Nft For Artists

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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 check out this video by Lite Liger on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.

What is OpenSea? Nft For Artists

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?

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 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.

Nft For Artists

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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. You can even transact from your mobile device with the mobile app for iOS.

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?

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. 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. 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. 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.

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.

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Is OpenSea Easy to Use?

OpenSea’s platform makes it easy to use. It can display bids and auction times, in different 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. 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 see information on each listing’s price, offers made, and even the artist’s price history.

If you want to create your own NFT, a process called NFT Minting, you can do that through Open Sea as well. 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. 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 For Artists

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. 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

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. You can find the rubric for dimensions allowed for things like banners in the OpenSa FAQs. Nft For Artists

In the past, you had to prove your collection’s validity. 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?

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 For Artists

OpenSea is also what you would call a non-custodial marketplace. 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.

Last words

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. Plus, it does have some additional checks and balances that can keep your purchases secure.

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Most Frequently Asked Questions Nft For Artists

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 increases the value of things and decreases the chance of inauthentic or pirated work appearing on 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. 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.

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. 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 means that anyone can label any piece of art as their own by attaching an NFT receipt. However, abusers can also be found in any new technology. So let’s take the good with the bad.

Does OpenSea have 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 support@opensea.io. 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.

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.

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