The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s explore what you can do with 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 Uganda
The goal of OpenSea was to simply provide artists with a marketplace/platform to upload commissions, without having to pay any additional charges. It also has additional functions that let you sell your work without having to deal with many issues.
In terms of registration, you won’t have to give all of your personal details. 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 going through many hassles when you enter into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also operates with the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you’d like to publish your NFT as an seller. This is to ensure the security of your NFT, along with those who would like to purchase it. All transactions are made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can sell, but it takes some time before anyone can become an established seller.
There’s a huge selection in the collection on OpenSea, and you can also be a part of the collection! You can create your own personal market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development 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 many millennials have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be substituted. This can be an item of any rareness like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible item you’re selling online. In simpler terms, you could just think of an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling the owner of the item or token that you have uploaded to the marketplace, and you’re putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and then add it on the market.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and then create a collection! Fill out the proper and accurate information about your NFT and select the type of settings you’d like to use it with (e.g., blockchain or payments tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from now to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about what kind of NFTs be found here, and what you could also sell if you decide to go down that path. The type of NFT that you can purchase is indefinite as there’s a variety of how you can do it.
You could be selling digital products, trading cards games, domain names, and also physical goods! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from other companies. There are no gas costs when you use this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your collection.
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets 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 receive 2.50% of the sale amount, which means you can earn more money by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to 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
Various crypto exchange platforms are to you You can also exchange your fiat money for cryptocurrency using these platforms. Nft Uganda
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
All of these have the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly around the ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. Nft Uganda
For more information about the service You can go through their FAQs for 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 comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Uganda
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its no gas costs and low commission fees that you have to pay.
You can browse and purchase an array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded in the year 2018. Because its system is built on a blockchain, it is safe to declare that transactions are protected and secured.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared to others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile app by OpenSea available for both iOS and Android. Install it from their app store, and then you can begin exploring the collection now!
The Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and get notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).