OpenSea Review 2023: The Leading Decentralized Marketplace for NFTs

OpenSea is the largest marketplace for buying and selling non-fungible tokens (NFTs). Use blockchain technology to securely buy and sell digital assets such as collectibles, game elements, art, and music on the decentralized platform.

Jan 3, 2023 - 12:09
Dec 11, 2023 - 16:51
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OpenSea Review 2023: The Leading Decentralized Marketplace for NFTs
OpenSea Review 2023: The Leading Decentralized Marketplace for NFTs

Decentralized marketplaces, like OpenSea, are revolutionizing how we buy and sell digital assets. These marketplaces use blockchain technology to offer a secure and transparent platform for buying and selling non-fungible tokens (NFTs), including collectibles, game elements, art, music, and even domain names.

OpenSea, founded in December 2017, is the largest marketplace for NFTs and has attracted big-name artists such as Beeple, Damien Hirst, Snoop Dogg, Calvin Harris, and the Golden State Warriors. In this article, we will explore the features and functionality of OpenSea and the registration process and supported wallets.

Ergonomics and Navigation

OpenSea is a visually pleasing and user-friendly platform. From the homepage, users can explore available works or create their own. The search bar at the top of the screen makes it easy to find specific items, and the results can also be browsed by category. The menu includes six tabs: Explore, Stat, Resources, Create, Account, and Wallet. Currently, the site is only available in English, but users can use a browser's right-click translation feature to access the site in other languages.

Each project on OpenSea has its presentation page that includes information on the number of works, the minimum price for acquiring one, and the number of owners. The overview page for a product displays its transactions and owner history. OpenSea is designed to be a community platform so users can customize their profile pages with a cover photo, profile photo, and links to social media accounts. To create a profile, users must first connect a portfolio.

Registration and Supported Wallets

To create an account on OpenSea, users must first connect to a crypto wallet. These wallets can be an app or a physical device used to store, send, and receive cryptocurrencies and NFTs. OpenSea supports a range of popular wallets, including MetaMask, Coinbase Wallet, and TrustWallet. Some wallets are only available on mobile devices, and some, like MetaMask, allow users to buy cryptos with a bank card. OpenSea also offers Wallet Connect, which will enable users to connect any wallet supported by Ethereum.

Once the wallet is connected, users can set up their account with a nickname, profile images, bio, and social media links. The contextual menu on the left side of the screen provides access to notification settings, as well as offers and winnings made on the platform. Users can access their favorites and watchlist from the site menu, which are used to save individual NFTs or entire collections respectively. The collections tab allows users to create custom collections and add NFTs.

Buying and Selling on OpenSea

OpenSea offers a range of options for buying and selling NFTs. Users can place bids on items in auctions, make offers on fixed-price items, or purchase items immediately at their listed price. OpenSea also allows users to record their NFTs for sale, with options for a fixed price, auction, and offer-based listings. Sellers can set a minimum price for their items and a reserve price, which is the lowest price at which the item will be sold. Sellers can also offer a percentage of their sales to the creator of the original work.

To ensure the security of transactions, OpenSea uses smart contracts, which are self-executing contracts with the terms of the agreement written into code. These contracts facilitate, verify, and enforce the negotiation or performance of a contract. Users can view the smart contract for a given item on the item's overview page.

In addition to buying and selling NFTs, OpenSea offers a marketplace for renting NFTs. This feature allows users to temporarily use an NFT, such as a virtual real estate property, for a set period and price. The rental terms are detailed in a smart contract, which is viewable on the item's overview page.

OpenSea also has a feature called "bundles," which allows users to group multiple NFTs and sell them as a package. This feature is helpful for artists and creators who want to offer a collection of their works for sale.

OpenSea Fees

OpenSea charges a small fee for listing items on the marketplace and completing a sale. The exact cost varies depending on the type of listing and the sale price. The cost is 3% of the sale price for fixed-price and offer-based listings. For auctions, the cost is 5% of the final sale price. There is no fee for creating a listing, and OpenSea does not charge any fees for buying items.

Read Also;  Paxful Kenya (2023): How to Register, Login,Available Wallets, Transaction Fees, and Everything You Need to Know

Conclusion

OpenSea is a pioneering platform for buying and selling NFTs, offering a wide range of digital assets and a user-friendly interface. Its use of intelligent contracts ensures the security of transactions, and the various listing options give users flexibility in how they sell and buy items. With its growing community of creators and collectors, OpenSea is a go-to destination for those interested in NFTs.

Joseph Richard Joseph Richard, a leading contributor to sledge.co.ke, uses his decade-long expertise in finance, business, and technology to offer clear, reliable guides and analyses. His work aids Kenyans in making informed financial and business decisions, earning him a reputation as a trusted industry authority.