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) 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 go on, you may want to watch this video by Lite Liger on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? David Reaney Linkedin Warehouse Manager At Nft Distribution Operations Ltd
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?
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. They can be traded, just like any other digital asset. 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. 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. 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.
What makes OpenSea a fantastic choice for artists and other creators is 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. As is typical with other NFT marketplaces, OpenSea charges a percentage of the NFT’s price as an additional selling fee on top of any transaction. 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 may charge an additional fee if the artist is a worthy buyer. Suppose they don’t feel like adding extra 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.
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. The list of available wallets is long, but some of the more common ones include Coinbase, MetaMask, and TrustWallet.
OpenSea is 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. 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 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). 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. 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). 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. David Reaney Linkedin Warehouse Manager At Nft Distribution Operations Ltd
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. Note that the NFTs are not stored in OpenSea but rather in your wallet, so ensure that your wallet is web3 capable.
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.
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. David Reaney Linkedin Warehouse Manager At Nft Distribution Operations Ltd
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 contracts allow the platform to instantly facilitate transactions with no needed oversight from third-party auditors. David Reaney Linkedin Warehouse Manager At Nft Distribution Operations Ltd
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 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. Plus, it does have some additional checks and balances that can keep your purchases secure.
Most Frequently Asked Questions David Reaney Linkedin Warehouse Manager At Nft Distribution Operations Ltd
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 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 Blockchain?
Blockchain would be the core of the entire process of making and transacting any crypto-asset that is currently on 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.
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. 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.
The best part about NFTs is that these distributions would be controlled. Each piece of art will have an NFT token attached to it, signifying it as authentic. This means that anyone can label any piece of art as their own by attaching an NFT receipt. But with any new technology comes its abusers, so take the good with some bad in this scenario.
OpenSea has 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. 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. One of their many entries may already have the answer to your concern.