Nft For Cannabis

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The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto currency. Markets have popped up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.

If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.

So, hop on board and let’s see what you can do with OpenSea as well as examining the NFTs that you can see!

open-sea-logo

Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.

OpenSea as an NFT Marketplace Nft For Cannabis

The aim of OpenSea was to simply provide a platform/marketplace for artists to upload their commissions, without having to pay any additional costs. There are additional features that allow you to sell your art without too many problems.

In terms of registration, you won’t have to provide any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.

OpenSea: Blockchain

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

With these two kinds of blockchains that are available you can pick which one you would like to transfer your NFT to as an seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions are made using this blockchain, and you must consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can sell however, it takes some time for anyone to become an established seller.

There’s a huge selection in the collection at OpenSea and you can become a part of the collection! You can set up your own personal market on this site, as well as find NFTs you want to purchase yourself.

Nft For Cannabis

> > 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 many millennials are familiar with 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 you can buy is an NFT. An NFT is a token that is non-fungible which is extremely individual and cannot be replaced. It can be an item of any rarity like mint-condition baseball trading cards or rare vinyl record.

There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could simply imagine as an NFT as a digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs for your personal NFTs. You’re claiming the ownership of the particular item you uploaded on the marketplace, and you’re offering it for sale. Usually, this becomes official after you fill in the correct information about the NFT and finally add it on the market.

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 correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.

You can watch and see how the transactions go from now on to see whether OpenSea is the marketplace for you.

cryptocurrency-coins

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What NFTs can you get here?

So, at this point you’re probably thinking about what kind of NFTs can you shop for here, and what you could sell should you decide to go that route. The kind of NFT it can be is indefinite since there’s a broad range of ways to do it.

It is possible to sell digital products, trading cards game assets, domain names, and also physical goods! Explore what you believe can yield the most profit by experimenting with OpenSea.

OpenSea: Collection Manager Feature

The Collection Manager function is the one that sets OpenSea from the other options. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you start selling because you won’t have to spend on extra fees.

There aren’t many NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your portfolio.

Referral Program

This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer advantages by referring 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 purchase amount, which allows you to earn more cash by this method.

Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.

cryptocurrency-iphone

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Mobile Application

There is an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.

The mobile apps from OpenSea are accessible on both iOS as well as Android. Even though you can’t buy or sell anything, you can still explore the products you’re looking for on the move.

Crypto Exchange Platforms

Various crypto exchange platforms are available to you to convert your fiat money into cryptocurrency on these platforms. Nft For Cannabis

You can exchange the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites 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 most common crypto payment in OpenSea.

Crypto Wallets

While OpenSea is an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than other. Since it is built mainly on the ETH blockchain, all wallets which are part of that network will be suitable for this site.

Here’s a list of different crypto wallets you can utilize in OpenSea:

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

*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to purchase cryptocurrency using a credit card. Nft For Cannabis

To learn more about it, you can check their FAQs for a rundown of how you can begin and which other wallets are compatible with OpenSea.

ethereum-coins

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Pros and Cons of OpenSea

Like many crypto marketplaces 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:

Pros

  • Mobile apps are available that are compatible with iOS as well as Android.
  • Smart contracts can be used to perform transactions.
  • High-level security with the support of blockchain.
  • The best option for beginners to the crypto market and NFTs.

Cons

  • Allows royalty rates of 10% for artists (low royalty rates).
  • You cannot buy or sell products through our mobile apps.
  • Only supports cryptocurrency as its type of payment.
  • An Crypto digital wallet must be used to access this marketplace.

Pricing

OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.

Frequently Asked Questions Nft For Cannabis

What is OpenSea?

OpenSea is an NFT marketplace that is designed to give artists a chance to market their work online to receive cryptocurrency as a method of payment. It’s an ideal platform for artists who use for selling NFTs because of its zero gas costs and low commission fee rate which you are required to pay.

You can shop and browse the vast array of digital items on the NFT marketplace and you must go through it!

Is OpenSea legit & secure?

The short answer is yes! OpenSea has been a reliable marketplace since it was founded in 2018. Because its system is built on blockchain technology and is secured, it is safe to claim that your transactions are secure and safe.

In addition as a seller you will be verified after you build up your reputation. A blue checkmark is placed to your account or the collection you uploaded to reassure any customer. The OpenSea team reviews regularly the contents to ensure users are safe.

How do I earn royalties from OpenSea?

As an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison against other NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) has been widely used on this site as well as other sites to provide more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can use to access OpenSea.

What are the payment options for OpenSea?

OpenSea only allows cryptocurrency exchanges through 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/mobile application?

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

There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and receive 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/).

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