If you are a fan of non-fungible tokens, you have probably come across NFT marketplaces where collections can sell and buy unique NFTs. One such example of an NFT marketplace is OpenSea – another of our favorite NFT marketplaces that is relatively new is Magic Eden.
While we have already talked about Magic Eden in detail in the past, today, the spotlight is on OpenSea.
FYI, OpenSea is an NFT marketplace that provides users with the ability to create, trade, sell, and buy non-fungible tokens. It happens to be the biggest trading platform for non-fungible tokens, with over 2.4 million active participants and a trading volume of 6.03 million dollars daily, as per data last collected in November 2022.
Understanding OpenSea:
OpenSea is a marketplace that prides itself on being the largest and the first non-fungible token platform offering essential services. Before it was built in 2017, there wasn’t any platform for trading multiple non-fungible tokens easily.
The OpenSea marketplace was basically the crypto world’s answer to users who wanted to trade in crypto collectibles as well as other non-fungible tokens with each other.
The mobile and desktop dashboards open with two different prompts to create a brand-new cryptocurrency wallet or explore non-fungible tokens. Additionally, if you have a crypto wallet already, then you can simply connect the same to this platform. Moreover, you can also explore the vast collection of over two million NFTs and create your very own.
This marketplace supports different categories of non-fungible tokens, ranging from domain names, sports assets, virtual lands, collectibles, music, and art.
Additionally, you can identify the most trendy and top collection in every category. Plus, users can easily narrow down the results with the help of time periods like all-time, a month, seven days, and 24 hours. You will also see that there is an option to choose a specific blockchain that you might prefer to check out.
So, What Is OpenSea?
As we just mentioned, it first launched in 2017; the OpenSea marketplace is decentralized and Ethereum-based. Here, you can purchase as well as sell non-fungible tokens. Initially, it appeared to be a market space for CryptoKitties, but currently, you can come across a wide range of digital assets such as digital art, game avatars, domain names, music, and more.
For operating in this marketplace, you will obviously need a cryptocurrency wallet that actually supports Ethereum. So, you will be happy to know that there are multiple options, such as:
Apart from these, there are more than 200 payment alternatives. One method even depends on stablecoins.
In addition to supporting Ethereum, this marketplace also supports Polygon (MATIC) and Klaytn (KLAY). This has made it incredibly easy for different users to engage on this platform.
How To Use OpenSea?
Follow the steps mentioned below to start using the OpenSea marketplace:
- Visit the crypto exchange and tap on the “creat” option on the platform.
- Select a wallet from the platform’s given list and then install the same.
- Now, add Ether to your wallet.
- Monitor the NFT you plan on buying.
- Tap on its thumbnail image or name.
- Verify the buying details.
- Depending on the listing you plan on creating, tap on the ‘Bid’ or ‘Buy Now’ button.
- Submit your primary request and then enter your payment details.
- Please note the address of the NFT token and the associated charge.
- Enter your key (the private one) and then tap on ‘Submit.’
- After you are done processing your request, OpenSea will be able to display the NFT you bought on your dashboard.
Other than Ether, you can also think about using DAI, USDC, and SOL for your transactions on this marketplace.
Features Of OpenSea:
OpenSea marketplace has multiple unique features, allowing the users to do so much with the same! Our favorite features are as follows:
1. NFT Minting:
If you happen to be a creator, then you can mint non-fungible tokens. New NFTs have so much demand – the collectors love newly created NFTs! Plus, you can earn money lots of money that way.
Moreover, the platform supports several formats for you to transform the digital file into a non-fungible token. The maximum size limit for your NFT is 100 MB. Also, you can set up your own collection of non-fungible tokens.
When you do NFt minting, the platform doesn’t charge you any fee. After the final sale, however, you will have to pay OpenSea a service fee. The service fee is 2.5% of the price at which you sell your NFT.
2. NFT Gifting:
On OpenSea, users can send non-fungible tokens to their friends. A user can look for their friend’s username or directly send the gift. For directly sending the gift, they will need their friend’s ETH address. That way, the gift will go to their friend’s wallet directly.
However, users will have to connect their crypto wallets to their accounts before using this feature.
3. NFT Statistics And Analytics:
The NFT stats and analysis tool is one that can be really useful when someone on the platform wants to analyze any NFT’s price statistics. Moreover, users can use this tool when they want to monitor trends in the NFT space.
With the help of this tool, users can basically segregate the data depending on its volumes or sales rankings as well as the most recent activity (sales).
And It’s A Wrap!
Opensea is the biggest marketplace for non-fungible tokens. Moreover, it provides a channel for hundreds of collectors, traders, and creators to engage. Here, NFt enthusiasts can buy, sell, or create real estate, collectibles, art, sports, and in-game assets on the listing page of the platform.
Of course, emerging and new NFT marketplaces like Binance NFT, Looks Rare, Nifty Gateway and Rarible are gradually starting to compete aggressively with OpenSea.
However, as of the end of 2023 and the beginning of 2024, OpenSea has managed to stay the leading name in the NFT space with a solid market volume of over twenty billion dollars. Naturally, we can expect this platform to retain a significant portion of the market in the near future.
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