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Cryptocurrency is booming right now, and you’re probably wondering 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 can be one and is worth looking into.

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

So, hop on board and let’s explore what you can do with OpenSea as well as examining the NFTs available to view!

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Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.

OpenSea as an NFT Marketplace Nft Consult Uganda Website

The aim to create OpenSea was to provide a platform/marketplace for artists to upload commissions, without having to pay any additional charges. There are additional features that let you sell your work without having to deal with many problems.

For registration, you won’t have to provide all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for most processes. It also operates with the Polygon blockchain, which ensures low-cost and quicker trading.

With these two types of blockchains available, you can choose which one you would like to publish your NFT as seller. This will ensure the security of your NFT and the people who want to purchase it. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can sell, but it takes time for anyone to be an established one.

There’s a huge selection in the collection on OpenSea and you can become a part of this! You can set up your own market there, and also find NFTs that you would like to purchase yourself.

Nft Consult Uganda Website

> > Click Here to Explore OpenSea < <

What is an NFT?

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

One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a token that is non-fungible that is very exclusive and cannot be changed. It can be an item of any rarity like authentic baseball cards or a unique vinyl album.

There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell on the internet. It is simpler to simply imagine the NFT being a virtual item that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling the shots on your own NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and offering it for sale. Usually, this becomes official when you have filled in the correct information about the NFT and upload it to the marketplace.

On OpenSea it’s a straightforward process to mine your NFTs by going to the store and then creating a collection to start! Complete the correct and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain and payments tokens). After that, you can finally upload it if it fits the 100 MB limit.

You can wait and observe the way transactions are handled from here on out to determine if OpenSea is the right marketplace for you.

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> > Click Here to Explore OpenSea < <

What NFTs can you find here?

So, at this point you’re probably asking yourself which kind of NFT be found here, and what you could also sell if you decide to go that route. The kind of NFT it is indefinite because there’s a wide range of how you can approach it.

You can be selling digital products, trading cards game assets, domain names, and also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

The collection Manager feature is what sets OpenSea from the others. There’s no cost for gas when you utilize this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on any additional charges.

Not many NFT marketplaces have this feature, which is why this is a great way to earn a high return from your portfolio.

Referral Program

This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer benefits when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash by this method.

Other NFT marketplaces don’t have this feature This is a further benefit OpenSea has over the other marketplaces.

cryptocurrency-iphone

> > Click Here to Explore OpenSea < <

Mobile Application

There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell items as you scroll through the list.

The mobile apps of OpenSea are available on the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re interested in on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available for you to use to convert your fiat money into cryptocurrency on these platforms. Nft Consult Uganda Website

You can exchange the fiat currency you have with a the credit card, or Paypal via these reputable websites to exchange it for crypto:

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

All of them have the option of exchange for ETH that is the standard crypto payment in OpenSea.

Crypto Wallets

While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than others. Because it is based using an ETH blockchain, wallets that share the same network are 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: The compatible crypto wallets can be seen 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 credit cards. Nft Consult Uganda Website

For more information about the service You can go through their FAQs to see an overview of how you can get started and what other crypto wallets are compatible with OpenSea.

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> > Click Here to Explore 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. You can read about its pros and pros here:

Pros

  • Mobile apps are available for iOS as well as Android.
  • Smart contracts can be used to perform transactions.
  • Security at the highest level with the help of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalties up to 10% for artists (low royalties).
  • It is not possible to buy or sell items on the mobile app.
  • Only supports cryptocurrency as its form of payment.
  • An Crypto wallet is required to access this marketplace.

Pricing

OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.

Frequently Asked Questions Nft Consult Uganda Website

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 their form of payment. It’s a great option for artists who want to use the platform to market NFTs because of its zero gas fees and low commission fee rate that you have to pay.

You can shop and browse an array of digital goods in this NFT marketplace and you must go through it!

Is OpenSea legit & is it safe?

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

In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear next to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are secure.

How do I earn royalties on OpenSea?

However, as an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared against others NFT marketplaces.

What cryptocurrency is offered in OpenSea?

Ethereum (ETH) can be widely utilized on this website and many others to accommodate many more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

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

Which are the accepted payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.

Does OpenSea has a mobile or desktop application?

As mentioned before, there is definitely an official mobile application from OpenSea for both iOS as well as Android. Install it from their app store, and you can start exploring the collection now!

A desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and receive alerts on any updates that affect 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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