A detailed review of the OpenSea NFT marketplace

OpenSea is one of the first services that began offering services for transactions of works of art in digital format using cryptocurrency. The platform offers a number of convenient solutions for ordinary users. On Open Sea you can sell, buy, create, wrap and store your unique works. Do everything that creators need to monetize their creativity!

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OpenSea operates on the basis of decentralization. Community members have their own crypto accounts and addresses with assets in the form of works. All this is under the control of clients, which is why they love Open Sea

Today we will tell you how OpenSea has become a key platform in the market in Russia and the world

How the platform was created

The OpenSea oi company was founded in the USA, in New York back in the winter of 2017. The founders were D. Finzer and A. Atallah, who initially launched the Wificoin platform. It opened up the possibility of receiving payment in tokens to provide access to Wi-Fi. After that, CryptoKitties appeared - an exciting game based on blockchain technology. Even then, the founders had no idea that the game would become a key element of a real revolution in the NFT industry.

The founders saw the active development of their startup, so they decided that non-fungible tokens would be used in the future even more actively than now. This became the starting point from which the Wificoin service began to change towards providing convenient services to everyone who uses and creates metaverses. This is how

OpenSea NFT was created - an NFT marketplace that began to offer a huge number of functions.

Dry numbers

Let's look at the numbers. OpenSea NFT has managed to raise over $300,000,000 based on successive investment rounds. Attraction of investments was under the patronage of A. Horowitz. Many well-known sites and funds have invested in the service. Among them are 1confirmation, Tribe Capital, Coinbase Ventures, Boost VC and even Paradigm.

As for the peak of popularity, 2021 set all records. During this year, 90% of transactions were completed. Turnover for the year crossed the line at 14 billion dollars. Huge amounts!

Today the headquarters of Open Sea nft is located in California, USA.

Legal information

The creation of NFT tokens based on WIPO, as well as the Paris Convention on the basis of property protection at the United Nations, forms the basis of the company’s legal model. This made it possible to create a solution that will have supranational legal status, and which leads to the fact that the Open Sea service does not need to be legalized to operate in more than 175 countries.

What is the result of this decision for OpenSea in Russia and the world? Direct - to create an NFT, it will take, on average, about 17 minutes. In addition, you will have to pay a small, insignificant commission. This combination of international law and NFT creates a large-scale market of a new format.

How things are in Russia

A few words about Russia. For the Russian Federation, the legal status is quite uncertain. The fact is that tokens in the country cannot be called digital financial assets, even though NFTs are created in numerous countries. In addition, it does not fit the definition of a digital currency, since a token is not a payment tool.

What is the reputation of the platform

If you look at Open Sea reviews on Google Play, where you can also download OpenSea, the rating there is 3.9 out of 5. Based on almost 24,000 reviews.

If you look at the rating of the OpenSea application in the App Store, then the rating there is 4.7 out of 5. Based on more than 23,000 reviews.

Key advantages

Open Sea official website, like the mobile program, has a number of advantages. Among them is the ability to interact with several Blockchains of both the 1st and 2nd levels. We are talking about Ethereum, Arbitrum, Polygon, Klaytn, Avalanche, Solana and Optimism.

In addition, the OpenSea marketplace also has a number of advantages:

• Possible connection in the future Tezos and Flow, which are popular not only in OpenSea ru nft, but also in the world
• You can create an NFT based on Polygon in OpenSea, which opens up wide opportunities for generating NFTs without commissions that are paid to Ethereum
• OpenSea official website gives a royalty of 10% if you sell tokens through the referral program
• OpenSea collection is a unique treasure trove. Here you can find various audio files, domains, interesting plots of land, works of art, unique maps of popular stars. Everything is available in the OpenSea collection!
• Open Sea website is incredibly convenient. Everything is thought out to the smallest detail. You can easily view the collections you need and the objects you need through a search or filter.
• Open Sea telegram bot is available, which duplicates some of the functions of the main version. Especially useful for those who want to do everything inside TG
• At Open Sea, sales are organized conveniently and easily. You can easily both buy and sell. The interface is intuitive and simple
• Open Sea official application and website save the entire history of your purchases or sold objects. You can easily view the story in a couple of clicks
• The MetaMask OpenSea crypto wallet is available, as the platform supports popular cryptocurrency wallets. Including Coinbase.

However, there are some disadvantages. You won’t find OpenSea io in Russian, since the platform is not multilingual. Therefore, OpenSea does not work in Russia, nor in other countries for Russian-speaking clients who want to see the interface in Russian.

