OpenSea is one of the most searched keywords in search engines, but what is OpenSea, and what is it for?
The year 2021, is the year where the growth of NFT has increased rapidly. The emergence of the Metaverse game NFT’s name has become increasingly popular in 2021. NFT virtual game has made many curious about this unique cryptocurrency token.
It is predicted that in 2022 the growth of NFT will be even higher due to the increasing popularity of the Play to Earn game, which is an NFT-based game in the Metaverse. OpenSea at a glance is the first world’s NFT marketplace. It becomes a place for users can create, sell or buy NFT virtual goods.
- 1 About OpenSea
- 2 When did OpenSea Launch?
- 3 How OpenSea works
- 4 Is OpenSea built on Ethereum?
- 5 What are OpenSea fees?
- 6 Where are OpenSea NFTs stored?
- 7 Is OpenSea the best NFT marketplace?
- 8 How OpenSea makes money?
- 9 Final thought
OpenSea is a platform for buying and selling virtual goods non-fungible tokens (NFT), which is a decentralized peer-to-peer marketplace.
This is the first platform to become a marketplace for NFT, which is also the largest in their claim. Many users have joined the platform with a total of more than 300 thousand users with more than 34 million NFT in the OpenSea marketplace. The transaction volume on OpenSea is over US$4 billion.
Various categories have been traded in this marketplace, including NFT in the form of collectible games, digital art, sports NFTs, virtual worlds, decentralized domain names. There are more than 200 categories of NFT virtual goods available on the OpenSea platform.
The founder and CEO of OpenSea are Devin Finzer and Alex Atallah. Devin is from New York United States. In Linkedin’s profile, he has experience as Co-founded OpeanSea and has been full-time since 2017 until now for more than 4 years.
The OpenSea development team consists of people with backgrounds working experience at Google, Facebook, Pinterest, Palantir, and Stanford.
OpenSea itself received funding from YCombinator, Founders Fund, Coinbase Ventures, 1Confirmation, and Blockchain Capital.
Before founding OpenSea Devin Finzer filled the position of Engineering Manager at Credit Karma for a year, he also became Co-founder of Irish Lab in 2015, became a software engineer at Pinterest, and also Co-founder of Claimdog which was acquired by Credit Karma.
Finzer earned a degree in Computer science and mathematics 4.0 at Brown University in 2009-2013.
Alex Atallah, apart from being the Co-founder of OpenSea, is also an advisor to Blockrise, a company based in San Francisco. Previously he was CTO at Whatsgoodly Inc. in 2016. He has also worked at Zugata as a Lead Frontend Engineer. At Palantir technology in 2012 Forward Deployed Engineer.
It is known that he has a Bachelor of Science at Stanford University and Oxford University degree Overseas Study Program Field Of StudyCyber/Computer Forensics and Counterterrorism in 2013.
Where is OpenSea located?
OpenSea is a company headquartered in New York United States, as its founders are from this region.
OpenSea currently has 70 employees with a collection of more than 2 million NFT and more than 600 thousand users using the OpenSea marketplace whose impact on the market volume has reached $10 billion.
When did OpenSea Launch?
At first, the founder of OpenSea was inspired by the game Crypto Kitties which became popular in 2017. The game became a place for buying and selling NFT in the form of kitties with various characters.
Because the founder in the same year joined the Crypto Kitties game on Discord, the two founders finally ventured to establish OpenSea which was released in Beta in December 2017.
OpenSea is not just for the NFT market of Crypto Kitties, it is a whole NFT market, where one can create NFTs and sell them, there are many different categories already present in the OpenSea platform.
How OpenSea works
Initially, OpenSea used Ethereum blockchain smart contracts, but in its development, it has also added support for the Klaytn chain as well as Polygon, which is a layer 2 protocol on the Ethereum blockchain.
How to access the OpenSea platform, the first thing to do is connect wallet, the most popular of which is to use the Metamask wallet browser.
