Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto coins. Marketplaces are popping up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, 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.
OpenSea as an NFT Marketplace Nft Pitch
The aim for OpenSea was to provide an online marketplace for artists to upload commissions without any extra fees. It also has additional functions that let you sell your artwork without any problems.
When it comes to the registration process, you don’t have to provide any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains that are available, you can choose which one you’d like to publish your NFT as seller. This ensures the safety of your NFT, along with the people who want to purchase it. Every transaction will be conducted along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to official art from an artist that you admire. Anyone can be a seller, but it takes a while before anyone can become a reputable one.
There are a variety of NFTs in the collection on OpenSea, and you can become a part of this! You can set up your own personal market there, and also find NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto industry the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. This can be an item of any rareness, such as authentic baseball cards or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could simply consider as an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling dibs for your personal NFTs. You’re claiming ownership over that particular token/item you uploaded on market, as you’re selling it. Usually, this is recognized after you fill in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and simply create a collection! Input the appropriate and complete information about your NFT and choose what kind of settings you want for it (e.g., blockchain, payment tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe the way transactions are handled from now on to see whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
At this point you’re probably thinking about which kind of NFT can be found here and what you can also sell if you choose to go that route. The kind of NFT it is indefinite as there’s a variety of how you can go about it.
It is possible to sell digital products, trading cards games domain names, also physical goods! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the other options. There are no gas costs for using this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
Very few NFT marketplaces provide this feature, so this is great for you to earn a high return from your NFT collection.
Referral Program
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you earn more cash through this action.
Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Pitch
You can convert your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
All of them have the option to exchange for ETH that is the standard crypto payment in OpenSea.
Crypto Wallets
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built around an ETH blockchain, all wallets which are part of this network are appropriate for the site.
Here is a list of several crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency using the credit card. Nft Pitch
To know more about it to learn more, check out their FAQs to get the steps you can get started and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
Pros
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
Cons
- Allows royalties of only up to 10% for artists (low royalties).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed to use this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Pitch
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists using it to sell NFTs due to its no cost of gas and low commission fee rate that you have to pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Since the system it operates on is built on a blockchain that is secure, you can say that your transactions are safe and secure.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed next to your account or the collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile app from OpenSea available for both iOS and Android. Install it from their app store and begin browsing through the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and get 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/).
