What is ITSMYNE? A centralized marketplace that allows retail consumers to buy and trade official digital collectibles. What sets it apart is its NFT-as-a-service approach, which uses blockchain technology to verify the provenance of digital content. The ITSMYNE platform is designed to be user-friendly and understandable from both the creator’s and consumer’s perspectives.
ITSMYNE is a centralized platform that allows retail consumers to buy and trade officially licensed digital collectibles
The ITSMYNE platform is a multichain system based on the NEAR Protocol and the ERC-721 codebase. This allows it to be flexible and user-friendly. The platform offers various payment options including fiat currency and leading cryptocurrencies. The ITSMYNE token is accepted for transactions via Razor pay and Stripe. Its community rewards buyers and creators with MYNE tokens and allows them to post comments and upvote other people’s posts. The ITSMYNE team is confident that the platform will continue to grow and develop.
The ITSMYNE platform has already achieved a successful year in 2021. The team received seed funding and is launching the ITSMYNE Marketplace. The ITSMYNE platform will also launch its customer-side alpha for iOS and Android devices. This will give users the ability to participate in fractional ownership. The ITSMYNE ecosystem will also be enhanced with paid marketing to attract more users.
ITSMYNE uses the NFT protocol to secure digital content. The NFT protocol is perfect for digital content creators, as it allows them to launch their products and sell their own tokens. More platforms will likely adopt the NFT protocol in the near future. Its social-plus platform makes it easy for users to trade, share, and brag about their collection. With the introduction of ITSMYNE, fans can now buy and trade officially licensed sports NFTs.
The ITSMYNE social plus marketplace has been designed to allow ordinary people to purchase NFTs from elite athletes, movie stars, and production companies. Not only does ITSMYNE provide a transactional marketplace for NFTs, but it is also a community for fans and seasoned collectors. The ITSMYNE platform allows users to buy and sell NFTs in fiat or crypto, and the platform has a curated marketplace with the ability to facilitate social interaction and trading with other collectors.
ITSMYNE has launched a beta version of its platform. Its users are already familiar with blockchains and cryptocurrencies, and have a basic understanding of the various methods of transferring NFTs. The beta version of the product is expected to launch in the summer. It also has plans to expand internationally, and hopes to take on marketplaces in film, animation, arts, and even celebrities and fashion.
ITSMYNE also features an online community for consumers who want to join the ITSMYNE community. Once a user creates an account on the platform, they are automatically assigned custodial wallets. Eventually, they can choose to export their NFTs to their own wallets. Afterwards, they can use their MYNE token for fractional ownership and priority access to collectibles.
ITSMYNE is traded for other cryptocurrencies on crypto exchanges. The Cex and Dex exchanges offer trading pairs of ITSMYNE. Users can also stake ITSMYNE for other cryptocurrencies to maximize their holdings. Furthermore, it is possible to send ITSMYNE to anyone in the world. You can also buy ITSMYNE using cryptocurrencies in offline shops and some online platforms.
Its unique selling point is NFT-as-a-service
Non-fungible tokens, or NFTs, are unique digital items that are stored on a public ledger. These tokens can be anything, including real estate, collectibles, event tickets, website domains, tweets, and more. Because they are non-fungible, NFTs are difficult to counterfeit and can be easily transferred between users. The idea behind NFTs is to create markets for these digital items.
ITSMYNE has been founded by an all-star team of second-time entrepreneurs from Kazakhstan and India. The company is backed by leading global institutions, and it has strategic partnerships with leading brands, influencers, and production houses to take advantage of NFT disruption. Its first product will be a marketplace for officially licensed NFTs from the upcoming Bollywood movie «83,» starring Ranveer Singh.
The service’s unique selling point lies in the ability to provide personalized onboarding and advice on content, marketing copy, and royalties. Its native MYNE token is used by users to get first dibs on limited-edition goods and participate in fractional ownership. Its social-plus marketplace also enables users to create and trade NFTs without the need to understand crypto or blockchain technology.
Regardless of the unique selling points, NFTs are not without risks. There are many cases of NFTs being stolen by attackers, who can use a variety of tactics. The crypto world is full of 5D chess players who are adept at tricking users into signing transactions. There’s also bit rot — where the image quality deteriorates and file formats become impossible to open. And physical art is surprisingly fragile.
The ITSMYNE ecosystem is built around its native multiutility token, MYNE, issued on Binance Smart Chain. Its MYNE token is the base trading token for fan tokens and acts as a benchmark for NFT performance. It can be used for accelerated staking and fixed staking, as well as pool farming. It is also required for fractional purchase pools.
ITSMYNE’s unique selling point for NFT-as-a-service is the NFT-as-a-service concept. NFTs are digital creations that have unique identifying codes. But many of them were already created elsewhere, and this has resulted in inflated prices. By cutting off the supply, the value of the asset should increase.
