Describe one popular project that uses NFT - OpenSea, the NFT Market Place

Speaking about NFT, I learned a lot from @levycore class "An Introduction to Non-Fungible Tokens" and with this, I will be participating in his homework which entails "Describing one popular project that uses NFT".

What are Non-Fungible Token

Non-fungible Tokens are crypto tokens that are singular and hold values as they represent collectibles or physical assets on the blockchain. These currencies are unique and cannot be another one and so they are very valuable. Most NFTs are a part of the Ethereum Blockchain and this makes them unique and immutable to tampering.

OpenSea [NFT Market Place]

OpenSea is a decentralized peer-to-peer marketplace where crypto-collectibles are created, bought, and sold. Founded in November 2017 by Devin Finzer and Alex Atallah, it is one of the largest marketplaces for crypto collectibles having over 20 million crypto-collectibles 1

With OpenSea, users can purchase collectibles (NFTs) with DAI (a stable coin) and Ether, also, most collectibles are in ERC721 or ERC1155 standards.

How to Use OpenSea

To use the OpenSea platform, you need to have an Ethereum account as well as a Web3.0 wallet that gives access to dApps. Wallets such as Bitski, Fortmatic, Coinbase, Trust Wallet, Argent, Arkane, Torus, and others. Extension wallets such as MetaMask and Dapper, Web browser Ethereum-compatible Opera Touch and so on, hardware wallets such as Trezor, Ledger NanoX, and so on.

You can log in to the OpenSea platform with your Ethereum wallet, after which you can create a personalized profile that includes a banner, username, and a bio.

After creating a profile, one can create an NFT is easy, all that is needed is a minting tool. It is very very easy and straightforward. After creating the NFT one can mint for free but then OpenSea takes a minimum of 2.5% when the NFT is sold. To buy, the buyer just has to set a bid and wait for the bid to be accepted, if there is a higher bid, then the bid is extended by 10 minutes.

Reasons to Use OpenSea

• Since Collectibles are sold directly on the blockchain via Smart Contract, it is sure secured
• Minting of NFTs can be done without coding
• Commission fees for buying and selling NFTs are very cheap.

Conclusion

NFTs are gradually becoming a thing just like Defi did in the last year. In the near future, since the blockchain is immutable, NFT would be more adopted.

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Thanks for reading

Images were screenshots gotten from https://opensea.io