The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Jobs In Rwanda
The goal to create OpenSea was to offer an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. It also has additional functions that let you sell your artwork without any issues.
In terms of registration, you don’t need to provide any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency used 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 most processes. It also functions on the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains you can pick which one you would like to publish your NFT as seller. This is to ensure the security of your NFT and those who wish to purchase it. All transactions will be made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to an official artwork by an artist you admire. Anyone can be a seller however it takes time for anyone to be an established one.
There are a variety of NFTs of NFTs available on OpenSea, and you can join in with the collection! You can create your own market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto market the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but not exactly sure what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible which is extremely individual and cannot be substituted. It can be an item of any 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 you’re selling on the internet. More straightforwardly, you can simply think of as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming the ownership of the particular item you uploaded on the market place, but offering it for sale. Typically, this is official when you have filled in the proper information regarding the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and making a collection to begin! Fill out the proper and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain, payment tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about which kind of NFT can be purchased here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT that you can purchase is unlimited since there’s a broad range of ways to go about it.
It is possible to sell trade cards, digital goods game assets, domain names, and also physical goods! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the others. There are zero gas fees for using this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t need to spend on additional fees.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to make a huge profit from your portfolio.
The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to make more money by this method.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use to exchange your fiat money for cryptocurrency on these platforms. Nft Jobs In Rwanda
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of converting them into ETH, which is the most common crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based on an ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. Nft Jobs In Rwanda
To know more about it to learn more, check out their FAQs for an overview of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Jobs In Rwanda
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low gas fees and low commission fee rate which you are required to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year 2018. Because its system is based on a blockchain that is secure, you can say that your transactions are secure and safe.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned to your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared against other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile app by OpenSea that is available for iOS and Android. Install it from their app store, and begin exploring the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications about updates to 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/).