What coins does the platform support

OpenSea io marketplace works directly with the blockchain network, so it easily supports crypto wallets that are created on their basis. As for the protocol, it works on ERC1155, if the sale of nft on Open Sea comes with collectibles, and the network on ERC721 for other categories. To pay for purchases, OpenSea uses Ethereum-based cryptocurrency - ERC20 tokens.

It's very easy to buy NFTs on OpenSea. To do this, you only need a regular bank card. The MoonPay service is also suitable. Therefore, the question of how to sell nft on OpenSea and how to buy is not worth it, since everything is simple and easy.

OpenSea site offers all the most popular altcoins. Every month new cryptocurrencies are added to the list, which makes the OpenSea bot, website and application even more functional and convenient.

OS compatibility

The service works perfectly on the Windows 10 operating system. To avoid errors, it is recommended to use the latest version of the browser.

OpenSea registration, as well as selling OpenSea or buying NFTs, or any other functions can be done in the mobile version. In one click, the application is available on iOS for Apple owners, and for Android OS for owners of other phones. Through the application, you can go to https OpenSea io collections to see collections, quickly connect to a Web 3.0 wallet for buying or selling, and simply collect art works you need. Today, the mobile software from the platform is the only one of its kind in the entire NFT market.

Open Sea can be downloaded to your phone through the official stores. OpenSea reviews show that the program works stably for all operating systems.

DApp browser

The service also offers a DApp browser, which allows you to easily download various programs, exciting games, and create a secure connection between different users and the Ethereum network itself through any decentralized service. Through the browser you can also easily receive different tokens and spend them in a couple of clicks.

How to make purchases in the service and sell NFTs

To buy art objects, click on “Explore”, then on “All NFTs”. A page will open on which you will see category announcements. Next, use the filter to select the desired objects. A wide selection of filters are available on the site. Among them:

• Status – to select works without bids and auction tokens
• Price – filter by price
• Quantity – select the number of works
• Collections – search for works by collection
• Chains – select tokens by type of network
• Categories – filter by desired categories
• Currency – make a selection according to the desired cryptocurrency.

When you select the desired token, detailed information about the NFT will appear. On the site, purchasing a token is possible through an auction or at an exact cost. If you select an auction, it will show the price and exact information about the owner. There you can place the desired bid and buy the object.

How to create an NFT

All you need is your unique image in digital, video or audio. The creation process is simple:

1. Click “Create”.
2. Choose the desired Ethereum or Polygon blockchain.
3. Specify the network signature via a crypto wallet.
4. Add a file with this token and give it a name.
5. Add a description and create a link.
6. Select the specific collection where the NFT will be located.
7. Adjust settings.

After this, your token will be checked for plagiarism for up to 2 days. As soon as the verification is passed, start selling.

How the sale is going

You can sell art objects in a couple of clicks. To do this, click on the inscription “Sell”, and then select the desired type of sale. It can be either at a fixed price or through an auction. Next, specify the price, duration of sale and complete the settings. Pay for placement via Ethereum. The result is that your art object will be added.

Security features

The service in question is a safe platform for buying and selling digital objects. This is because the platform does not store any money or tokens. Each person will have full control over their keys, so there will be no question of any loss. In addition, the founders are constantly concerned about security. To do this, it implements a white list of IP addresses, introduces 2-factor authentication, and also, in case of threats, notifies people about possible scammers.

The marketplace also has a permanent team of technical support and moderators who monitor the security of the platform and compliance with all rules. In the future, we also plan to add critical automatic detection technology to ensure that copyright holders of their works are protected.

How registration works

In DeFi format projects, instead of registering your profile, a standard connection of a cryptocurrency wallet is performed along with the Ethereum blockchain. To register and create nft in OpenSea, sell and buy art objects, you just need to create a cryptocurrency wallet where you will store the crypto and confirm your actions. In essence, it is an electronic signature.

Verification on OpenSea ru or the international version is not required. Just select the wallet you need from among those available on the site. Note that Coinbase is convenient to use on a phone, and MetaMask is perfect for a computer.

Once your profile is created, you can choose an avatar and banner for your page. At this stage, the registration process is completely completed. You can use all the features of the official website, mobile application, use the Open Sea bot and build a strategy on OpenSea on how to sell your work.

Let's summarize. Is it worth using OpenSea

If you want to quickly, safely and without unnecessary difficulties sell or buy NFTs, then OpenSea will definitely be the best solution. The marketplace offers a wide range of services for both buyers and sellers. A convenient and intuitive interface, the presence of a website, an application, the OpenSea nftbot bot and other features have made the site a popular place for entrepreneurs and crypto enthusiasts.