What Is OpenSea? World Most Largest NFTs Marketplace
13 May 2022
OpenSea is a decentralized marketplace that facilitates the purchase and sale of non-fungible tokens. The NFT exchange, founded in 2017, started as a market for CryptoKitties but has already extended beyond collectibles. It is a marketplace for a range of digital goods, such as art, domain names, gaming objects, and music.
OpenSea is based on the Ethereum blockchain, hence an Ethereum wallet is required to purchase and sell non-fungible tokens on OpenSea. Over a dozen wallets, including MetaMask, Coinbase, and TrustWallet, are supported with OpenSea.
In addition to supporting Polygon (MATIC) and Klatyn (KLAY), OpenSea also supports several other blockchains. Over 150 payment alternatives, including stablecoins like USDC, ensure that anybody may purchase and sell things on the marketplace.
You have been taken a glance at OpenSea’s summary, now let’s dive into the fulfillment bePAY insight post about what is OpenSea marketplace.
What Is OpenSea NFTs Marketplace?
What is OpenSea used for? OpenSea is indeed a decentralized peer-to-peer marketplace for buying, selling, and trading rare digital commodities, such as gaming items, collectibles, and works of art. OpenSea is based on non-fungible token (NFT) technology and operates on the Ethereum blockchain.
OpenSea positions itself as the biggest marketplace for digital goods since it offers a vast selection of products in over 200 categories and promises to provide the lowest pricing on new products.
OpenSea facilitates the exchange of digital art, decentralized domain names, trading cards, virtual worlds, digital collectibles, sports NFTs, utility NFTs, and anything else imaginable. It is the platform of choice for a number of the most prominent NFT projects, including Cryptopunks, Axie Infinity, Gods Unchained, CryptoKitties, SuperRare, and others.
Notably, OpenSea enables anybody to trade NFTs on the worldwide market, but it does not assume ownership of any of the things that are listed on its marketplace. Instead, the marketplace facilitates transactions using smart contracts, while consumers keep their assets in a wallet of their choosing.
OpenSea NFTs marketplace
In addition, users are permitted to offer their things on OpenSea even if they are also listed on other markets, as long as the items are still in their wallets.
OpenSea offers an open platform for consumers to trade while collecting just 2.5% of the purchase price of each NFT sold, which, as of April 2021, is the lowest fee in the industry.
How Does OpenSea Work?
As a decentralized marketplace, OpenSea employs smart contracts that are meant to facilitate the purchase and sale of unique digital assets. Smart contracts enable users to safeguard the custody of their NFT collectibles on the platform, therefore protecting the creator’s effort.
OpenSea allows NFT transfers, but after attaching OpenSea to a compatible Web3 wallet such as MetaMask, you may conduct transactions directly with other blockchain users.
OpenSea utilizes the open-source blockchain Ethereum as well as ERC721 and ERC1155 to verify that NFT collectors hold the assets they are putting on the market. In addition, the business has used Polygon blockchains to facilitate rapid, low-cost trade.
How does OpenSea work?
OpenSea Main Features
OpenSea NFT marketplace has the following notable features:
OpenSea allows its users to send NFTs to other OpenSea users as gifts. If you are unable to locate your friend’s username on OpenSea, you may send them an NFT gift to their ETH address so it can be deposited straight into their wallet. On every platform, you may receive NFT gifts from friends.
OpenSea permits the minting of NFTs as well. OpenSea does not charge a cost for minting NFTs at this time, however, there is a 2.5% service fee on the final transaction.
Setting up a marketplace on OpenSea is completely free, however, OpenSea charges a 2.5̀ service fee on each transaction. In comparison to other NFT markets, this charge is reasonable.
OpenSea main features
Various wallets are compatible with OpenSea. Here is a comprehensive list of the wallets supported by the platform:
- MetaMask: MetaMask is the easiest and most secure method for connecting to blockchain-based apps. On the new decentralized web, you are always in charge of your interactions.
- Coinbase Wallet: Coinbase Wallet is a self-custody cryptocurrency wallet, putting you in charge of your cryptocurrency, keys, and data. Now you can securely keep your cryptocurrency and rare NFTs in a single location.
- TrustWallet: Trust Wallet was designed for ease, letting users store, transmit, receive, and stake over 1 million cryptocurrencies and non-fungible tokens (NFTs) via a mobile device. However, if their account is hacked, they may have difficulties.