After successfully connecting the wallet with OpenSea, it will automatically collect NFT information in the marketplace and you can find the item you like, which works similarly to eBay or Amazon, where the basic difference is the type of item.
In OpenSea only all digital items, while eBay and marketplace are generally physical goods. Users can also create NFTs and share them and sell them on the platform, for this users can study the guides in the OpenSea.io help center.
Can OpenSea use Coinbase?
When you click connect wallet, there will appear the first and most popular wallet option is Metamask, then there is the Coinbase wallet.
There are two options to connect the Coinbase wallet on OpenSea, first, you have to install the Coinbase web3 wallet extension in the Chrome browser, and the second way is to scan the QR code from your Coinbase smartphone wallet.
After successfully connecting with the OpenSea market you can freely browse the NFT OpenSea market and find the item you like, and you can also bid on the price of an item.
Can OpenSea use Solana?
Even though Solana is called the Ethereum killer, this blockchain has its NFT market, most of which is still in alpha and beta versions. Several platforms to buy Solana’s NFT such as SolSea, Solonart, and there are Digital Eyes.
At present, there is no information that OpenSea can support Solana, but it is possible that in the future the development team will expand the market on Solana’s NFT.
Can OpenSea connect to Crypto.com?
We’re not sure there’s a way to connect OpenSea with a Crypto.com wallet. In one of the questions, a user trying to connect ETH wallet Crypto.com has faced a problem that always fails with a 30 second try again notification.
From these questions there is no definite answer, so we conclude that the wallet does not support it.
The easiest way to check wallet support is to click Connect wallet on the OpenSea application site.
Does OpenSea support Polygon?
OpenSea has supported the Polygon blockchain, users can create and sell NFTs on the Polygon blockchain.
Using the Polygon marketplace with no gas fees and ETH required. How to start is users make sets from the OpenSea profile and continue on My Collection to add Polygon marketplace.
By default Polygon uses ETH, but there are other options Polygon DAI and USDC. Through OpenSea you can create NFTs, share and sell them on the Polygon Marketplace.
How to create and sell NFT on Polygon follow guidelines https://support.opensea.io/hc/en-us/articles/4404029357587-How-do-I-create-and-sell-NFTs-on-Polygon-.
Is OpenSea built on Ethereum?
First-time OpenSea was built on the Ethereum blockchain using the Wyvern Protocol. It is a smart contract specifically for buying and selling unique digital goods. But now it has been developed and supports the Polygon blockchain and the Klatyn blockchain.
Being the largest NFT marketplace OpenSea platform supports multiple blockchains, and there is more than 200 payment system available on the OpenSea platform.
Which wallets support OpenSea?
Several wallet options can connect to the OpenSea platform.
- Metamask– This is a popular wallet used on the OpenSea platform.
- Coinbase wallet- Web wallet that supports explore Dapps wallet, download extension in the browser.
- Walletconnect– Wallet support Dapps, any chain signup WalletConnect.org.
- Fortmatic – Access Ethereum Dapps anywhere, create wallet Fortmatic.
- Kaikas – Browser extension wallet, download to Chrome.
- Bitski – Easy platform signup use email and password.
- Venly – Wallet for NFT market Venly.io.
- Dapper– Browser extension wallet.
- Authereum – Flat on-ramp transaction wallet with no transaction fees.
- Torus – Wallet quick simple login wallet uses Facebook and Google account.
- Portis – Browser web and mobile wallet for Dapps.
- Opera Touch – Mobile only.
- Trust wallet – Non-custodial wallet stores private key locally.
What are OpenSea fees?
For every sale from the creator, OpenSea charges a fee of 2.5%. As quoted from its official website, OpenSea states that 2.5 percent of each sale that will go to OpenSea is compensation for services provided to creators.
For example, if you succeed to sell 100 ETH worth of NFT works, hence 2.5 ETH for OpensSea. And the rest of $97.5 for you.
Meanwhile, for buyers of NFT works, OpenSea does not impose any additional fees or commissions.
