OpenSea - The Big Candidate in NFT Marketplace Race - Market247.io
If you want to get in on the NFT trend, an NFT marketplace is your key to buying and selling digital goods ranging from art to music to entire virtual worlds. There are dozens more NFT marketplaces, many of which have a specific focus or expertise. So, which NFT marketplaces should you choose?
Today, Market247.io will cover information about the major NFT marketplace OpenSea and here is what you need to know.
What is the OpenSea?
OpenSea is a revolutionary decentralized marketplace for purchasing and selling NFTs. Founded in 2017, it has grown to become the largest decentralized non-fungible token (NFT) marketplace built on Ethereum. Anyone can use the site to buy, sell, and mint NFTs with over 200 payment alternatives. Art, video games, website domains, games, and music are among the items available. The platform now has over 30 million NFTs and over 900,000 collections.
The platform recorded over $3.5 billion in NFT trading volume in August 2021 alone. Given that it only had $21 million in volume for the entire year of 2020, the 12,000% increase in trading activity indicates success.
OpenSea is now pioneering a royalty scheme in which creators can opt to receive royalties when they sell their NFTs. This approach allows producers to profit every time the item trades hands on the secondary market, and it has the potential to alter the compensation model for creators while also providing improved intellectual property protection.
How does OpeaSea Work?
It is a marketplace with no custody. It contains no digital assets. Instead, consumers keep the assets in their crypto wallets, the same place they save their cryptocurrency private keys. When an item's ownership is changed, the ownership record is transferred from the seller to the buyer, and the platform will charge a 2.5% fee for this process. In addition to the 2.5% operations fee, users must pay gas fees during the transaction. These gas fees are paid to Ethereum, the underlying protocol, for network maintenance, such as creating an account, accepting an offer, and canceling a bid.
What Cryptocurrencies are Accepted on OpenSea?
OpensSea now supports over 150 coins. The platform's primary currencies are Ethereum (ETH)/WETH, USDC, and DAI. OpenSea also supports cross-chain transactions on Polygon, Klaytn, and, of course, Ethereum.
When trading, customers can now convert cryptocurrency to their native money. However, using money directly for purchases on the platform OpenSea is not possible.
Here, Ether will be the most often used money. ETH will be required to pay some fees. Users can add the coin to their OpenSea wallet immediately. They can do this by depositing from an exchange or purchasing directly with their credit card.
The platform allows us a multitude of cool activities. The most prevalent activities are trading, selling, and purchasing various NFTs. You may also use the site to obtain fantastic market insights and learn about new ideas.
Provide NFT Statistical and Analytical Information
The market for NFTs is quite young compared to decentralized finance and other crypto sectors. If you don't know where to search, it might not be easy to locate data and insights regarding particular NFTs and broader NFT trends.
The platform has simplified this procedure by gathering market data for anybody to sift by rankings (based on sales volume) and activity (most recent sales).
NFT Markets for Buyers and Developers
It has amassed the greatest percentage of NFTs for sale around the globe. Thus, it is the ideal marketplace for retail customers purchasing NFTs and an indispensable platform for developers. Moreover, developers may rapidly create unique NFT marketplaces for selling in-game products, crowdfunding projects, and producing user airdrops, among other uses.
Offer Reasonably Low Fees
The platform has a straightforward pricing structure. It imposes a 2.5% fee on all transactions conducted on the platform. Creating a marketplace or utilizing that platform is entirely free. OpenSea levies a 2.5% service fee on all transactions and a 10% royalty to the author of the original NFT. The platform's NFT fees are among the lowest in the industry.
Support a Range of NFTs and Ethereum Token Usage.
The fact that OpenSea is the largest NFT marketplace implies that more people will notice your work or the items you are attempting to sell. It provides over 200 digital assets and over 4 million NFTs via its website. These NFTs can be purchased and traded using DAI and other Ethereum-based currencies.
The platform accommodates all NFT classifications. Users can purchase NFTs featuring art, virtual world assets, trade cards, game items, utility tokens, and even domain domains. Currently, art NFTs are by far the most popular. These are digitized photos, gifs, or videos on the blockchain. OpenSea platform has more than 1.26 million users, 2 million collections, and over 80 million NFTs. It is compatible with Ethereum, Polygon, and Klatyn networks.
