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.
These are the base currencies of the market. However, it is not possible to use any of them in transactions. 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.
Before you continue, 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? Twitter Nft
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. 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.
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 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.
What is OpenSea Doing 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. 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.
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. 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.
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. They don’t want to add additional fees. They can opt for the NFTs’ built-in royalty system. 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. 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.
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. 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 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. 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. Twitter Nft
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. You can find the rubric for dimensions allowed for things like banners in the OpenSa FAQs. Twitter Nft
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 contracts allow the platform to instantly facilitate transactions with no needed oversight from third-party auditors. Twitter Nft
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. 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. Plus, it does have some additional checks and balances that can keep your purchases secure.
Most Frequently Asked Questions Twitter Nft
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.
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. 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.
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.
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.
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 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. But with any new technology comes its abusers, so take the good with some bad in this scenario.
OpenSea has customer support
Let’s say you need assistance with your OpenSea account or transactions. In that case, you can easily send an email to email@example.com. 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.