Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto-coins. Markets have popped up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch 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 Nft Rwanda Jobs
The purpose of OpenSea was to provide a platform/marketplace for artists to upload their commissions with no additional fees. It also has additional functions that let you sell your artwork without any problems.
For registration, you don’t need to worry about giving any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for the majority of transactions. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains you can pick which one you would like to transfer your NFT to as an seller. This will ensure the security of your NFT, along with the people who want to buy it. Every transaction will be conducted using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to official art by an artist you admire. Anyone can become a seller however, it takes some time for anyone to be an established seller.
There is a wide variety of NFTs available on OpenSea and you can also be a part of the collection! You can create your own market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. This can be a piece of rarity like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling on the internet. In simpler terms, you could just consider as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. It is a way of claiming the owner of the item or token you uploaded on the market place, but you’re selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain, payment tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from now to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering the kind of NFTs be found here, and what you could also sell if you decide to pursue that route. The type of NFT it can be isn’t limited as there’s a variety of options for how to do it.
You can be selling trade cards, digital goods game assets domain names, also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from other companies. There’s no cost for gas for using this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, and it is a great way to earn a high return from your collection.
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t offer the same feature and that’s another benefit 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 listing.
The mobile apps from OpenSea are accessible on both iOS as well as Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency through these platforms. Nft Rwanda Jobs
You can swap your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
All of them have the option of exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based using the ETH blockchain, any wallets with a connection to that network will be suitable for this site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage as well as the capability to buy cryptocurrency using the credit card. Nft Rwanda Jobs
To know more about it You can go through their FAQs to see a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has crypto coins 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. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Rwanda Jobs
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs because of its zero cost of gas and low commission fees that you have to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace and you must go through it!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are protected and secured.
In addition as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear to your account or the collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you can get only 10% of the royalties once you upload the NFT. This is thought to be reasonably low compared to other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and numerous others to cater for many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store, and then you can begin exploring the collection now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application 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/).