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.
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.
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 Recycle
OpenSea was created by Alex Attalah and Devin Finzer in 2018. Both had extensive technology backgrounds at Google and Palantir. They have also worked previously on Claimdog and hostess.fm which were sold to larger parent companies.
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. Through lean collaboration and a desire to invest in new and exciting technologies, OpenSea was developed into one of the largest general marketplaces for user-owned digital items.
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.
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 allows people to buy, sell, or invest in digital art that 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 is OpenSea Doing Differently?
OpenSea is driven to make this technology accessible to all digital creators. This is the primary goal of OpenSea. 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. This is similar to traditional e-commerce sites like eBay, where sellers can post items to sell regularly without paying any consignment fees.
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. 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. Suppose they don’t feel like adding extra 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.
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 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.
If you want to create your own NFT, a process called NFT Minting, you can do that through Open Sea as well. 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 Recycle
Click Create to watch your collection space grow. Once the collection is set up, you can add items to it and upload your work up to a maximum of 100MB per file. 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. Note that the NFTs are not stored in OpenSea but rather in your wallet, so ensure that your wallet is web3 capable.
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 Recycle
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 contract allows the platform to facilitate transactions instantly without any oversight from third party auditors. Nft Recycle
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. This is all thanks to the above-mentioned smart contracts, keeping everything secure and verifiable.
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. It also has additional checks and balances to ensure your purchases are secure.
Most Frequently Asked Questions Nft Recycle
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?
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.
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. 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.
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. 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.
Is it possible to 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 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 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.
You may find the FAQs useful if you are having simple problems. You might find the answer in one of their many entries.