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 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 continue, you may want to watch this video by Lite Liger on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea For Android
OpenSea was developed in early 2018 by Devin Finzer and Alex Attalah. They had extensive technology backgrounds in Google and Palantir, respectively. 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.
OpenSea was created by CryptoKitiies in 2017, a 2017 crypto-asset which gave rise to 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. They can be traded, just like any other digital asset. They can be used on different platforms but NFTs are unique because of their Blockchain-induced scarcity.
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. 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. OpenSea allows digital artists to list their work on the platform without any fees or commissions. 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.
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. 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?
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. 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 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. 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.
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. OpenSea transactions require you to have an existing wallet that is compatible 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 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. 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.
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.”
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. 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. OpenSea For Android
Click Create to watch your collection space grow. 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. The NFTs cannot be stored in OpenSea, but in your wallet. Make sure your wallet can support web3!
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. The OpenSa FAQs has the dimensions guidelines for banners. OpenSea For Android
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?
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. OpenSea For Android
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. This is all thanks to the above-mentioned smart contracts, keeping everything secure and verifiable.
OpenSea is an essential stop for any NFT creator or investor. 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.
Most Frequently Asked Questions OpenSea For Android
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 the 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. 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.
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. 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?
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 email@example.com 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. One of their many entries may already have the answer to your concern.