Nft Hydroponics Fact Sheet

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The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth a look.

If you’re familiar with cryptocurrency, 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 cryptocurrency enthusiasts due to its security and rapid transactions.

Get on board, and let’s see what you can do with OpenSea, along with checking what NFTs you can view!

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

OpenSea as an NFT Marketplace Nft Hydroponics Fact Sheet

The purpose of OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra charges. There are additional features which allow you to market your artwork without any difficulties.

For registration, you won’t have to give any personal information about yourself. All you have 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.

OpenSea: Blockchain

The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for most processes. It is also based with the Polygon blockchain to ensure lower costs and faster trading.

There are two types of blockchains it is possible to choose which one you’d like to transfer your NFT to as a seller. This is to ensure the security of your NFT and the people who want to purchase it. Every transaction will be conducted by using the blockchain, so you should consider where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to official art from an artist you admire. Anyone can become a seller however, it takes some time before anyone can become an established one.

There are a variety of NFTs in the collection of NFTs available at OpenSea and you can join in with this! You can create your own marketplace there, and also find NFTs you want to purchase yourself.

Nft Hydroponics Fact Sheet

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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 a lot of millennials have heard of it but not exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.

One of the newest things that you can buy with cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is individual and cannot be substituted. It could be an item of any rareness, such as rare baseball trading cards in mint condition or unique vinyl album.

There’s no limit on what an NFT can be as it’s a non-fungible item you’re selling on the internet. More straightforwardly, you can just consider an NFT to be a type of digital collectible that is paid for using cryptocurrency only.

Minting NFTs

Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item you uploaded on the marketplace, and you’re putting it up for sale. Usually, this is recognized after you fill in the correct information about the NFT and then submit it for sale on.

On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and simply create a collection! Input the appropriate and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain or payments tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.

You can wait and observe how transactions progress from here on out to determine if OpenSea is the best marketplace for you.

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What NFTs can you find here?

So, at this point you’re probably asking yourself what kind of NFTs you shop for here and what kind of NFTs you can also sell if you choose to go down that path. The kind of NFT it can be isn’t limited since there’s a broad range of ways to do it.

You can be selling digital items, trading cards, game assets, domain names, and some physical items! 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’s no cost for gas for using this feature when you create and market NFTs. This means you’ll receive the maximum profits when you start selling because you don’t need to pay on additional fees.

Not many NFT marketplaces offer this feature, and it can be a fantastic way to make a huge profit from your collection.

Referral Program

The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, which means you can earn more money through this action.

Other NFT marketplaces don’t have this feature This is a further benefit OpenSea has over them.

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Mobile Application

There is an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything while you scroll through the list.

The mobile apps from OpenSea are accessible for both iOS and Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re interested in on the go.

Crypto Exchange Platforms

A variety of cryptocurrency exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency using these platforms. Nft Hydroponics Fact Sheet

You can exchange your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:

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

Each of them has the option of exchange for ETH that is the standard cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea is an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than others. Because it is based using an ETH blockchain, all wallets which are part of that network will be suitable for this site.

Here’s a list of various crypto wallets that which you can use with OpenSea:

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

Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to buy cryptocurrency using a credit card. Nft Hydroponics Fact Sheet

To learn more about it, you can check their FAQs to get an overview of how you can get started and also what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:

Pros

  • Mobile apps are available for iOS and Android.
  • Smart contracts are used for transactions.
  • Security at the highest level with the help of blockchain.
  • Best for beginners in the crypto world and NFTs.

Cons

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

Pricing

OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly regain that when you sell regularly since there is no additional fee for it.

Frequently Asked Questions Nft Hydroponics Fact Sheet

What is OpenSea?

OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use for selling NFTs due to its no gas costs and low commission fee rate you must pay.

You can shop and browse an array of digital goods in this NFT marketplace and you must go through it!

Is OpenSea legit & safe?

Short answer: Yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are safe and secure.

Furthermore, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are protected.

How can I earn royalties from OpenSea?

However, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared against the other NFT marketplaces.

What cryptocurrency is available in OpenSea?

Ethereum (ETH) has been widely utilized on this website and numerous others to cater for the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can make use of to use OpenSea.

What are the payment methods for OpenSea?

OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.

Does OpenSea have a desktop or mobile app?

As mentioned before there’s an official mobile application from OpenSea available for both iOS as well as Android. Install it from their app store and you can start exploring the collection now!

There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and get 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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