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) allow crypto-enthusiasts the opportunity to invest and spend their hard-earned cryptocurrency in 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.
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.
What is OpenSea? OpenSea Offer Bot
OpenSea was created by Alex Attalah and Devin Finzer in 2018. 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.
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?
An NFT marketplace allows you to buy and sell digitally-created goods. 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 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. 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. 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.
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. 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. 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.
Is OpenSea Easy to Use?
OpenSea’s platform makes it easy to use. It can display bids and auction times, in different 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. 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.
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. To allow buyers to pay you, you will need to verify the transaction using your wallet. OpenSea Offer Bot
Click Create to watch your collection space grow. 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.
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. The OpenSa FAQs has the dimensions guidelines for banners. OpenSea Offer Bot
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?
Safety is a concern with any crypto platform, especially when it comes to large transactions. Like all crypto transactions, OpenSea transactions are secured on the Blockchain. Specifically, Ethereum’s smart contracts allow the platform to instantly facilitate transactions with no needed oversight from third-party auditors. OpenSea Offer Bot
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 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. It also has additional checks and balances to ensure your purchases are secure.
Most Frequently Asked Questions OpenSea Offer Bot
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?
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. 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?
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. 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 firstname.lastname@example.org 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.