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 see what OpenSea has to offer in this quick review of its features, pricing, and other related capabilities.
Before you go on, you may want to watch this video by Lite Liger on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? What Is A Nft Hydroponic System
OpenSea was created by Alex Attalah and Devin Finzer in 2018. Both had extensive technology backgrounds at Google and Palantir. They have also worked previously on Claimdog and hostess.fm which were sold to larger parent companies.
OpenSea was created by CryptoKitiies in 2017, a 2017 crypto-asset which gave rise to 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?
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 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.
You can manage scarcity with NFTs by creating a digital token that is non-fungible. This token can be attached to your creations to verify that it is 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.
> > Click Here to Explore OpenSea < <
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.
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. This additional fee is usually paid by the buyer, allowing the sellers to reap the full benefits of their price. 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. There are many wallets available, but trustWallet, MetaMask and Coinbase are some of the most popular.
> > Click Here to Explore OpenSea < <
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. 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.
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. To allow buyers to pay you, you will need to verify the transaction using your wallet. What Is A Nft Hydroponic System
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.
> > Click Here to Explore OpenSea < <
How to Open an Account
To properly set up an account, you will need a wallet. 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. What Is A Nft Hydroponic System
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?
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. What Is A Nft Hydroponic System
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.
Final Words
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. Plus, it does have some additional checks and balances that can keep your purchases secure.
> > Click Here to Explore OpenSea < <
Most Frequently Asked Questions What Is A Nft Hydroponic System
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?
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.
A blockchain is an automated leger, which is supported by crypto miners. It can manage, record and execute transactions between parties. This would require third parties to verify each transaction in traditional financial environments. Modern technology is almost instantaneous, but back-end operations still rely on audits to ensure that each transaction was conducted 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. To defraud or duplicate trades within a blockchain, you must decouple and undo all the other transactions that succeeded. 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.
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. 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. But with any new technology comes its abusers, so take the good with some bad in this scenario.
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.
You may find the FAQs useful if you are having simple problems. You might find the answer in one of their many entries.
