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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.

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, provide an avenue for crypto-enthusiasts to spend and invest their hard-earned cryptocurrency into 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 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’ll want to read the rest of the article for a more comprehensive review.

What is OpenSea? Nftn K L

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. 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 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.

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 allows people to buy, sell, or invest in digital art that they value. From virtual experiences, sports memorabilia, and even digital clothing, NFTs have only expanded in breadth and width ever since its soft inception in 2017.

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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. 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. 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. They even have the mobile app available for iOS devices so you can transact on the go.

Managing said transactions is much easier with OpenSea’s Collection Manager, giving users the ability to mint and sell NFTs with no attached fees.

OpenSea has 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. The buyer usually pays this additional fee, which allows sellers to enjoy the full value of their NFTs. The buyer will pay $102.5 for a $100 NFT. This is in addition to the NFT’s listed price.

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. This means that your NFT will continue to generate royalties at a maximum of 10% for every subsequent sale after the initial sale.

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 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 also follow and view different artists. 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 view information about each listing’s cost, available offers, and the price history of the artist.

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.”

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). 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. Nftn K L

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.

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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.

Register with your email and set a password. Then, personalize your account by adding a banner or your personal bio. You can find the rubric for dimensions allowed for things like banners in the OpenSa FAQs. Nftn K L

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. 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). 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. Nftn K L

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. All of this is possible because of the smart contracts mentioned above, which keep everything secure and verifyable.

Final Words

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.

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Most Frequently Asked Questions Nftn K L

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?

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. 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. You must undo any successful transactions in order to defraud or duplicate trades within the Blockchain. 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. 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. You can send an email directly to support@opensea.io 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.

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