It leverages blockchain technology to verify the provenance of digital content
Blockchain technology is a distributed ledger. Each participant maintains a copy of the blockchain, called a node. A block is created when a new participant mines it, and the network must approve it before it can be distributed to other participants. Blockchains are transparent because each participant has an alphanumeric identification number. Using a blockchain as a database allows for a high level of security.
Currently, the only way to prove the ownership of a piece of digital content is to track it through various processes. These processes are costly and prone to human error. Blockchain technology eliminates these problems and allows for a faster transaction movement, saving both time and money. Many people mistakenly believe Blockchain and Bitcoin are synonymous. In reality, Blockchain is a technology capable of supporting a wide range of industries. Bitcoin, on the other hand, is a currency based on Blockchain technology.
Blockchain technology can help prevent financial losses and ensure proper supply chain tracking. Many medicines don’t have to be authentic, but they do have to be stored in a certain temperature to remain effective. Blockchain can provide a reliable method for maintaining provenance, including time, personnel involved, and temperature. The resulting transparency will allow companies to increase their profitability and improve the quality of products and services.
Another sector that could benefit from blockchain technology is the art industry. The industry is ripe for fraud, and many artists have been victimized by forged or faked works. Blockchain technology could help prevent this by allowing buyers to check the legitimacy and provenance of paintings before making a purchase. By adding a blockchain to digital documents, ITSMYNE can also improve the quality and integrity of art by verifying its provenance.
While blockchain technology has a lot of promise, many questions remain about its practical application. As a system for digital content, it has the potential to improve transparency and accuracy, but it cannot eliminate human motivations, such as profit or political gain. With its ability to verify the provenance of digital content, blockchain will enable brands to trace products from their initial source to every stop along the way.
Blockchains can be highly secure. Because they are decentralized, blockchains prevent single-user changes and fraud from occurring. By providing proof of provenance, the technology will allow consumers to trust digital content that is stored on blockchain. Moreover, blockchain technology is not limited to the music industry; it can be used in other industries as well. The future of digital content management is now possible, and ITSMYNE is leading the way.
If you are looking to sell NFTs on OpenSea, you need to know how much it costs. The fees include Gas, NFT royalty fees, and storage. In addition, there are recurring fees, such as for storing NFTs on OpenSea. This article will go over the fees associated with these items. Once you understand these fees, you can easily calculate how much it will cost you to sell your NFTs.
For many people, Gas fees for NFT on OpenSeia are a source of frustration. While it is true that these fees are dynamic, they are still an essential component of the NFT trading process. Gas fees are essentially costs that users must pay to cover the computational energy used to process an NFT transaction. These fees can fluctuate depending on availability and network congestion. Here’s how to minimize your OpenSea gas fees.
When you first sell your NFT on OpenSea, you must pay a small gas fee. This fee will be applied to the total transaction value. After this transaction, you can start selling your NFT, which means that you will be earning a commission. You can also choose to charge a higher fee for a higher fee if you sell your NFT for a higher value. The higher the gas fee, the higher your transaction fee.
While gas fees are a necessary part of every blockchain transaction, they can become expensive if you want to run a profitable metaverse platform. To reduce these costs, smart traders can wait for gas prices to fall before making transactions. Some platforms allow you to limit your gas fees, and others will perform transactions only when they are at a low enough price. This makes sense if you have the patience to wait for lower prices. If you’re a smart trader, you can also use a gas tracker to keep track of the current gas prices.
While the gas fees for NFT on OpenSea aren’t directly controlled by the exchange, they are directly related to blockchain activity. These fees go to the miners who make sure data ends up on the blockchain. The more data and actions on the blockchain, the more gas is required to process them. Therefore, it is important to understand these costs in advance. A small amount of money can go a long way in helping you profit from NFTs.
NFT royalty fees
You can easily adjust the amount of NFT royalties you receive on OpenSea. OpenSea’s royalty settings allow you to alter the percentage you receive from each sale. You can choose between 0 and 10 percent. It is important to note that royalties go to OpenSea for a two or four-week holding period before being paid out to you. The amount you receive depends on your total royalties earned.
When selling NFTs, it is important to remember that the company will charge you a small fee for each transaction. On a good day, you may receive over $150 USD in gas fees. Other NFT marketplaces charge a 15% commission for selling digital assets. However, OpenSea charges a small 2.5% transaction fee on each sale. This is an affordable price compared to the high fees on other platforms.
On Apr. 16, Proof Collective sold 10,000 utility-enabled NFTs on OpenSea for 2.5 ETH. To date, they have earned over $14 million in royalties. As of July 2019, the company sold 90,000 NFTs on OpenSea — equivalent to $283 million in secondary sales. Another successful OG NFT project, Cool Cats, launched on July 2021 and has earned $8 million in 10 months. With a market cap of 101,000 ETH, Cool Cats still has a lead.
