Everything You Need to Know About the OpenSea NFT Marketplace
If you have not been living under a rock, then you have probably heard of NFTs. They are all the rage right now. The majority of people are aware of what they are. But how do you buy or sell them? Well, this guide will be all about that.
Enter OpenSea, an open and popular NFT marketplace. This guide will be all about everything you need to know about the OpenSea NFT marketplace.
What Is OpenSea?
For those who do not know, OpenSea might sound like a shipping company or service. Well, we would not fault you for thinking that. But it has nothing to do with sailing. OpenSea is a marketplace. Just like the Facebook marketplace, you can buy and sell there.
But the only difference is that you buy and sell NFTs. 67,155 NFTs were sold a day before the time of writing alone. And it was worth about $15 million. Quite a large sum of money!
It started in 2017. Founders Alex Atallah and Devin Finzer run the business from the Big Apple, New York. And you can call them the pioneers in this space of public NFT trading as they were very early. So, they know what they are doing. OpenSea has taken off quite a lot in 2021 with billions of dollars of trading volume, making platform fees substantial.
And there are no signs of slowing down either. It is now valued at a staggering $13.3 billion. Let’s check out how the marketplace works.
How OpenSea Works
The basic functionality of OpenSea, like any marketplace, is buying and selling. Users will need to log in with an account. Then they can buy and sell digital assets with cryptocurrency or, soon, even fiat currency. It is pretty versatile in that regard.
NFTs are non-fungible tokens. They are essentially digital assets on the Ethereum blockchain (OpenSea only Supports Ethereum and it’s side-chains such as Polygon). Thanks to the nature of the technology, they cannot be replicated. So, what you have is unique to you. Pretty cool.
You can buy and sell anything on OpenSea. Anything that is an NFT and, more importantly, any kind of digital asset can become an NFT. However, we have seen digital drawings and imagery become some of the most highly bid upon and most commonly sold.
Your NFT will use a smart contract system that will essentially bind its ownership to you. This means that the blockchain uses an open-source ledger to make sure all ownershgip rights are stored forever and immutable. The platform uses high-end security standards for further safety to make sure no bad actors can steal any listed items.
Since it is on the Ethereum blockchain, you will need it to buy and sell it. Think of it as the currency on OpenSea. You can buy and sell by connecting your crypto wallets.
Is OpenSea Worth It?
Anybody with an internet connection can check out other NFT marketplaces. But what makes OpenSea special? The platform has boomed for a couple of reasons. One is, of course, because of the control users get over their NFTs as well as the no-code trading.
If you own an NFT, it will be stored on the Ethereum wallet. So, you have full control over your NFTs. You are not just handing your assets over to someone.
Plus, it is all anonymous. You can just connect your crypto wallet and boom! You are good to go. There is no fuss or muss. The whole process is pretty smooth and streamlined.
Buyers and sellers with a wide taste can also rejoice. OpenSea has many genres of NFTs. Starting from domain names to trading cards. Just name it, and chances are you can buy and sell those NFTs on OpenSea. Due to its first mover advantage it now has around 80% of the trading volume which makes the market quite liquid, meaning you can buy and sell quickly.
So, technically you can have a digital asset for a game and be sure that you are the sole owner but still trade your assets outside of the game! Speaking of games, our team here at metaverse games studio are changing game development for good using blockchain technology.
Click on this link to know more about all the supported wallets on OpenSea.
What Are The Fees?
This is one area where OpenSea outshines the rest. The fees are relatively low. And that is a good thing. It makes it accessible for others to enter the field and start buying and selling. Fees are the business model OpenSea uses.
You would assume that the fees would be quite high. Not really. The platform charges only 2.5%. That is 2.5% of all transactions that happen on its platform. Plus, there is an option as an artist to set a royalty on secondary sales on the platform, which is distributed with code. But you do not have to pay anything to explore the platform.
Checking it out and using it is completely free. It only charges an amount when a sale happens. And we think that is completely fair. There are plenty of payment options too! There are a whopping 200 payment options to buy or first NFT.
Oh yes, you read that right. So, pick and choose whatever payment option suits you the best. However, since it is on the Ethereum blockchain, naturally, Ether is the most popular payment option. Transaction and gas fees are made with Ether.
OpenSea Quick Facts
Alright, before wrapping up, we wanted to give you a quick overview of some facts about OpenSea. These will be rapid-fire-style facts.
So, buckle up. Some of the facts here are pretty interesting, to say the least. One of the most exciting ones is quite interesting.
- There are a large number of collectibles. With over 20 million registered user assets, choice is never a problem.
- CryptoPunks is one of the most popular NFTs. Along with the Bored Ape Yacht Club.
- It also has a mobile app that is responsive and easy to use.
- While OpenSea is safe for the most part, it still encourages users to do their research. And that is good practice. But millions of dollars in transactions are happening. It is pretty safe.
- It has an active community of passionate users and asset owners.
- The platform recently started its 0-gas fee program. So, now is the best time to get started.
Wrapping Up
OpenSea has potential. Hopefully, with this guide, everything you need to know about the OpenSea NFT Marketplace is crystal clear. And with digital assets becoming more and more valuable and common, working with us at Metaverse Games Studio can create a large impact on your business, the NFT market as a whole and the metaverse in the future.
Make an appointment today to learn how we can help build your ideas into reality.
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