How Tall Does Lettuce Grow Ina Nft System

opensea-review

The world’s market for new investment vehicles has only sped up in the last few years. From Bitcoin’s manic rise to power to other crypto assets like Ethereum and Dogecoin creating their own stamp in the market.

While these are the baseline currencies that make up the current market, the ability to actually use any of these currencies in transactions remains slim. NFTs, or Non-fungible tokens, provide an avenue for crypto-enthusiasts to spend and invest their hard-earned cryptocurrency into other types of tradeable assets.

OpenSea is a platform that allows users to quickly purchase, make, and sell NFTs. Let’s see what OpenSea has to offer in this quick review of its features, pricing, and other related capabilities.

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Before you continue, you may want to watch this video by Lite Liger on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.

What is OpenSea? How Tall Does Lettuce Grow Ina Nft System

OpenSea was developed in early 2018 by Devin Finzer and Alex Attalah. Both had extensive technology backgrounds at Google and Palantir. They have also worked previously on Claimdog and hostess.fm which were sold to larger parent companies.

OpenSea was created by CryptoKitiies in 2017, a 2017 crypto-asset which gave rise to the modern NFT. Through lean collaboration and a desire to invest in new and exciting technologies, OpenSea was developed into one of the largest general marketplaces for user-owned digital items.

What is an NFT market place?

An NFT marketplace allows you to buy and sell digitally-created goods. Like any good digital asset, they’re tradeable. They can be used across different platforms, but their Blockchain-induced scarcity makes NFTs unique.

Scarcity has long plagued the issue of digital goods due to the inherent capability to copy and duplicate any digital item, making the creation of digital art and other collectible memorabilia tricky in the sense that their scarcity is only limited either by release limitation or by platform controls.

You can manage scarcity with NFTs by creating a digital token that is non-fungible. This token can be attached to your creations to verify that it is the original. This functionality has opened the gate to how people can start buying, selling, and even investing in digital art they value. Since its soft inception in 2017, NFTs have grown in size and breadth. They now offer virtual experiences, sports memorabilia and digital clothing.

How Tall Does Lettuce Grow Ina Nft System

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What is OpenSea Doing Differently?

OpenSea is driven to make this technology accessible to all digital creators. This is the primary goal of OpenSea. If you’re a digital artist, you can utilize the OpenSea platform and list your work without having to pay any commission or usage fees. This is similar to traditional e-commerce sites like eBay, where sellers can post items to sell regularly without paying any consignment fees.

OpenSea is a great choice for artists and other creators because of its sheer size. It has grown to become the largest NFT marketplace online since its inception. This increases the chance for interested buyers to discover your work and invest. You can even transact from your mobile device with the mobile app for iOS.

OpenSea’s collection manager makes it easy to manage these transactions. It allows users to mint and then sell NFTs without any fees.

OpenSea has any costs?

OpenSea must generate revenue to keep its operations going and the platform operating. OpenSea adds a selling fee to any transaction, as is the case with most NFT marketplaces. This additional fee is usually paid by the buyer, allowing the sellers to reap the full benefits of their price. The buyer will pay $102.5 for a $100 NFT. This is in addition to the NFT’s listed price.

Sellers may charge an additional fee if the artist is a worthy buyer. Suppose they don’t feel like adding extra fees. They can opt for the NFTs’ built-in royalty system. This means that your NFT will continue to generate royalties at a maximum of 10% for every subsequent sale after the initial sale.

OpenSea, however, does not accept payments in the form bank deposits, credit cards or debit cards. OpenSea transactions require you to have an existing wallet that is compatible with the Ethereum network. There are many wallets available, but trustWallet, MetaMask and Coinbase are some of the most popular.

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Is OpenSea Easy to Use?

OpenSea’s platform makes it easy to use. It can display bids and auction times, in different ways. The gallery page displays a variety of NFT art. You can either purchase them using the standard auction method or opt for a more instant “Buy Now,” similar to how eBay treats its sales.

You can view and follow different artists as well. Some artists may have additional biographies or anecdotes about the meaning and purpose behind their work. You can also see information on each listing’s price, offers made, and even the artist’s price history.

Open Sea also allows you to create your own NFT (a process known as NFT Minting). Simply click the create function on the OpenSea homepage and click “Create a Collection.”

You can now design the logo, banner and other elements of your collection, as well as the name for NFT and URL layout. To direct potential buyers to your work, include relevant portfolios and social media links.

