JAKARTA OpenSea has become the most popular NFT marketplace since the explosion of a number of well-known NFT digital art such as CryptoPunks, Bored Ape Yacht Club (BAYC), Azuki, and so on. Many are already familiar with the name OpenSea, but not as many people do not know what OpenSea is.
Although over time, various OpenSea competitors have emerged. One of them is LooksRare. Even so, for those who are not familiar with OpenSea, VOI.id will explain what OpenSea is and how it works.
What is OpenSea?
OpenSea is the largest NFT trading platform today. In addition to being intended as a place for buying and selling, users can also print NFT (minting) on OpenSea. This is the first decentralized NFT marketplace built on the Ethereum blockchain.
platform users can sell and buy as well as print their own NFT digital collection. OpenSea is actually a simple platform to use, and anyone can use it easily.
This marketplace was originally used as CryptoKitties trading platform, which was one of the first decentralized applications (DApps) on the Ethereum blockchain. Now OpenSea has developed and become the NFT marketplace. Users can trade various digital arts, including music, images, videos, paintings, GIFs, game items, virtual land, ENS, and so on.
For now, OpenSea is a trusted NFT trading platform, whether it's for printing or trading NFTs. Because it's based on the Ethereum blockchain, users only need an Ethereum wallet to interact with and use OpenSea. Supported wallets include MetaMask, Coinbase, Trust Wallet, MyEtherWallet, and more.
In addition, OpenSea also supports a number of other blockchains such as Polygon (MATIC) and Klaytn (KLAY). Both are options that can be used by users other than Ethereum, which is the main blockchain. In addition, OpenSea also accepts a number of payments, including stablecoins. All payment methods are related to crypto.
How OpenSea Works
As mentioned above, OpenSea can be used to buy, sell, and print NFTs. This platform uses smart-contracts because it is a decentralized blockchain-based platform. That means, no authority has controlled it.
Smart-contract itself is programmed to ensure there is no cheating on the platform, and creators can sell their NFT at any price they deem appropriate.
OpenSea uses ERC-721 and ERC-1155 Ethereum standards for NFT. This standard is built to confirm ownership of a digital collection so that users do not claim ownership of what does not belong to them. This marketplace also facilitates NFT transfers, transactions are carried out directly on the Ethereum network between sellers and buyers.
On the other hand, not a few users have complained about the high transaction fees on the Ethereum network. Therefore, OpenSea recently introduced a Polygon blockchain to facilitate faster and cheaper transactions. Users can learn more about Ethereum gas fees and find out why transaction fees on the Ether network can be so high.
Printing NFT on OpenSea
In recent years, the face of art has changed with the presence of NFT digital art. These are times of transition from physical artwork to digital. Platforms like OpenSea will be highly relied on for creating and transferring digital collection holdings.
To support the transition of works of art from physical to digital, OpenSea provides NFT printing services for artists and NFT creators. With this NFT minting feature, users can easily print NFTs and prepare NFT collections. On the other hand, users don't have to have any experience to print NFT, and only need a few simple steps.
Fortunately, OpenSea itself does not charge any fees to print NFTs or free. NFTs made can be anything from art, music, domain names, virtual worlds, trading cards, collectibles, and so on.
OpenSea for NFT Sale and Purchase
OpenSea is known primarily as a platform to buy and sell NFT. This is where content creators sell their digital goods, and buyers can buy directly from them in peer-to-peer trading.
OpenSea accounts for the highest NFT sales, and content creators can easily target the targeted market and start selling NFTs, raise funds, and provide NFT airdrops for their followers. In addition to trading NFT on OpenSea, the platform has a feature that allows users to award NFTs to other OpenSea users.
But before printing, selling or buying NFT, users are required to create an account first on OpenSea. The method is also quite easy, users only need to own one of the crypto wallets such as MetaMask, TrustWallet, Coinbase Wallet, and so on.
If you already have a crypto wallet, users only need to connect OpenSea.io to the user's wallet. If these steps have been taken then users can make NFT transactions easily.
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