OpenSea is one of the largest decentralized NFT marketplaces where people can easily trade their non-fungible tokens efficiently in a user-friendly interface. There are millions of user-owned NFTs available on this decentralized platform and more are being uploaded every day.
What is OpenSea?
Non-fungible tokens or NFTs are trending since the advent of Cryptokitties in 2017. NFTs are redefining digital assets by leveraging blockchain technology. Blockchain games, Metaverse, Virtual Real Estate, PFPs, and exclusive entry passes – NFTs are everywhere. Cyber Punks, Cryptokitties, Beeple’s Collection, and Bored Ape Yacht Club are some famous names in the NFT world. Some NFTs were even sold for millions of dollars.
OpenSea was founded by two partners Alex Atalla and David Finzer in 2017 who took inspiration from the Cryptokitties’ success and worldwide fame and adoption. Opensea is run by 70 employees and has over 600 thousand users worldwide. There are over 80 million NFTs on the platform and 2 million collections worth collectively more than $10 billion. Opensea has NFTs of almost every category including Art, Collectibles, Domain Names, Music, Photography, Sports, Trading Cards, Utility, and Virtual Worlds.
OpenSea is creating a digital economy on top of blockchain technology by enabling traders, creators, and developers to trade freely and efficiently on the platform. OpenSea is the world’s first and largest marketplace for NFTs. How large is that: In August 2021 alone Opensea recorded $3.3 billion of trade volume.
Opensea in-depth Review:
The ocean of digital assets, Opensea is equipped with the latest tools that allow creators to create or mint their NFTs in a user-friendly interface. It is free to sign up for the platform that supports more than 150 tokens as a payment token. The platform charges 2.5% fees on the traded assets which is the best offer compared to the competitors. It is the first pick, especially for those who are new to the NFT world. It has multichain support between different blockchains including Ethereum, Polygon, and Klatyn.
As per OpenSea Developer Documentation, it supports interoperable standards like ERC-721 and ERC-1155 allowing the collection to be more diverse. Cryptokitties pioneered the ERC-721 standards. The ERC721Tradable and ERC1155Tradable enable users to trade their digital assets by implementing the whitelist check. The platform also leverages the Ownable contracts to provide basic access control mechanisms.
One of the main features that discourage rug pull activities is the option to host the NFTs on IPFS (InterPlanetary File System). Now why hosting on IPFS is important is very critical to understand. When a digital asset is created as an NFT, it’s say, a JPEG file. When uploaded that file resides on some system under a given address hosted on HTTP.
The above address stores and NFT named “My NFT” on a system which is not a very smart way to do it. Since that JPEG file resides on some server anyone changes the content of the original file or even replaces the file with a new image – no guarantees there. Server owners have the power to change any file on the network and this can alter the complete meaning and value of an NFT – quite an opportunity to rug pull. Opensea has once Rug Pulled to show the arbitrary value of these digital assets. IPFS solves this problem through content address where each asset has a unique hash. If the asset is altered in any way the hash will also change, signaling there’s something fishy.
How to use OpenSea:
Opensea is an easy-to-use platform that is quite straightforward for both buyers and sellers. Anyone can use the platform free of cost. For creators and buyers, the approach is somewhat different than sellers. Users first need to connect their wallet from the top right corner of the website as shown below.
There is a number of options to connect including the famous MetaMask, TrustWallet, and Coinbase Wallet. The creators then can click on the create button to mint their NFTs. For the seller, the approach is even simpler. They need to visit the Opensea Marketplace, look for their desired NFT, and click it.
Now If the NFT is on Sale, the buyers can place the bid or buy directly otherwise. On click, the transaction will ask for authentication from the wallet. One thing to note here is that Opensea converts Ethereum ETH into Wrapped Ethereum WETH before the transaction. WETH makes ERC tokens and ETH transactions easy.
- Opensea has the most diversified collection of NFTs
- There are lower fees and Gas fees options with 200+ payments options
- There is no opensea NFT wallet so all the purchases are anonymous and only users own their NFTs
- The platform has over 400,000 monthly visitors with 1,25000 discord community members.
- Opensea supports IPFS hosting and provides HTTP hosting with the guarantee of a third party.
- Opensea has a well-known team of developers who are not doxxed.
Opensea stands at the well-deserved first number in the ranking of NFT Marketplaces. Though there are two many creators on the platform crowding the Marketplace, still there is a fair competition to get recognition. Opensea has allowed minting on the Polygon network for those who can’t afford the high Ethereum fees. This probably will open new gateways for Opensea to flourish and grow its community.