In the past few years, there has been a rapid increase in demand for investment vehicles. From Bitcoin’s manic rise to power to other crypto assets like Ethereum and Dogecoin creating their own stamp in 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) allow crypto-enthusiasts the opportunity to invest and spend their hard-earned cryptocurrency in other types of tradeable assets.
OpenSea is a platform that allows users to quickly purchase, make, and sell NFTs. 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? Is OpenSea A Public Company
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?
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 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’s primary focus is its drive to put this new technology within reach of all digital creators out there. 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.
OpenSea has any costs?
OpenSea must generate revenue to keep its operations going and the platform operating. 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 may charge an additional fee if the artist is a worthy buyer. 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.
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.
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. Some artists may have additional biographies or anecdotes about the meaning and purpose behind 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.”
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.
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). 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. Is OpenSea A Public Company
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. Add a name to each item you upload and a subsequent description, mark it for sale, and just like that, you’re a certified NFT creator. 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. 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. You can find the rubric for dimensions allowed for things like banners in the OpenSa FAQs. Is OpenSea A Public Company
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?
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 contract allows the platform to facilitate transactions instantly without any oversight from third party auditors. Is OpenSea A Public Company
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. Plus, it does have some additional checks and balances that can keep your purchases secure.
Most Frequently Asked Questions Is OpenSea A Public Company
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.
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.
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. 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.
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. 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?
NFTs have become known as the “people’s token” as it allows what was usually a very centralized and exclusive art market to suddenly open up to newcomers and potential disrupters that can create quality artwork and distribute it to fans.
NFTs are controlled distributions. This is the best thing about NFTs. 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. In that case, you can easily send an email to firstname.lastname@example.org. Include in your email a subject line that explains the nature of the problem and details 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. One of their many entries may already have the answer to your concern.