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.
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, provide an avenue for crypto-enthusiasts to spend and invest their hard-earned cryptocurrency into 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 check out this video by Lite Liger on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Tv
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. 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?
An NFT marketplace allows you to buy and sell digitally-created goods. Like any good digital asset, they’re tradeable. 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. 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’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. 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. 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. 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.
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.
OpenSea is easy to use
OpenSea’s platform is pretty user-intuitive in that it can showcase bids and auction times in varying 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. 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). The next step is to choose the token that you would like to receive payment in. This can be either EtH, DAI or WITH. You’ll need to verify the transaction with your wallet to allow buyers to send you the payment. Nft Tv
Lastly, click create and watch your collection space develop. 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.
How to Open an Account
You’ll need to make sure you have a good wallet on hand to properly set up an account. 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 Tv
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. 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?
Safety is a concern with any crypto platform, especially when it comes to large transactions. OpenSea’s transactions, like all crypto transactions, are safely 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 Tv
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. 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.
Most Frequently Asked Questions Nft Tv
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.
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.
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. 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.
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.
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 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.
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 email@example.com 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. One of their many entries may already have the answer to your concern.