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 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 watch this video by Lite Liger on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Exfinity Nft Series
OpenSea was developed in early 2018 by Devin Finzer and Alex Attalah. 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.
OpenSea was created by CryptoKitiies in 2017, a 2017 crypto-asset which gave rise to 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. Like any good digital asset, they’re tradeable. They can be used across different platforms, but their Blockchain-induced scarcity makes NFTs unique.
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.
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. Since its soft inception in 2017, NFTs have grown in size and breadth. They now offer virtual experiences, sports memorabilia and digital clothing.
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.
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.
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. 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. 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. To make transactions on OpenSea, you’ll need to have existing wallets that have compatibility 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. 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 also follow and view different artists. 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). Click the Create function on the OpenSea homepage, and then 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). You can then designate what token you’d like to accept payment in, either EtH, WITH, DAI, or USDC. You’ll need to verify the transaction with your wallet to allow buyers to send you the payment. Exfinity Nft Series
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. Doing so is one of the prerequisites to having an OpenSea account, but the process is relatively easy after that.
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. Exfinity Nft Series
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?
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. Exfinity Nft Series
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. This is all thanks to the above-mentioned smart contracts, keeping everything secure and verifiable.
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.
Most Frequently Asked Questions Exfinity Nft Series
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?
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.
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.
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. 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.
Does OpenSea have 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.