- Venly: This wallet (previously Arkane Network) is a multi-blockchain wallet provider that builds an open network between individuals, ecosystems, and dapps.
- WalletConnect, etc: WalletConnect is an open source protocol for connecting decentralized applications to mobile wallets with QR code scanning or deep linking.
OpenSea Vs Rarible In Comparison Which One Is Better?
OpenSea and Rarible are two excellent places to begin if you are interested in making and selling NFTs, acquiring NFTs, or purchasing and reselling NFTs. However, even though the two platforms provide comparable services, they vary in several ways.
OpenSea is a bigger marketplace than Rarible (it offers more than 150 tokens) and has been in operation longer (Rarible was founded in 2020). In addition, the platform supports additional crypto wallets and provides cross-blockchain compatibility for Ethereum, Polygon, and Klatyn, thus it may be a better option for NFT developers and purchasers who need more flexibility.
OpenSea vs Rarible
Rarible also provides Ethereum, Tezos, and flow as blockchain alternatives for NFT makers and purchasers, but it is a superior platform for NFT creators since it gives up to 50% in royalties (compared to OpenSea’s 10% rate) whenever your NFT is resold.
>> Let’s see more detail about what is Rarible?
How Do I Buy NFTs In OpenSea?
The emergence of hundreds of distinct cryptocurrencies complicates the purchase of non-exchange-traded funds. To further complicate things, the same NFT may be priced in many currencies, such as ETH, DAI, and USD.
ETH is the most prevalent base currency used to purchase and sell NFTs. Additionally, it is the primary money on OpenSea. However, you should be aware that OpenSea employs WETH, a wrapped version of ETH (wrapped ETH).
Therefore, before participating in an NFT auction, you must convert some ETH to WETH. Using your OpenSea wallet to do the conversion is the simplest method. Once there, you may pick wrap for the given amount by clicking the dropdown menu.
Before making any purchases, you must first convert your ETH to Wrapped ETH (wETH). The rationale for encapsulating ETH is interoperability concerns. There is already an article on wrapped tokens that includes wETH. Know that wETH is an ERC-20 token tied to ETH for the time being.
The good news is that converting between ETH and wETH does not need a centralized exchange or decentralized exchange (DEX). This procedure may be performed directly on OpenSea.
How do I buy NFTs in OpenSea?
Once you have your wETH, you may submit a bid on an NFT. You may observe the auction, and similar to eBay, if you are the highest bidder after the auction, you get the NFT.
OpenSea will manage the transaction and transmit the money and NFTs from this point forward. If you include an email address in your account settings, OpenSea will send you an email after you win an auction.
You’ll need a little amount of ETH to pay for gas to complete the task, but once it’s done, you’re ready to submit bids on OpenSea.
>> There is an article if you are new and have no ideas about gas fees
FAQs About OpenSea
What Is OpenSea Used For?
OpenSea NFT marketplace was founded in 2017 and provides a venue for NFT makers to mint (or produce) NFTs for sale. And if you are a buyer, you will have the choice to either purchase or purchase and resell your acquired NFTs.
Is OpenSea Safe?
Generally speaking, yes. OpenSea puts in place safeguards against harmful information and fraud. However, it is recommended that you investigate producers before purchasing their NFTs and that you stay with certified developers.
Collections when you’re buying NFTs from high-profile public individuals fraudsters might be tempted to mimic. Also, always verify that you’re navigating to OpenSea.io, and should never divulge your wallet’s secret recovery phrase.
Is OpenSea safe?
How To Sell In OpenSea?
Select “Create” under your profile. Follow the on-screen steps to upload, name, and describe your file. Select a blockchain, then click “Create” to complete the procedure after specifying the number of copies that may be created.
>> See the full article on how to create NFTs on OpenSea.
OpenSea is the NFT market with the biggest trading volume and daily active users in 2022. In the next years, the NFT industry will get more attention. Consequently, there are several investment alternatives to examine. We will provide updates if there are any fresh developments.
That is all you need to understand about OpenSea. We hope you’ve gotten useful insights to comprehend OpenSea’s potential.
To learn more about other blockchain technology and cryptocurrency topics for non-tech readers, let’s take a look here