The world’s market for new investment vehicles has only sped up in the last few years. From Bitcoin’s rapid rise to power to crypto assets such as Ethereum and Dogecoin putting their stamp on 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 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 go on, you may want to watch this video by Lite Liger on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Concert Tickets
OpenSea was developed in early 2018 by Devin Finzer and Alex Attalah. They had extensive technology backgrounds in Google and Palantir, respectively. 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.
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. 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.
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. 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.
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. 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.
Does OpenSea Have Any Costs?
OpenSea must generate revenue to keep its operations going and the platform operating. 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. This additional fee is usually paid by the buyer, allowing the sellers to reap the full benefits of their price. 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. They don’t want to add additional fees. They can opt for the NFTs’ built-in royalty system. That means that any subsequent sale of your NFT after your initial sale will still generate yours at a max of 10% of the sale price.
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. 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.
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. You can either purchase them using the standard auction method or opt for a more instant “Buy Now,” similar to how eBay treats its 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). Simply click the create function on the OpenSea homepage and 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. Make sure to include any relevant social media links and portfolios to lead prospective buyers to your other work.
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). The next step is to choose the token that you would like to receive payment in. This can be either EtH, DAI or WITH. To allow buyers to pay you, you will need to verify the transaction using your wallet. Nft Concert Tickets
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. 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
To properly set up an account, you will need a wallet. 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. Nft Concert Tickets
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. Nft Concert Tickets
OpenSea can also be described as a non-custodial market. OpenSea doesn’t hold any crypto funds. It only moves cryptocurrency from one wallet into another when there is a transaction. 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. 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 Nft Concert Tickets
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 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. This would require third parties to verify each transaction in traditional financial environments. 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. 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.
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 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
Suppose you may need support with your OpenSea account, transactions, or other things related to the platform. In that case, you can easily send an email to email@example.com. Make sure to include in the email a subject line indicating the nature of your problem and any particulars 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.