In our previous publication we addressed, an excellent NFT Marketplace listing existing and important. And for each of the explored, we comment very briefly on some of their characteristics (advantages and disadvantages) most prominent. And obviously because it's OpenSea, one of the best known and used worldwide, we address it first.
Meanwhile, today we will delve a little more about OpenSea, further detailing its characteristics, so that many interested in these modern websites, focused on the commercialization of cryptoactives called NFTs, can have at hand useful, recent and valuable information thereon.
And before delving into this present publication on one more topic in the field Blockchain, DeFi and NFTs, more specifically related to a NFT Marketplace, that is, about “what is OpenSea”. We will leave for those interested, the links to some of our previous related posts with said website or other matters. So that they can do it easily, in case they want to increase or reinforce their knowledge about it, at the end of reading this publication:
"A website specialized in trading crypto assets called NFTs. These may or may not address the full cycle of their management, that is, creation, purchase and sale of NFTs. Some are usually free to create the NFTs, while charging commissions for buying/selling the NFTs. While others may be slightly or totally different in all respects and others". The best marketplaces for buying and selling NFT
What is OpenSea?: Everything from zero to 100
What is Open Sea?
In the already mentioned previous publication, we described in general terms to OpenSea as follows:
"It is an NFT Marketplace that uses open and decentralized protocols like Ethereum, and interoperable standards like ERC-721 and ERC-1155. Its platform includes excellent tools that allow its users (creators and consumers) to freely trade their NFTs in their various accepted formats, and developers to create rich and integrated markets for their digital items. Also, it is considered by many to be the first and largest market for NFTs in the world. It allows you to create NFTs completely free of charge, use the Polygon network to avoid commission costs, and use anonymous digital wallets like Metamask. And among other limitations, it does not allow payments with fiat money".
However, there is still a lot of important information to know about OpenSea, beyond the simple buying and selling of NFTs.
Top 5 – Most important features
- It is considered by many to be the largest market for non-fungible tokens (NFTs).
- Recommends and allows the use of digital wallets, such as: MetaMask (Browser Extension), Fortmatic (App that allows registration with a phone number), Authereum (App focused on usability without transaction fees), Dapper ( Browser extension), Bitski (App that allows you to register with an email and a password) and Torus (App that allows you to log in with Facebook, Google and using OAuth).
- It works under the Ethereum Blockchain platform, and therefore, requires the use of the Ether cryptocurrency (ETH) for the payment of interactions with the block chain and to pay for the items that will be purchased, that is, possible fees and gas. generated.
- It has a fabulous and very comprehensive asset browsing section that allows you to browse and search by text search patterns, or view NFTs by the following classifications: Recently Listed, Recently Created, Soon to Expire, Lowest Price , Highest prices, Last highest sale, Oldest and most viewed.
- It allows you to carry out very practical and useful filters. For example: by items in a specific token contract within the collection, by listings denominated in a specific currency, by items that share a trait, or by items in a specific token ID range. Also, by the following categories: Items for Sale, Items on Sale, Pre-Sale Items, Rewarded or Recommended Items, Auction Items, and Bundled Items.
Other notable features
- It offers a trust-minimized process, meaning that it allows users to buy and sell digital assets directly with their peers, all without relying on escrow or trusted third-party payment processors. In addition, their offers are atomic, that is, either the entire operation happens or nothing happens.
- It operates by binding promises, that is, it allows a seller to make a binding promise to sell goods for a certain price, while the buyer makes a binding promise to pay the price, and when those two promises are combined, then the platform make the deal in a single transaction.
- It has an excellent integration with Polygon, thus avoiding the high fees of Ethereum. In addition, it uses it as a statistics and analysis tool.
- Their commissions (fees) are considered high on average. For this reason, transactions can cost between $10 and $100 depending on various factors.
- It does not have support for fiat currencies, that is, it does not allow you to pay directly with dollars, euros and other national currencies.
- Community members do not receive rewards for executing NFT transactions. Strategy used by other platforms to attract members.
- It offers free access to the platform, but it is mandatory that the purchases are executed only in Ethereum. Although, at the beginning of the operation the ETH is first transformed into wrapped Ethereum (WETH).
- And although it may not be that important, it does not have its own cryptocurrency or token, unlike other sites that do use their own. In addition, its website does not offer native support for the Spanish language, nor does it have a satisfactory night mode, which allows browsing the web in low ambient light environments.
On creating NFTs
Describe the process of creation of NFTs in OpenSea Briefly, it can be done as follows:
- Have a digital wallet ready, such as Metamask.
- Go to the website of opensea.io to register using the Metamask wallet.
- Achieve the connection of the Wallet Metamask to OpenSea.io, to generate the user account.
- Configure and complete the data of the user account generated through the Profile button (Profile).
- Upload a creation or digital asset (audio file, image, video or 3D model) as NFT, by pressing the Create button in the top menu and completing (or modifying) the requested fields.
- Customize the created VFT collection where the first generated NFT has been inserted, completing the requested data, and ending the process by pressing the Accept Changes button.
- And voila, the first NFT has already been generated, which can be shared and marketed for the enjoyment of anyone.
For more information and details on “how to make an NFT” in less than 10 minutes, we recommend exploring the following entry:
About selling NFTs
Describe the process of selling NFTs on OpenSea Briefly, it can be done as follows:
- Within the first NFT generated or any other existing one, the necessary fields must be filled in and required by the platform when pressing the Sell button.
- Starting by assigning a value in Ether (ETH) within the Price field, and whose amount is completely at the discretion of the creator of the NFT.
- Then you must continue filling in the Duration field, choosing between the programmed options of: 1 day, 1 week or 1 month, or a manual period, which often cannot be more than 6 months.
- Continue the process, leaving the value of 2,5% of the commissions as default and unmodifiable, in order to press the Complete listing button.
- Once this is done, we finish the process of completing our listing (complete your listing), enabling the NFT on the platform, pressing the Unlock button and then the Sign buttons in the following windows until we see the message “Your NFT is listed” (Your NFT is listed).
- And that's it, all that remains is to share the NFT link to others for dissemination, marketing and sale, using the Share button and choosing the Copy Link option. Or simply, using any of the other options, if they are more useful or necessary.
For more information and details on “how to sell an NFT” in less than 10 minutes, we recommend exploring the following entry:
Summary
In summary, we hope that this publication on “what is OpenSea”, help many to understand said NFT Marketplace. In such a way that they can value it better as opposed to others, equally or less known. And so they can quickly, freely and efficiently “create, buy or sell an NFT” about her. Thus, getting started quickly and successfully in this new, passionate, fun and productive space of technology and digital finance, using OpenSea.
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