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Introducing Opensea: Largest & First NFT Marketplace

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Founded:2017
CEO:Naval Raikant
Employees: 769
Revenue: $365 Million
Headquarters:105 East 24th St., New York
Last Updated: 2022

What Is Opensea

Opensea allows anyone to buy and sell digital goods and services with anyone else in the world. It does not charge any fees for buying or selling on the platform. There are no restrictions on what can be bought or sold on this NFT marketplace. Smart contract technology is used by OpenSea to buy and sell NFTs. The platform provides users with smart contracts to protect their NFT collections. They also give the inventor security. By leveraging the ERC721 and ERC1155 standards, the platform confirms that NFT collectors own the assets they are selling.

This is also the world’s first decentralized exchange Web3 for buying and selling digital goods and services. This means that Opensea is not subject to the laws or regulations of any country or jurisdiction. The platform is also censorship-resistant, meaning that no government or organization can block or prohibit transactions on the marketplace.

Who Benefits From Using Opensea

Being the largest NFT marketplace means there are more people to see your work or what you are trying to sell. Add in the mobile app for iOS and it means a lot of visibility for your listings.

As a plus, you can both mint and sell NFTs with zero gas fees to be paid by you. This means that you can get higher profits for your sales, and it will draw in even more users to the platform as it costs them nothing to create on OpenSea.

Features

OpenSea is a decentralized marketplace that allows users to buy and sell non-fungible tokens.
OpenSea is a decentralized marketplace that allows users to buy and sell non-fungible tokens. Founded in 2017, the NFT exchange initially began as a market for CryptoKitties but has expanded beyond collectibles
  • Supports Anonymity: As part of its mission, it promotes the principle of semi-anonymity. The market does not require you to create an account. It only takes a few minutes to connect your cryptocurrency wallet. You are essentially not revealing your information when you sell or acquire NFTs.
  • Over 150+ Payment Options: Over 150+ funding alternatives are supported by OpenSea, with Ether being the most often used payment option. Payments can only be made with cryptocurrency on the portal. There is an option for secondary sales on the platform. A few examples of payment methods include stablecoins and popular currencies.
  • Quite A Number Of Collectibles To Choose From: Users have listed over 20 million assets. Other NFT websites concentrate on just one niche, while this platform lists a variety. Listings are available in a wide variety of formats. These items might be sold at auction or at a fixed price. Currently, artworks are the most popular category.

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  • NFT Minting: Coining an NFT and establishing a collection of NFTs are simple processes. In addition to being free, the key feature of this NFT marketplace is that you don’t need to have any previous experience to mint NFTs. It is also your choice how many to mint for your collection.
  • It comes with a mobile app: There is a gallery function in the app. Listings can be browsed and shared by users. NFT collections can be viewed and managed with the application.
  • The entire operation is powered by Ethereum blockchains.
  • No other marketplace can compete with OpenSea when it comes to volume and earnings.
  • Tokens are present in virtually every NFT category, including art, gaming items, trading cards, and collectables.
  • As a market for both mints and resales, it combines two markets into one.
  • Finding NFTs: OpenSea offers a convenient search box at the top of their website so you may browse through their sizable collection of NFTs if you know the name of an NFT or have a specific search word you wish to use. You can also browse the extensive selection of options on the “Explore” page and filter products by price, status, blockchain, and other criteria.
  • Analytics and Ranking: Before buying NFTs, many investors and collectors like to review historical data. It can be difficult and time-consuming to find this information, especially if you want to view data on several NFTs simultaneously.

Plans & Pricing

Pros/Positive Feedbacks

  • There is a great deal of competition between the commission rates.
  • A higher level of security is not available on any other marketplace.
  • A total of 600 NFT styles are available on this platform, which is the most of any platform today.
  • Easy to understand and use
  • Free to use for all
  • Cheap transaction costs for NFT sales
  • Several blockchains provide alternatives to avoid Ethereum’s exorbitant costs.

Cons/Negative Feedbacks

  • OpenSea only allows artists to receive royalties of up to 10%, but this is not necessarily a drawback since secondary sellers are able to keep more profit. 
  • No fiat support: Currently, OpenSea does not support traditional currencies like USD or AUD. In spite of the fact that several features, such as direct fiat payments and profile customizations, are not yet available, the platform claims they will be available in the near future.
  • Centralization: As for this platform’s claim of decentralization, there are also concerns. ]It is comparable to Coinbase in this regard. NFT initiatives host metadata and material centrally. In addition to the platforms where they are sold, it is difficult to view NFT data outside of those platforms. However, this might change in the near future.
  • All payments are made in crypto only
  • You don’t know minting fees until the sale completes
  • Doesn’t have truly decentralized governance

Conclusion

If you’re looking for a safe, secure way to buy and sell digital goods and services, then look no further than OpenSea! With over 2 million users and $6 billion in transactions processed, it is the world’s largest decentralized exchange for buying and selling digital goods and services.

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With no fees and no restrictions on what can be bought or sold, this platform is perfect for individuals as well as businesses of all sizes! Whether you’re looking to buy a domain name, sell a Twitter handle, or trade crypto ICO tokens, OpenSea has you covered!

I'm Agboola. I am a computer scientist with more than 6 years of experience helping small businesses reach their goals through the use of technology. I have a bachelors in computer science and a masters in information technology, so you can talk to me all day about software applications!

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