Do Nfts Hurt The Environment

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The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto currency. Marketplaces are popping up across the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.

If you’re interested in crypto, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.

So, hop on board and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!

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Before you go on, 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 the article for a more comprehensive review.

OpenSea as an NFT Marketplace Do Nfts Hurt The Environment

The aim to create OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional charges. It has more functions which allow you to market your art without too many issues.

For registration, you won’t have to provide too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain to ensure low-cost and quicker trading.

With these two types of blockchains you can pick which one you want to publish your NFT as a seller. This is to ensure the security of your NFT, along with those who wish to purchase it. All transactions will be made using this blockchain, so you should think about where you should upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can become a seller however, it takes some time for anyone to be an established one.

There’s a huge selection in the collection on OpenSea, and you can also be a part of the collection! You can set up your own market there, and also find NFTs that you would like to purchase for yourself.

Do Nfts Hurt The Environment

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What is an NFT?

In a recent advancement for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it but aren’t sure exactly what it is. 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 new things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be substituted. It could be an item of rarity like authentic baseball cards, or a rare vinyl record.

There’s no limit on what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. It is simpler to just imagine an NFT to be a type of digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs to your NFTs. You’re claiming the ownership of the particular item that you posted to market, as putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and finally upload it to the marketplace.

On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply create a collection! Fill out the proper and complete information about your NFT and select the type of settings you’d like to use it with (e.g. blockchain or payments 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 how transactions progress from here on out to determine whether OpenSea is the right marketplace for you.

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What NFTs are available here?

In this moment you’re probably thinking about which kind of NFT be found here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT that you can purchase isn’t limited as there’s a variety of ways to approach it.

You could be selling trade cards, digital goods game assets, 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 feature is what differentiates OpenSea from the other options. There are zero gas fees for using this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you don’t need to pay on any additional charges.

There aren’t many NFT marketplaces offer this feature, so this is great for you to earn a high return from your collection.

Referral Program

This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to earn more money through this action.

Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea has over the other marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.

OpenSea’s mobile apps are available for both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re interested in while on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available to you You can also exchange your fiat money for cryptocurrency on these platforms. Do Nfts Hurt The Environment

You can swap your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex, and other things!

Each of them has the option to exchange for ETH which is the standard crypto payment in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built using the ETH blockchain, any wallets with a connection to that network will be suitable for this site.

Here’s a list of several crypto wallets you can use in OpenSea:

  • WalletConnect
  • Coinbase
  • TrustWallet
  • OperaTouch
  • Bitski
  • Authereum and much more!

*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only, and the function to purchase cryptocurrency using a credit card. Do Nfts Hurt The Environment

To know more about it You can go through their FAQs to see an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:

Pros

  • Mobile apps are available for iOS and Android.
  • Smart contracts are utilized for transactions.
  • High-level security , with the backing of blockchain.
  • Ideal for those who are new to the crypto market and NFTs.

Cons

  • Allows royalties 10% to artists (low royalties).
  • You cannot buy or sell products through the mobile app.
  • Only accepts cryptocurrency as a method of payment.
  • An Crypto account is needed for this marketplace.

Pricing

OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.

Frequently Asked Questions Do Nfts Hurt The Environment

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists who use for selling NFTs due to its no cost of gas and the low commission rate that you have to pay.

You can shop and browse a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!

Is OpenSea legit & safe?

Short answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to declare that transactions are protected and secured.

Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear next to your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure users are secure.

How do I earn royalties on OpenSea?

As an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.

What are the cryptocurrency options available in OpenSea?

Ethereum (ETH) is widely utilized on this website and many others to accommodate many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can utilize for OpenSea.

How do I pay for OpenSea? What are my payment options for OpenSea?

OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.

Does OpenSea have a desktop/mobile application?

As we mentioned earlier There is an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store, and begin exploring the collection now!

The version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and get notifications about updates to 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/).

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