In the past few years, there has been a rapid increase in demand for investment vehicles. From Bitcoin’s rapid rise to power to crypto assets such as Ethereum and Dogecoin putting their stamp on 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) allow crypto-enthusiasts the opportunity to invest and spend their hard-earned cryptocurrency in 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 see what OpenSea has to offer in this quick review of its features, pricing, and other related capabilities.
Before you continue, you may want to watch this video by Lite Liger on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Camper Nft Accessories
OpenSea was created by Alex Attalah and Devin Finzer in 2018. Both had extensive technology backgrounds at Google and Palantir. Not only that, but they’ve also previously worked on two successful businesses, Claimdog, and hostess.fm, which have been sold to larger parent companies since their inception.
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?
For those unaware or not as digitally savvy, an NFT marketplace deals with buying and selling digitally created goods, which have the unique programmability inherent with virtual items. 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.
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 has opened the gate to how people can start buying, selling, and even investing in digital art they value. From virtual experiences, sports memorabilia, and even digital clothing, NFTs have only expanded in breadth and width ever since its soft inception in 2017.
What does OpenSea do differently?
OpenSea is driven to make this technology accessible to all digital creators. This is the primary goal of OpenSea. OpenSea allows digital artists to list their work on the platform without any fees or commissions. 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. 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.
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. The buyer usually pays this additional fee, which allows sellers to enjoy the full value of their NFTs. The buyer will pay $102.5 for a $100 NFT. This is in addition to the NFT’s listed price.
Sellers can even attach an additional fee on top of the price if they deserve an artist’s fee for their work. They don’t want to add additional fees. In that case, they can easily opt for the built-in royalties system inherent within NFTs. This means that your NFT will continue to generate royalties at a maximum of 10% for every subsequent sale after the initial sale.
Take note, though, that, unlike other NFT marketplaces, OpenSea does not accept payment in the form of bank deposits, credit or debit cards, and Paypal. OpenSea transactions require you to have an existing wallet that is compatible 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. You start off with a gallery page of different NFT art available. 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 view information about each listing’s cost, available offers, and the price history of the artist.
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.”
Once you are here, you can design the overall logo, banner, and other design elements of your collection and the name for the NFT and even 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). 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. Camper Nft Accessories
Lastly, click create and watch your collection space develop. 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
You’ll need to make sure you have a good wallet on hand to properly set up an account. 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. The OpenSa FAQs has the dimensions guidelines for banners. Camper Nft Accessories
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. 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. Camper Nft Accessories
OpenSea can also be described as a non-custodial market. 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. 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. 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.
Frequently Asked Questions Camper Nft Accessories
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 helps improve value in things, almost to astronomical prices, and reduces the chances of pirated or inauthentic work popping up around 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. 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.
A blockchain is an automated leger, which is supported by crypto miners. It can manage, record and execute transactions between parties. In traditional financial settings, this would need third parties to verify the validity of each transaction. 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. To defraud or duplicate trades within a blockchain, you must decouple and undo all the other transactions that succeeded. 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?
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.
The best part about NFTs is that these distributions would be controlled. 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. 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. You can send an email directly to firstname.lastname@example.org in this case. 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.
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.