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opensea-review

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, 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.

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Before you continue, you may want to check out 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? O’Hare To Nft Meyers Florida Flights

OpenSea was created by Alex Attalah and Devin Finzer in 2018. 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 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.

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

O'Hare To Nft Meyers Florida Flights

> > Click Here to Explore OpenSea < <

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. 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.

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?

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 can even attach an additional fee on top of the price if they deserve an artist’s fee for their work. 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.

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. The list of available wallets is long, but some of the more common ones include Coinbase, MetaMask, and TrustWallet.

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> > Click Here to Explore OpenSea < <

Is OpenSea Easy to Use?

OpenSea’s platform is pretty user-intuitive in that it can showcase bids and auction times in varying ways. You start off with a gallery page of different NFT art available. 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. 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.

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). 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. O’Hare To Nft Meyers Florida Flights

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. 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.

block-chain

> > Click Here to Explore OpenSea < <

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. O’Hare To Nft Meyers Florida Flights

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). 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. O’Hare To Nft Meyers Florida Flights

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 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.

piggy-bank

> > Click Here to Explore OpenSea < <

Most Frequently Asked Questions O’Hare To Nft Meyers Florida Flights

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 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 the Blockchain?

Blockchain would be the core of the entire process of making and transacting any crypto-asset that is currently on 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. In traditional financial settings, this would need third parties to verify the validity of each transaction. 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. 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. 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.

Does OpenSea have 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. 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. You might find the answer in one of their many entries.

crypto-asset

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