Nft 901

opensea-review

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) 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.

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Before you continue, 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? Nft 901

OpenSea was developed in early 2018 by Devin Finzer and Alex Attalah. 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 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.

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What is OpenSea Doing 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.

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. 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.

OpenSea has 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. 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. The list of available wallets is long, but some of the more common ones include Coinbase, MetaMask, and TrustWallet.

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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 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 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). 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. 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). 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. Nft 901

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.

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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. Nft 901

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. Nft 901

OpenSea is also what you would call a non-custodial marketplace. OpenSea doesn’t hold any crypto funds. It only moves cryptocurrency from one wallet into another when there is a transaction. This is all thanks to the above-mentioned smart contracts, keeping everything secure and verifiable.

Last words

OpenSea is a must-have visit for any would-be NFT investor or creator in the market. 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.

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Most Frequently Asked Questions Nft 901

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?

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.

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. You must undo any successful transactions in order to defraud or duplicate trades within the Blockchain. 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?

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.

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

Suppose you may need support with your OpenSea account, transactions, or other things related to the platform. You can send an email directly to support@opensea.io in this case. Make sure to include in the email a subject line indicating the nature of your problem and any particulars 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.

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