But for the first time sellers are listing on OpenSea, they have to pay a gas fee which is the gas fee for the Ethereum blockchain. This fee is only one time and there will be no more gas costs ahead.
OpenSea also provides a 10% royalty model, so creators will get rewards according to their work. How to set the royalty, is to use the editor’s collection and change the royalty value to 10%.
Where are OpenSea NFTs stored?
Since NFT is a unique and irreplaceable token, where to store NFT digital goods? Is it decentralized where anyone can find it?
Citing to Fio One, NFT can be deployed in some ways. Where large files such as videos are stored off-chain because if they are placed on the blockchain it will cost a lot of money. NFT OpenSea is stored in Metadata in a file, while NFT is placed off-chain.
An NFT can be placed in three ways: The NFT token resides on the same blockchain, on a different or decentralized blockchain, and a centralized server.
The structure of OpenSea Metadata refers to the official ERC721 metadata standard and the Engine Metadata suggestions.
Is OpenSea the best NFT marketplace?
OpenSea is indeed the best NFT marketplace and is in the first position in the NFT marketplace search on Google. With a transaction volume of more than $10 billion, OpenSea has managed to rank number one.
Forecasting the NFT market in 2022 is increasing even more in the wake of increasing interest in gaming on the Metaverse. OpenSea supports more than 150 token payments, providing more options for users.
What does NFT mean?
NFT stands for Non-Fungible Token, meaning a digital file that has only one unique item, it cannot be replaced with anything else. There are NFTs which are artwork, music, videos, and so on that have unique names, images, and descriptions that distinguish them from other digital files.
An NFT uses a digital signature that distinguishes it from other files. It’s mean it cannot be exchanged with others. NFT is tokenized which can then be traded like goods in general.
What is an example of NFT?
Various categories can be tokenized into NFT. The very first example of NFT is in the game Crypto Kitties, with each character unique in each bred cat.
Another example is Axie Infinity and Decentraland, games that are part of the Metaverse are increasingly popular as the NFT market.
Even NBA shots issue collectible NFTs for their fans that can buy and sell.
Below is an example NFT image.
Virtual design object by Andres Raisinger
He is a designer from Argentina, managed to make NFT furniture, and sold under a little $ 70,000. This furniture can only be stored for games like Decentraland, or Minecraft, and is not physically used.
RTFKT digital sneaker
RTFKT makes NFT tokenized sneakers, which successfully entice people to buy even if they never use them. Amazingly, they are willing to pay over $10,000 for a pair of digital sneakers. Its sales even reached $3.1 million in March with the collaboration with an artist named Fewocious.
What is the most popular NFT?
According to Google Trends, In 2021, the most popular NFT is Axie Infinity. The searches by keyword increased rapidly since September. It seems that the Axie game has succeeded in making people curious about NFT gaming.
Second place is NBA top shot, this in Google search made it to 396,000 NFT- in searches. Next, there are Cryptopunks with an average search of up to 42,000 searches.
Meanwhile, The largest NFT marketplace is still OpenSea, at least until now.
How OpenSea makes money?
To make money on the OpenSea platform, a creator seeks to profit from his work such as designs, illustrations, music, and so on through NFT sales. A popular NFT creation usually will become of high value. Meanwhile, the OpenSea platform earns money from creator sales it will take 2.5% on each sale.
How do OpenSea royalties work?
Royalties are sent to the payment address specified in the user profile. NFT is an asset that is in the blockchain and every time the asset moves, the creator will get royalties.
Where the creator can set the amount of royalty up to 10%, the payment of which is between the 1st to the 15th. And creators will get notified by email.
Being OpenSea’s largest NFT marketplace is very attractive for fans of the NFT digital unit. Which also allows one to earn profits that can convert into real money.
There are even some famous artists who sell their pictures in NFT form. The future of OpenSea may be very promising, due to the young fans’ more interest.
Note: this article is for personal information and opinion only, and does not constitute investment advice. Each investor is responsible for his investment.
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