Nft Marjuana

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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 across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.

If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.

So, hop on board and discover the possibilities of OpenSea, along with checking the NFTs available to view!

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

OpenSea as an NFT Marketplace Nft Marjuana

The purpose for OpenSea was to simply provide an online marketplace for artists to upload their commissions without any extra costs. It has more functions which allow you to market your art without too many problems.

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

OpenSea: Blockchain

The most widely-used cryptocurrency to use within 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 functions on 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 an seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions will be made by using the blockchain, and you must think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist that you admire. Anyone can sell however it takes some time before anyone can become a reputable one.

There’s a huge selection in the collection on OpenSea and you can also be a part of that! You can start your own market on this site, as well as find NFTs you’d like to buy yourself.

Nft Marjuana

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What is an NFT?

In a recent advancement for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t sure exactly what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.

One of the new things you can buy includes an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be substituted. This can be an item of any rareness, such as authentic baseball cards or a rare vinyl record.

There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling on the internet. It is simpler to just think of an NFT as a digital item paid via cryptocurrency only.

Minting NFTs

Minting is like calling dibs to your NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and you’re selling it. Usually, this is recognized once you fill out all the necessary information about the NFT and finally submit it for sale on.

On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and create a collection! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain or payment tokens). After that you are able to upload it if it fits the limit of 100MB.

You can wait and observe the way transactions are handled from now to see whether OpenSea is the best marketplace for you.

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What NFTs are available here?

In this moment, you’re probably wondering what kind of NFTs be found here and what you can also sell if you choose to pursue that route. The type of NFT that you can purchase isn’t limited because there’s a wide range of options for how to do it.

It is possible to sell digital items, 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 feature is what sets OpenSea from other companies. There are zero gas fees when you use this feature to create and market NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on extra fees.

There aren’t many NFT marketplaces have this feature, which is why this is great for you to receive high profit from your collection.

Referral Program

The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, letting you earn more cash through this action.

Other NFT marketplaces do not have this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.

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

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Marjuana

You can convert your fiat currency using a the credit card, or Paypal via these reputable websites to exchange it for crypto:

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

All of these have the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.

Crypto Wallets

While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built on the ETH blockchain, wallets which are part of that network will be suitable for the site.

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

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

*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. Nft Marjuana

For more information about the service to learn more, check out their FAQs to see a rundown of how you can start 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 disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:

Pros

  • Available as mobile apps for 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 royalty rates of 10% for artists (low royalty).
  • It is not possible to buy or sell items through this mobile application.
  • Only accepts cryptocurrency as a form of payment.
  • A Crypto wallet is required to use this marketplace.

Pricing

OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.

Frequently Asked Questions Nft Marjuana

What is OpenSea?

OpenSea is an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its no cost of gas and the low commission rate that you have to pay.

You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely go through it!

Is OpenSea real and secure?

Short answer: Yes! OpenSea has been a reliable marketplace since it was established in 2018. Because its system is built on blockchain technology, it is safe to claim that your transactions are secure and safe.

Additionally as a seller you will be verified after you build up your reputation. A blue checkmark is placed next to your account or the collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.

How do I earn royalties on OpenSea?

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

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) has been widely utilized on this website and other sites to provide the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can make use of for OpenSea.

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

OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.

Does OpenSea have a desktop/mobile app?

As mentioned before, there is definitely an official mobile app from OpenSea available for both iOS as well as Android. Install it from their app store, and then you can begin exploring the collection right now!

The desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to 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/).

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