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 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.
Before you go on, you may want to check out this video by Lite Liger on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? What Is OpenSearch In Solr
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.
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 across different platforms, but their Blockchain-induced scarcity makes NFTs unique.
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.
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. 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. OpenSea allows digital artists to list their work on the platform without any fees or commissions. 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. 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?
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. 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 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. 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.
Is OpenSea Easy to Use?
OpenSea’s platform makes it easy to use. It can display bids and auction times, in different 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 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.”
You can now design the logo, banner and other elements of your collection, as well as the name for NFT and 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). 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. What Is OpenSearch In Solr
Lastly, click create and watch your collection space develop. 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.
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. What Is OpenSearch In Solr
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. Profiles with high traffic have the advantage of having “verified status”, which is indicated by a blue-check that confirms their authenticity.
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. What Is OpenSearch In Solr
OpenSea is also what you would call a non-custodial marketplace. 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. 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.
Most Frequently Asked Questions What Is OpenSearch In Solr
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.
Although it isn’t perfect, it has allowed digital artists to start earning from projects that they previously struggled to solve.
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.
Because the Blockchain relies on the transactions of the past, it eliminates the need to have third-party authenticationators. To defraud or duplicate trades within a blockchain, you must decouple and undo all the other transactions that succeeded. Blockchain and the crypto market in general are fascinating because they serve as stepping stones to 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. 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. 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 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. You might find the answer in one of their many entries.