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.
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 take a quick look at OpenSea’s features and pricing.
Before you continue, you may want to watch this video by Lite Liger on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Charmin Nft
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. OpenSea was built through lean collaboration and an eagerness to invest in exciting new technologies.
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 on different platforms but NFTs are unique because of their Blockchain-induced scarcity.
Digital goods have been plagued by scarcity for a long time due to their inherent ability to duplicate and copy any item. This makes it difficult to create digital art or other collectible memorabilia as their scarcity can only be controlled by platform controls or release limitations.
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. 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 is OpenSea Doing 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. 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. They even have the mobile app available for iOS devices so you can transact on the go.
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?
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. This fee comes in at about 2.5% on top of the listed price of the NFT, meaning a $100 NFT will cost the buyer $102.5 to purchase.
Sellers can even attach an additional fee on top of the price if they deserve an artist’s fee for their work. 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.
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. There are many wallets available, but trustWallet, MetaMask and Coinbase are some of the most popular.
OpenSea is 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 also follow and view different artists. 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.
Open Sea also allows you to create your own NFT (a process known as NFT Minting). Click the Create function on the OpenSea homepage, and then 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. Make sure to include any relevant social media links and portfolios to lead prospective buyers to your other work.
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. You’ll need to verify the transaction with your wallet to allow buyers to send you the payment. Charmin Nft
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. 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. 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. The OpenSa FAQs has the dimensions guidelines for banners. Charmin Nft
You used to need to verify the validity of your collection. OpenSea removed the requirement and has expanded the number of searchable items available on their site. 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 contracts allow the platform to instantly facilitate transactions with no needed oversight from third-party auditors. Charmin Nft
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. All of this is possible because of the smart contracts mentioned above, which keep everything secure and verifyable.
OpenSea is an essential stop for any NFT creator or investor. 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. It also has additional checks and balances to ensure your purchases are secure.
Most Frequently Asked Questions Charmin Nft
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.
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 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. 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.
The way the Blockchain is set up is that it removes the need for third-party authenticators by having its entire transaction system revolve around the previous transactions. 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.
Is it possible to 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. 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. One of their many entries may already have the answer to your concern.