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OpenSea is the NFT platform (or marketplace) to know! In terms of exchange volume, OpenSea is the leading NFT platform. What’s more, OpenSea offers a vast number of NFTs. Some even call OpenSea the “Amazon of NFTs”! Please find out more about the OpenSea platform and its services.
What is OpenSea?
OpenSea is an exchange platform for NFTs that was created in 2017. Find out more about OpenSea below.
On OpenSea.io, you can buy, sell, or trade NFTs. It’s a decentralized platform. In other words, exchanges are peer-to-peer, with no intermediaries. OpenSea operates on the Ethereum blockchain and offers NFTs associated with the ERC-721 and ERC-1155 tokens. The platform is working to develop compatibility with other blockchains, such as Solana.
In terms of numbers, OpenSea has:
More than 200 employees ;
More than 2 million NFT collections;
More than 80 million NFTs;
More than $20 billion in trading volume.
Not surprisingly, on OpenSea, you’ll find the hottest NFT collections of the moment, such as CryptoPunks, Bored Ape, Doodles, etc.
OpenSea, the NFT platform par excellence
The platform can count on many supporters within the crypto industry. For example, below are some of the companies helping OpenSea with its development:
Trust Wallet ;
Blockchain Capital ;
But the company also boasts high-profile “angels” such as American billionaire Mark Cuban and actor Ashton Kutcher.
“Today, we’re proud to remain the largest generalist marketplace for user-owned digital objects, supporting multiple blockchains, with the widest range of categories and the best prices for emerging new classes of digital items. We’re thrilled to be central to this growing industry as a company. We will continue to invest in our core infrastructure while creating the most accessible marketplace for buyers, sellers, and creators.” OpenSea
OpenSea: For whom?
The OpenSea platform is suitable for all audiences. In fact, this is one of its major strengths. First and foremost, it is aimed at NFT collectors searching for that rare pearl.
OpenSea is also used for investment purposes. Investors can buy high-potential NFTs and then resell them to generate income.
Finally, OpenSea is also used by beginners. Its uncluttered interface makes it easy to navigate.
The different types of NFT on the OpenSea marketplace
OpenSea is a general NFT platform. In other words, you’ll find a massive choice of NFTs on OpenSea. Of course, you’ll find on OpenSea the big NFT collections that are all the rage at the moment, like Bored Ape. But you can also find the great NFT collections of tomorrow!
What’s more, OpenSea offers different NFT categories. For example, blockchain domain names are offered in NFT. On the Internet, a domain name designates the address’s keyword and the extension, such as “wikipedia.org,” etc. The principle is the same, except that these are blockchain addresses.
Below are some of the major NFT collections available on OpenSea:
NFT in art: Nightmare Project 5,000 NFT Solana blockchain
Polaroids V5 30 NFT created by painter Jack Kaido
Sun Signals 1,010 NFT created by artist Kevin Abosch.
CryptoSpells, NFT cards that let you take part in the CryptoSpells game
Sorare, NFT cards featuring professional soccer players that let you put together a soccer team and play on the Sorare platform.
Sports NFT: The Association, NFT cards that change appearance over time in connection with the NBA and NBPA
Boxing Boyz Metaverse, 5,000 NFT characters with 150 different attributes that let you play on the Boxing Boyz metaverse
McLaren MSO LAB Genesis, 2,012 unique NFTs associated with the McLaren racing team.
Virtual world: MegaCryptoPolis, NFTs that let you build and develop your plot of land on MegaCryptoPols (plot, factory, apartment, villa, police station, etc.)
Decentraland Wearables, tens of thousands of NFT items you can buy to dress or equip your avatar or plot in the Decentraland metaverse
Decentraland, NFT plots of land you can buy to participate in the Decentraland metaverse.
NFT services offered on the OpenSea platform
The OpenSea platform offers two main services: NFT exchange and NFT creation.
The NFT marketplace
OpenSea’s primary function is to offer a wide range of NFTs. So, whether you’re an investor or a collector, you can buy the NFT of your choice. The transaction occurs directly between the seller and the buyer, thanks to the blockchain technology used on OpenSea. This is known as a peer-to-peer or decentralized transaction.
To buy or sell an NFT on OpenSea, you must:
1. Open an account on OpenSea;
2. Open a crypto wallet compatible with OpenSea such as:
Phantom (for NFTs hosted on the Solana blockchain)
Glow (for NFTs hosted on the Solana blockchain)
OperaTouch (mobile only)
Trust (mobile only)
3. Connect your wallet with the OpenSea account;
4. Deposit funds in your wallet (if you want to buy an NFT);
On Opensea.io, you can also create your own NFT to offer it for sale. Creating an NFT involves registering your token on the blockchain. This is known as “minting”.
The advantage of OpenSea is that anyone can create their own NFT. In fact, you don’t even need to know the main principles of ERC tokens, let alone do any computer programming. You must create your NFT (image, video, etc.) and upload it to OpenSea via the “Create” button. But be careful! Before you start creating your NFT, be sure to check OpenSea’s file size and weight constraints.
OpenSea: NFT platform fees
Fees on the OpenSea NFT platform are set at 2.5% on all secondary sales and between a 2.5% and 10% fee on mints from primary drops. In other words, the platform charges 2.5% on each transaction. NFT creators, on the other hand, can set fees of up to 10%. These Opensea fees are charged to the NFT creator every time their NFT is sold and resold.
If you create (mint) an NFT on the OpenSea App, you must also pay a gas fee. The amount of this fee depends on the blockchain used and its traffic. These fees can be exceptionally high since OpenSea works mainly with the Ethereum blockchain. Indeed, the Ethereum blockchain encounters recurring congestion problems, which causes its gas charges to soar. On OpenSea, you can put your NFT up for sale without transferring it to the blockchain. As a result, you only pay the gas costs at the time of the transaction (sale).
OpenSea is today’s leading NFT platform. The platform shines for its simplicity and low fees. Moreover, you’ll find a huge choice of NFTs in many fields: art, music, maps, domain names, etc.
OpenSea – Advantages and disadvantages
Discover the main advantages and disadvantages of the OpenSea marketplace below.
Wide choice of NFTs;
Easy-to-use platform for beginners;
NFT creation possible;
Secure platform used by millions.
Compatibility only with Ethereum blockchain (compatibility with Solana blockchain in beta stage);
A crypto wallet is required to register with OpenSea.