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.
These are the base currencies of the market. However, it is not possible to use any of them in transactions. 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 aims to help facilitate this growing market of NFTs by providing a platform for users to quickly jump on to make, purchase, and sell NFTs quickly. Let’s take a quick look at OpenSea’s features and pricing.
Before you go on, you may want to check out this video by Lite Liger on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? According To Nft, The Dominant Narratives In A Society Are Usually Constructed By The:
OpenSea was created by Alex Attalah and Devin Finzer in 2018. They had extensive technology backgrounds in Google and Palantir, respectively. They have also worked previously on Claimdog and hostess.fm which were sold to larger parent companies.
Their store of OpenSea directly follows the inception of CryptoKitiies, a 2017 crypto-asset that gave rise to what would then be developed as 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. They can be traded, just like any other digital asset. They can be used on different platforms but NFTs are unique because of their Blockchain-induced scarcity.
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.
With NFTs, you can control the scarcity by providing a digital non-fungible token– that is, a wholly unique ID token– and attach it to your creations to certify that one as the original. This functionality allows people to buy, sell, or invest in digital art that 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.
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. It’s similar to how traditional e-commerce websites like eBay work, where sellers can regularly post items for sale without having to pay anything in the way of a consignment fee.
OpenSea is a great choice for artists and other creators because of its sheer size. Since its inception, it has grown to be the largest NFT market available online, increasing the chances for interested buyers to find and invest in your work. They even have the mobile app available for iOS devices so you can transact on the go.
Managing said transactions is much easier with OpenSea’s Collection Manager, giving users the ability to mint and sell NFTs with no attached fees.
Does OpenSea Have Any Costs?
Of course, OpenSea needs to generate revenue somehow to maintain its operations and keep the platform running. 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. They don’t want to add additional 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. To make transactions on OpenSea, you’ll need to have existing wallets that have compatibility with the Ethereum network. The list of available wallets is long, but some of the more common ones include Coinbase, MetaMask, and TrustWallet.
Is OpenSea Easy to Use?
OpenSea’s platform is pretty user-intuitive in that it can showcase bids and auction times in varying ways. The gallery page displays a variety of NFT art. They can be purchased using either the traditional auction process or a faster “Buy Now” option, similar to eBay’s sales.
You can view and follow different artists as well. You may find additional information about some artists, such as biographies and anecdotes that explain the meaning or purpose of their work. You can also see information on each listing’s price, offers made, and even the artist’s price history.
If you want to create your own NFT, a process called NFT Minting, you can do that through Open Sea as well. 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.
You can now set your royalty rates up to 10% and choose which Blockchain you would like to add your NFT (as of this writing, Ehtereum and Polygon are the current Blockchains). The next step is to choose the token that you would like to receive payment in. This can be either EtH, DAI or WITH. To allow buyers to pay you, you will need to verify the transaction using your wallet. According To Nft, The Dominant Narratives In A Society Are Usually Constructed By The:
Click Create to watch your collection space grow. After the collection has been set up you can add items and upload up to 100MB of your work. You can add a name and description to each item that you upload, then mark it as for sale. The NFTs cannot be stored in OpenSea, but in your wallet. Make sure your wallet can support web3!
How To Open An Account
To properly set up an account, you will need a wallet. This is a prerequisite to opening an OpenSea Account. However, it is easy to do.
Sign up like any other website with your email, set a password, and begin personalizing your account with a banner and your own personal bio. You can find the rubric for dimensions allowed for things like banners in the OpenSa FAQs. According To Nft, The Dominant Narratives In A Society Are Usually Constructed By The:
In the past, you had to prove your collection’s validity. OpenSea removed the requirement and has expanded the number of searchable items available on their site. High-traffic profiles have the advantage of having a “verified status” (signified by a blue check) that indicates the authenticity of their account.
Is OpenSea Safe?
As with all the different crypto platforms, safety is always a concern (especially when dealing with potentially 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. According To Nft, The Dominant Narratives In A Society Are Usually Constructed By The:
OpenSea is also what you would call a non-custodial marketplace. OpenSea doesn’t hold any crypto funds. It only moves cryptocurrency from one wallet into another when there is a transaction. All of this is possible because of the smart contracts mentioned above, which keep everything secure and verifyable.
OpenSea is a must-have visit for any would-be NFT investor or creator in the market. The fact that it boasts the most extensive collection of NFTs currently and that it has such a simple interface for minting makes it a bit better than other marketplaces currently out there. Plus, it does have some additional checks and balances that can keep your purchases secure.
Most Frequently Asked Questions According To Nft, The Dominant Narratives In A Society Are Usually Constructed By The:
What is an NFT?
The Non-fungible token (or NFT) acts as a certificate you attach to digital goods. This certifies their authenticity and creates a sense of scarcity. This increases the value of things and decreases the chance of inauthentic or pirated work appearing on different platforms.
Although it isn’t perfect, it has allowed digital artists to start earning from projects that they previously struggled to solve.
What is the 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. While NFTs mostly use the Ethereum blockchain (utilizing their smart contracts function in the process), other crypto assets have their own blockchains in which their own transactions occur.
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. Sure the modern age feels almost instant, but back-end operations are still comprised mainly of audits that ensure each transaction was done 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. This is why Blockchain and the surrounding crypto market are interesting as they act as stepping stones towards the possible future of automated transactions between parties.
Can Anyone Make an NFT?
Because it allows an art market that was previously very closed and exclusive to be opened up to potential disruptors, NFTs are known as the “people’s token”. They allow for quality artwork to be created and distributed to fans.
NFTs are controlled distributions. This is the best thing about NFTs. Every piece of art will be marked with an NFT token, indicating that it is 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. But with any new technology comes its abusers, so take the good with some bad in this scenario.
Does OpenSea have Customer Support?
Let’s say you need assistance with your OpenSea account or transactions. You can send an email directly to email@example.com in this case. Make sure to include in the email a subject line indicating the nature of your problem and any particulars about your account. They also have a ticket system that you can use to send an email.
If you have simple problems, it may be good to check out the FAQs currently listed on their website. You might find the answer in one of their many entries.