Rarible is another alternative to OpenSea, but it does not offer the same amount of revenue. Its popularity has increased as a result of a democratic process. The platform uses blockchain infrastructure to manage the NFT marketplace. Despite its high-volume market, OpenSea has had some security problems in the past. While OpenSea hosts the largest NFTs, Rarible offers up to 50% royalties on NFTs.
Storage of NFTs on OpenSea
A recent research study suggests that storage of NFTs on OpenSea could make them more secure. The reason for this is that the technology is decentralized, allowing NFT creators to get IPFS content addressing and Filecoin decentralized storage. This means that NFTs created through OpenSea will have immutable links to their metadata. This is exciting news for the web3 and its creators.
To make the most of the security features of this storage platform, users should secure their NFTs. While OpenSea supports data encryption, it cannot prevent malicious actors from changing metadata. In such a case, it is advisable to lock or freeze the metadata, which entails a gas charge. Alternatively, users can use a hardware wallet to store their NFTs. This method is considered to be the most secure option for NFT storage.
First-time sellers should be aware that the storage of NFTs on OpenSea requires two payments. The first fee, for initializing the account, costs between $70 and $300. The second transaction, which grants access to NFTs, costs between $10 and $30. Once you’re done with the initial transaction, you can start uploading NFTs to OpenSea. The next step is to create a crypto wallet. Once the crypto wallet has been created, all users should create a collection of NFTs.
DeNet is currently testing the storage of NFTs on OpenSea. It targets increased privacy and security. DeNet will use its own protocol, allowing users to be confident that their NFT data is safe. Additionally, users will be able to control who can access their NFT data. This is an important aspect of decentralized storage. The system is decentralized, which means that no one person owns everything.
The OpenSea platform has recurring fees, which you will have to pay every time you perform certain actions. The fees are divided into two types: account registration fees and token/contract approval fees. Account registration fees are paid before you can list your NFT on Ethereum. Account registration allows you to trade between wallets, and will enable OpenSea to access transferred items if a sale occurs. Token/contract approval fees are paid for the first time you create an OpenSea contract, such as listing an NFT, as well as selling or buying WETH.
In the case of cryptocurrency mining, recurring fees on OpenSea are paid to miners to process transactions. You are not guaranteed the success of your transaction, so it’s not worth paying them repeatedly. You can also pay one-time account registration fees on OpenSea. These fees are paid only once. In the case of non-fungible tokens, such as Bitcoin, OpenSea charges a commission for these purchases. This commission allows users to sell their tokens on the OpenSea platform without having to market their own tokens.
While OpenSea has a variety of gas-free actions, you should be aware of their conditions. Most of them require a gas fee to begin with. This means that you may have to pay the gas fee only once, but you will be saving a lot of money in the long run. Furthermore, you should not forget to cancel old listings as these will cost you money if you don’t delist them properly.
Recurring fees on OpenSea are 2.5% of the price of the transaction. This small fee may not seem much, but it adds up when you’re controlling 90% of the market. Moreover, it’s not clear if OpenSea’s gas fees helped or hurt the NFT market. But with the upcoming upgrade, you’ll be able to implement new features faster and enjoy lower fees.
Dropping percentage of royalty fees
The current royalty fee model on OpenSea has many benefits, but it’s still a bit abysmal compared to what you could earn if you just dropped the royalty fees all together. It’s possible that it’s oversold in the present, but many NFT collections are making money on both royalties and sales. If you want to maximize your OpenSea earnings, here are some tips to help you get started.
The OpenSea platform is a decentralized exchange that treats every project as unique. Its permissionless approach simplifies browsing while capturing sales. There’s also a robust filtering system, which makes it difficult to get lost in the vast library of assets. The platform’s head of product, Nate Chastain, was recently suspended by the company because of an insider trading scandal. Nate Chastain was accused of profiting from projects before they were ever promoted on the OpenSea website.
This approach is consistent with the OpenSea business model. It takes a 2.5% platform fee from each NFT transaction. Last month, the company reported generating $62.5 million in revenue from NFT trading volume. However, the OpenSea team was lean and found new NFT projects on Discord. Consequently, they out hustled their competitors in order to get the projects listed in the exchange. Rare Bits was able to make only a fraction of what OpenSea was generating in the crypto winter.
While Dropping a percentage of royalty fees on OpenSea is an effective solution to the issue of NFT price, it’s not a perfect solution. Many users prefer to use a different payment method. The OpenSea platform allows NFTs to be transferred from one blockchain to another via bridges. However, this doesn’t solve the problem of transaction failure. As a result, it’s important to ensure that your NFT transaction speed is high enough to allow you to reach the desired level of profits.