as an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You’re claiming ownership over that particular token/item you uploaded on the marketplace, and offering it for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and then add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then create a collection! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g., blockchain, money transfer tokens). After that you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from now to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about which kind of NFT be purchased here and what you can also sell if you decide to go down that path. The kind of NFT that you can purchase is unlimited since there’s a broad range of ways to do it.
You could be selling digital products, trading cards games, domain names, and some physical items! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from other companies. There’s no cost for gas for using this feature to make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t have to spend on additional fees.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your collection.
This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available on both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency on these platforms. Nft Consult Uganda Jobs 2021
You can exchange your fiat currency using a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of converting them into ETH which is the standard cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Since it is built around the ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: 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 purchase cryptocurrency using credit cards. Nft Consult Uganda Jobs 2021
To learn more about it You can go through their FAQs to get the steps you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Consult Uganda Jobs 2021
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero gas fees and the low commission rate which you are required to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace and you must go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was established at the end of the year of 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier, there is definitely an official mobile app from OpenSea for both iOS as well as Android. You can download it through their app store and begin exploring the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to 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/).