OpenSea is a decentralized peer-to-peer marketplace to buy, sell and trade non-fungible tokens (NFTs). OpenSea markets itself as the largest NFT marketplace. Therefore, It is worth walking to explore the world of OpenSea and discover what it offers in the trade of NFT.
This article will take you through the questions like what OpenSea is, And what is the user journey in the platform.
With the surging popularity of CryptoKitties, Devin Finzer and Alex Atallah decided to create a decentralized platform to trade NFT. Hence, in 2018, OpenSea was formed. Since then, OpenSea is witnessing significant growth in the NFT market. Artwork by Beeple for $70 million and flying Pop-Tarts rainbow cat for $600,000 is trading on OpenSea.
The Growth rate of OpenSea is astonishing. OpenSea in March 2021, recorded $82.5 million in transaction volume.
Recently Logan Paul has announced the launch of his first NFT on Twitter, with networth of over $3.5 million. These announcements from influencers are adding fuel to the burning fire.
NFTs acquire huge significance for Digital art. They are non-replicable digital assets which require a unique marketplace for its trade. Thats where OpenSea came into play. But before we take a deep dive into the OpenSea marketplace. If you still have some ambiguity regarding NFTs you may read more on this.
OpenSea is like an amazon for NFTs. It has millions of unique digital assets. Besides having digital art it has multiple categories of collectibles, games items, music and other digital representations of physical assets.
Wallet is a tool to connect with the blockchain, and to store, buy, and sell NFT. One thing to remember here is that OpenSea doesn’t provide the infrastructure to store the assets. So we need to connect with the external wallet. In this case we are using MetaMask.
Trading on OpenSea is more to rely on smart contracts than the counterparty. You don’t need to trust the buyer or the third party. This is because OpenSea uses the Wyvern protocol. This protocol enables the swap to change the state of NFT ownership as soon as the seller receives the cryptocurrency ownership.
After setting up the wallet, now it's time to connect with OpenSea and discover the world of it. To do so, click on the top right corner, then my profile, select MetaMask, sign in and follow the instructions in your wallet.
Your page is empty for now. To create one, you can click on create, fill the description and hit Add. You can now see your collections at the window.
The marketplace option is the heart of OpenSea. You can search for any NFT by typing name or can use various filter options.
To create your first NFT, click on the Add new Item. A new window will be open. You can add your metadata such as images/audio/video files with the NFT name below. You can also add external links and descriptions of the NFT.
This method can create only one NFT at a time. However, if you want to make multiple versions of the same artwork you can add the Edition numbers in the stats below.
You can also add unlockable content such as high-resolution files and private keys of Physical assets to ensure security. Once you are satisfied, you click on create and a new window of your NFT statistics will be open.
To buy NFT you first need to buy ETHs. Users also need to ensure that they accommodate gas cost by themselves.
Once you have finished purchasing ETH, bid on the NFT you intend to buy. You can also follow the auction. If you are the highest bidder in the auction you’ll get the NFT.
OpenSea claims to charge the lowest fee in the NFT space. They take 2.5% of the sales price. There are no service charges for buyers. You can learn more about their gas fee structure from here .
The NFT market is growing vigorously and it can only be limited by imagination.There is no doubt that the NFT markets such as OpenSea and Rarible are poised to prosper in future.
Recently, AIRNFTs build on Binance smart chain has also launched. Apart from that Aleph.im has also announced a partnership with the polygon to offer an unstoppable storage solution for NFTs marketplace.
Also read about blockchain architecture.