What is OpenSea?
The American non-fungible token (NFT) marketplace OpenSea is based in New York City. Devin Finzer and Alex Atallah launched OpenSea in 2017.
With a marketplace based on the Ethereum ERC-721 standard, the layer-2 scaling solution for Ethereum Polygon, the KIP-7 standard for Klaytn, and the SPL standard for Solana, OpenSea enables the direct sale of non-fungible tokens at a predetermined price or through an auction.
Token company Bancor has said it will be worth $13.3 billion by January 2022, making it the largest non-fungible token market. In addition, the company’s income in 2021 increased due to increased demand for its tokens, reaching $95 million in February.
How Does OpenSea Work?
OpenSea is an online marketplace that allows users to purchase, sell, and non-fungible trade tokens (NFTs). In addition, users can transact various digital collectibles, including art, music, domain names, trading cards, and dozens more. Users connect their crypto wallets (such as MetaMask) to make a purchase.
More than 34 million NFTs have already been uploaded to OpenSea. The 300,000+ people who are a member of the platform trade these NFTs. There are over 200 payment alternatives available, including stablecoins like USDC. Over a dozen wallets, including MetaMask, Coinbase, and TrustWallet, are supported with OpenSea. It also supports several blockchains, such as Polygon (MATIC) and Klaytn (LAY).
Features
NFT Gifting
OpenSea users can give NFTs to other OpenSea users as gifts. For example, you can send an NFT gift to a friend’s ETH address if you can’t find their username on OpenSea so they can get it directly in their wallet. Of course, you can also get NFT gifts from pals on any platform.
NFT Minting
OpenSea permits the minting of NFTs. Although OpenSea does not currently charge for the minting of NFTs, there is a service charge of 2.5% on the final sale.
Supported Wallets
You can use a variety of wallets with OpenSea. Here is a complete list of wallets that the platform supports:
- MetaMask
- Coinbase Wallet
- TrustWallet
- Portis
- Dapper
- Bitski
- Ethereum
- Formatic/Magic
- Kaikas
- Torus
- WalletLink
- WalletConnect
- OperaTouch
- Venly
- Phantom
- Glow
How to Use OpenSea?
To use OpenSea, you must follow these steps:
- Purchase the ETH you’ll require for your transactions at a currency exchange.
- On OpenSea.io, click the “Create” button.
- Choose a wallet from the list, then follow the installation instructions to install it.
- Include ETH in your digital wallet.
- Locate the NFT you want to purchase and click on its name or thumbnail image. You can also perform a keyword search or filter results using criteria like rarity, date, and owner. Before selecting “Buy Now” or “Bid,” double-check the purchase information.
- Your payment information must be entered in a form that appears after you have submitted your request. Keep a close eye on the NFT token address, and the ETH charge you will receive.
- You can cancel a transaction and restart it later by selecting “Cancel Transaction” while it is still pending on the network. Then, verify the transaction by entering your private key or seed phrase and hitting “Submit.”
- Your dashboard on OpenSea will display the NFTs you have purchased.
Referral Program
On OpenSea, there are a variety of ways to earn NFTs. For example, you may get ETH by referring new customers or selling here. Think of it as a company’s affiliate program. You’ll get a minimum of 1% of the sale if a new user signs up for the platform and makes a purchase.
Is OpenSea Worth it?
There is no cost to use OpenSea. The platform, however, charges a 2.5% commission on each sale made on the platform. There are, however, no monthly or yearly charges. For anybody who wants to buy or sell NFT tokens, it’s worth using. Make sure you understand what you’re doing and triple-check your transactions to avoid scamming.
OpenSea has added more security measures to protect users this year. For instance, the firm recently disclosed that it is currently testing a new two-part copy verification method to detect forgeries, rotations, and other kinds of genuine NFTs. In addition, the firm revealed a verifiable customer service mechanism earlier this year to combat identity fraudsters masquerading as OpenSea workers to access their cryptocurrency holdings.
