The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and discover the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Onda
The aim of OpenSea was to simply provide a platform/marketplace for artists to upload commissions without any extra fees. There are additional features that allow you to sell your artwork without any issues.
For the registration process, you don’t have to provide too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
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 is used to carry out the majority of processes. It is also based using the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains you can pick which one you’d like to upload your NFT on as a seller. This ensures the safety of your NFT and those who wish to buy it. All transactions will be made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes time for anyone to be an established seller.
There’s a huge selection in the collection of NFTs available at OpenSea and you could also be a part of the collection! You can start your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible token that is individual and cannot be substituted. It can be an item of any rarity like mint-condition baseball trading cards or rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell online. In simpler terms, you could just consider an NFT being a virtual item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and you’re selling it. Typically, this is official when you have filled in the correct information about the NFT and add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and creating a collection to start! Input the appropriate and correct information regarding 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 you are able to upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering the kind of NFTs can be found here and what you can sell should you decide to pursue that route. The type of NFT that you can purchase is unlimited because there’s a wide range of options for how to approach it.
It is possible to sell digital items, trading cards, game assets domain names, even physical assets! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature when you create and market NFTs. This means you’ll receive the maximum profits when you start selling because you won’t need to spend on additional fees.
Not 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. Like traditional online marketplaces, you can receive rewards by referring your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, which means you can make more money through this action.
Other NFT marketplaces do not have this kind of feature either This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency using these platforms. OpenSea Onda
You can swap your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option of exchange for ETH, which is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based using the ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency with credit cards. OpenSea Onda
For more information about the service, you can check their FAQs to see the steps you can start and what other crypto wallets work 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 the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions OpenSea Onda
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online, and to accept cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs due to its low gas costs and low commission fees that you have to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year of 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are protected and secured.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned on your account or the collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared with other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is widely used on this site as well as numerous others to cater for more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store, and then you can begin browsing through the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. With 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/).