Over 200 Payment Alternatives
OpenSea offers digital goods for sale on the blockchain. Consequently, most transactions utilize cryptocurrencies. It offers over 200 funding methods, with Ether being the most popular. ETH is used for all platform payments, including transaction fees and gas.
The platform will only take payments in cryptocurrencies. The system permits secondary sales. Various payment alternatives are available, including stablecoins, major currencies, and BTC.
Release a Mobile Version
In September 2021, OpenSea released its first app for Android and iOS. The application serves as a gallery. It allows users to view and exchange artwork listings. The software enables you to manage and view your NFT collection.
Offer anonymous transactions
This NFT marketplace promotes the cryptographic principle of semi-anonymity. There is no requirement to register an account on the marketplace. You only need to connect your cryptocurrency wallet. This means that when selling or purchasing NFTs, you are not disclosing your information.
Nevertheless, the platform indicates it may gather your personal information to enhance its service. They may also capture the website's blockchain address, but this information could be hidden from other buyers during transactions.
OpenSea is compatible with several cryptocurrency wallets. The most popular wallet used on that platform is MetaMask. MetaMask's success among existing and prospective crypto users results from its interoperability with almost all Ethereum-based platforms.
The following wallets are compatible with that NFT marketplace platform:
- Coinbase Wallet
Devin Finzer and Alex Atallah established the OpenSea marketplace in 2017. Both men have prior experience in the field of technology.
Born in the Bay Area, Devin Finzer attended Brown University. He then accepted a position as a software developer at Pinterest. In 2015, he co-founded the search engine Claimdog. Credit Karma acquired it shortly after its release for an unknown sum.
Alex Attalah earned a degree from Stanford University. After graduating, he worked for Silicon Valley startups Zugata and Whatsgoodly.
As the largest NFT marketplace, OpenSea features an extensive and active user community. In January, it was claimed that one million users had joined its community. It currently has a market valuation of $13.3 billion.
The assets with the largest trading volume are CryptoPunks and Bored Ape Yacht Club NFTs. These NFTs have a reputation that extends beyond the crypto community. In the past twelve months, it has infiltrated popular culture. This has resulted in hundreds of thousands of additional users.
OpenSea continues to be one of the largest decentralized NFT markets. It is beneficial for those who wish to acquire or sell NFTs. This essay will hopefully give you a deeper understanding of that Ethereum-based NFT marketplace. However, please be cautious, and double-check your transactions to avoid becoming a victim of scams.
Market247.io is a place for sharing information, experience, and earned contracts with the community of crypto market players. It also updates news about blockchain technology and the cryptocurrency market.
1. How to use OpenSea?
Regardless of crypto expertise, buying and selling NFTs on OpenSea is a rather straightforward process. This has been one of the reasons influencing the expansion of the platform. Let's look at the actions you'll need to follow while you're just starting.
- Purchase Ethereum: To purchase your NFTs, you will need ETH.
- Create your cryptocurrency wallet: OpenSea can handle several web3 wallets for storing your cryptocurrency.
- Transfer Ether to your wallet
- Connect your wallet: The OpenSea website contains a section titled "My Profile." After gaining access, link your wallet to the platform.
- Register your wallet
- Check out "Marketplace": Choose the NFT category you wish to browse from the "Marketplace" drop-down menu. Filter the results to your specifications. After selecting the NFT of your choice, click "Buy Now" to acquire it. The total price, including all applicable fees, will be presented. Click "Checkout" next.
- Confirm: Your wallet extension will prompt you to confirm or reject the transaction. Select "Confirm" You should have your NFT in your wallet within a few minutes.
2. Is OpenSea Safe?
Open Sea is protected by blockchain technology. As stated previously, your non-custodial tokens never leave your wallet until they are sold. While a sale occurs, the smart contract you agreed to when listing your NFT is activated, and your NFT is withdrawn from your wallet in exchange for the sum owed. The blockchain protects and verifies all information.
However, due to a flaw in the OpenSea NFT marketplace, hackers were able to steal rare NFTs for a fraction of their market worth in 2022. They subsequently sold them for a substantial profit.
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