Now you can set your royalties up to 10% and decide which Blockchain you want to add your NFT to (as of writing, the current Blockchain’s available are Ehtereum or Polygon). You can then designate what token you’d like to accept payment in, either EtH, WITH, DAI, or USDC. To allow buyers to pay you, you will need to verify the transaction using your wallet. How Tall Does Lettuce Grow Ina Nft System

Lastly, click create and watch your collection space develop. Once the collection is set up, you can add items to it and upload your work up to a maximum of 100MB per file. Add a name to each item you upload and a subsequent description, mark it for sale, and just like that, you’re a certified NFT creator. Note that the NFTs are not stored in OpenSea but rather in your wallet, so ensure that your wallet is web3 capable.

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How To Open An Account

To properly set up an account, you will need a wallet. Doing so is one of the prerequisites to having an OpenSea account, but the process is relatively easy after that.

Register with your email and set a password. Then, personalize your account by adding a banner or your personal bio. You can find the rubric for dimensions allowed for things like banners in the OpenSa FAQs. How Tall Does Lettuce Grow Ina Nft System

In the past, you had to prove your collection’s validity. Still, OpenSea has since removed this requirement, expanding the searchable items on their website. Profiles with high traffic have the advantage of having “verified status”, which is indicated by a blue-check that confirms their authenticity.

Is OpenSea Safe?

Safety is a concern with any crypto platform, especially when it comes to large transactions. Like all crypto transactions, OpenSea transactions are secured on the Blockchain. Specifically, Ethereum’s smart contract allows the platform to facilitate transactions instantly without any oversight from third party auditors. How Tall Does Lettuce Grow Ina Nft System

OpenSea is also what you would call a non-custodial marketplace. This means that OpenSea does not hold any of your crypto funds on its platform, only moving cryptocurrency from one wallet to another when a transaction takes place. This is all thanks to the above-mentioned smart contracts, keeping everything secure and verifiable.

Final Words

OpenSea is an essential stop for any NFT creator or investor. It is a great marketplace because it offers the largest number of NFTs and has a very simple interface for minting. It also has additional checks and balances to ensure your purchases are secure.

piggy-bank

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Frequently Asked Questions How Tall Does Lettuce Grow Ina Nft System

What is an NFT?

An NFT, or Non-fungible token, acts as a certificate that you can attach to digital goods that indicate their authenticity and generates a sort of scarcity on your item. This increases the value of things and decreases the chance of inauthentic or pirated work appearing on different platforms.

It isn’t a perfect system, but it’s a system that’s allowed some digital artists to begin earning from projects they’ve previously been hardpressed to find workable solutions for.

What is Blockchain?

The Blockchain would be the backbone of the entire process that surrounds the making and transacting of any crypto-asset currently in the market. NFTs use the Ethereum blockchain most often (using their smart contracts function), but other crypto assets also have their own blockchains where their transactions take place.

Think of a blockchain as an automated leger– sustained by what’s known to be crypto miners– that can manage, record, and execute deals between parties. This would require third parties to verify each transaction in traditional financial environments. Modern technology is almost instantaneous, but back-end operations still rely on audits to ensure that each transaction was conducted in good faith.

Because the Blockchain relies on the transactions of the past, it eliminates the need to have third-party authenticationators. You must undo any successful transactions in order to defraud or duplicate trades within the Blockchain. Blockchain and the crypto market in general are fascinating because they serve as stepping stones to automated transactions between parties.

Can Anyone Make an NFT?

NFTs have become known as the “people’s token” as it allows what was usually a very centralized and exclusive art market to suddenly open up to newcomers and potential disrupters that can create quality artwork and distribute it to fans.

NFTs are controlled distributions. This is the best thing about NFTs. Each piece of art will have an NFT token attached to it, signifying it as authentic. This does mean that anyone can also label anything as their own by attaching an NFT receipt to it, regardless of how truthful they may be. However, abusers can also be found in any new technology. So let’s take the good with the bad.

OpenSea has customer support

Let’s say you need assistance with your OpenSea account or transactions. In that case, you can easily send an email to support@opensea.io. Include in your email a subject line that explains the nature of the problem and details about your account. You can also use their ticket system, and they can be the ones to email you instead.

You may find the FAQs useful if you are having simple problems. You might find the answer in one of their many entries.

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