Nft Yourself

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 is a platform that allows users to quickly purchase, make, and sell NFTs. Let’s take a quick look at OpenSea’s features and pricing.

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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.

What is OpenSea? Nft Yourself

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

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.

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. Since its soft inception in 2017, NFTs have grown in size and breadth. They now offer virtual experiences, sports memorabilia and digital clothing.

Nft Yourself

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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. This is similar to traditional e-commerce sites like eBay, where sellers can post items to sell regularly without paying any consignment fees.

OpenSea is a great choice for artists and other creators because of its sheer size. It has grown to become the largest NFT marketplace online since its inception. This increases the chance for interested buyers to discover your work and invest. 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 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. 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. 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.

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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. 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.

Open Sea also allows you to create your own NFT (a process known as NFT Minting). 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.

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. You’ll need to verify the transaction with your wallet to allow buyers to send you the payment. Nft Yourself

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

To properly set up an account, you will need a wallet. 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 Yourself

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 contract allows the platform to facilitate transactions instantly without any oversight from third party auditors. Nft Yourself

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.

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. It also has additional checks and balances to ensure your purchases are secure.

piggy-bank

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Frequently Asked Questions Nft Yourself

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?

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. 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. 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.

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. 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

Let’s say you need assistance with your OpenSea account or transactions. You can send an email directly to support@opensea.io in this case. Include in your email a subject line that explains the nature of the problem and details 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. You might find the answer in one of their many entries.

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