The growing popularity of NFTs (Non-Fungible Tokens) has led to the emergence of NFT marketplaces, which allow creators to showcase and sell their unique digital art. Among these marketplaces is OpenSea. Keep reading this guide to learn more about OpenSea.
Alex Finzer and Alex Atallah are the brains behind OpenSea. The two launched their project in 2017 with the goal of providing NFT enthusiasts with a user-friendly and transparent marketplace. Moreover, Finzer and Atallah aim to make OpenSea a platform where collectors and creators actively engage in the digital ownership space.
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Although OpenSea is known by many for supporting Ethereum-based NFTs, the growing number of NFT projects built on other blockchains has pushed the trading platform to add support for non-Ethereum NFTs in recent months.
How OpenSea Works
We can compare OpenSea to e-commerce platforms like Etsy and eBay as it also acts as a marketplace, although for NFTs. However, unlike the two e-commerce sites, OpenSea processes transactions between creators and collectors in a decentralized manner, meaning it does not hold the users’ funds.
So, how does OpenSea generate revenue? The trading platform charges a 2.5% fee on every secondary sale.
As mentioned, OpenSea is no longer an Ethereum NFT-only platform. It now allows projects created on Polygon and Solana to be listed. Moreover, due to the high Ethereum transaction costs, OpenSea lets users transact on Polygon, an Ethereum layer-2 network, by following one simple step. This enhances user experience, especially for beginners.
In terms of development, OpenSea’s team has not stopped improving the NFT platform to ensure it retains its world-class status. The marketplace recently transitioned to Seaport protocol from Wyvern protocol in an effort to smoothen operations. The transition has significantly reduced transaction costs on the NFT platform.
OpenSea’s Main Features
OpenSea has several features that make it stand out from other NFT marketplaces. They include:
Multi-chain support – As mentioned, OpenSea supports NFTs on other blockchains besides Ethereum.
Minting – Creators can use OpenSea’s minting feature to launch their NFT collections on the marketplace.
Multiple NFT categories -On the OpenSea platform, you can find several types of unique digital assets, including music, art, domains, utility NFTs, and virtual lands.
Customizable storefronts – As a creator on OpenSea, it is possible to customize your storefront to make it more appealing to collectors.
Educational support – OpenSea understands that not everyone is familiar with NFTs, and that is why it offers access to helpful educational materials to allow beginners to learn everything about the digital ownership world before investing.
Easy-to-Navigate User Interface – You do not need help to navigate the OpenSea platform since it has an intuitive interface.
Advantages and Disadvantages of OpenSea
- OpenSea’s interface is user-friendly, thus allowing everyone to participate in NFT trading.
- Compared to other NFT marketplaces, OpenSea charges relatively low trading fees.
- With OpenSea, you can access NFTs on various blockchains.
- OpenSea relies on cryptocurrencies for payments. This makes it difficult for traditional investors who use conventional payment methods like debit/credit cards to buy NFTs.
- OpenSea operates in a largely unregulated environment, so fraudulent cases are high.
A Step-by-Step Guide to Buying Your First NFT on OpenSea
In this article, we will show you how to purchase Ethereum NFTs since they are the most popular on OpenSea. Here are the steps to follow:
Step 1: Register an account with OpenSea.
Step 2: Connect your MetaMask wallet to OpenSea by clicking the “Connect Wallet” button. Ensure the wallet has some ETH to pay gas fees and buy an Ethereum NFT.
Step 3: Explore the OpenSea platform to identify the NFT that you like.
Step 4: After finding the NFT, you can place a bid or buy it right away. In our case, we will opt to buy the NFT immediately. To do this, press “Buy Now,” and openSea will deduct the quoted amount from your wallet and transfer the NFT to you. You can view your newly acquired NFT on your OpenSea profile.
As the NFT market evolves, OpenSea promises to continue innovating to give NFT enthusiasts an excellent user experience. If you wish to buy NFTs, remember they are as volatile as other digital assets. So invest carefully.