OpenSea - The Marketplace for Cryptocurrency Collectibles (Review)

in stateofthedapps •  7 months ago  (edited)

Introduction

Over the years, the introduction of blockchain technology has solved many problems. And OpenSea is one of these benefits blockchain technology has brought into existence. A decentralized marketing platform that allows you to market your crypto assets to anyone in the world. OpenSea is currently ranked 48th on State of the Dapps and can be found among featured Dapps or marketplaces category.


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What is OpenSea?

OpenSea is a peer-to-peer decentralized marketplace for you to buy or sell crypto assets. On this market platform, you can buy or sell your crypto assets without the interference of any third-party. Crypto assets on the market platform are collectibles, gaming items, and other digital goods. These digital goods are backed by Ethereum.

On OpenSea all the items you see on the platform are blockchain-based digital items, meaning they are can only be owned on the blockchain. These blockchain-based digital items are also known as NFT’s or non-fungible tokens. Each non-fungible token is owned by another user, who has a unique Ethereum address, that helps to openly sell or buy a different non-fungible token. And like I said earlier the items live and only live on the blockchain.

OpenSea also allows you to add your blockchain---based digital item on the platform. All you to do is to follow the steps here.

Visions Of OpenSea

OpenSea as a marketplace for crypto assets has four main visions and they include:

Scarcity
OpenSea keeps buy and sell ledgers that are seen by you, so the team can’t hide an item or create an item at will.

Immutability
OpenSea makes blockchain-based digital items live forever on the blockchain. These digital items live far from users

Interoperability
OpenSea allows you to send your items to whoever, exchange them wherever, play with them wherever, and view them wherever. Their studio project Ethmoji allows users to build unique compositions viewable the Ethmoji website. The Ethmoji can be used as avatars on any dapp, wallet, or incorporated into new games.

Liquidity
Digital items on OpenSea can be transferred or exchanged outside of closed ecosystems to a one and wherever in the world.

Features Of OpenSea

The following are some major features of OpenSea.

Search Space
OpenSea has a search space that allows you to search for various collections and other users. Search space helps you to easily assess specific digital items or games you want. This saves you from scrolling through various digital items you do not want to see at that moment.

Rankings
The rankings button on OpenSea displays various Dapps ranks on the platform. It helps you to know the various Dapps that are making progress within a specific moment.

Activity
This feature on OpenSea displays the various activities happening on the platform. It shows all the activities on the platform.

Browse
The browse option on OpenSea helps you to browse through digital items and games at easy. This feature displays in alphabetical order the various items on the market platform.

Help
The help feature on OpenSea allow you to ask for various helps you need with any thing that boarders your mind and also it helps you to answer certain questions you have already.

My Account
On OpenSea, the my account feature display various items, activities, offers, W-ETH Station, sell bundles , gift items and account settings of you.

Bell
The bell at the right hand coner of the platform, displays your Eth wallet information. These includes your In wallet, In Escrow, activity, offers and referrals you have made so far.

Getting Start With Opensea

To get start with OpenSea, you will need a computer or a laptop

  • Install Chrome or Firefox as your internet browser
  • Logon here
  • Install a chrome metamask extension turns your browser into a secure wallet

  • Send Ethereum Ether (ETH) to your wallet
  • Start making bids, offers and buy your digital assets

Purchasing An Item On OpenSea?

As you move around items on the platform, and sees an item you want to buy,

  • Click on the "Make an Offer"

  • Key in the price and the token you are willing to purchase the item and hit continue

  • Choose the offer expiry you want

  • Wrap your ETH with W-ETH using the W-ETH station on the right hand side
  • Approve the exchange to access your W-ETH
  • Confirm your offer

Listing An Item For Sale On OpenSea?

To list an item on sale on OpenSea, you will need go to the item on your account page

  • Click on the Sell button
  • Fill the various requirements (like completing several metamask transactions) and you are good to go

Note that items on sales should be 5% higher than previous sale and also a 2.5% of the price goes to the platform after a successful sale.

OpenSea Bounties

Bounties on OpenSea is when a user stands as a middleman for a seller and a buyer, such that the buyer buys an item from the seller through an OpenSea link with the middleman’s referral address. When you stand as a middleman for selling and buying with your referral link, you earn from 1% - 2.5% of the total sale price. Many like to call these middlemen as matchmarkers. Bounties give incentives to these matchmakers to pair up a seller with a buyer.

Why OpenSea

OpenSea as a marketplace for crypto assets has a strong track record to make you buy or sell through smart contracts, that do not involve a third party. All your digital assets are can be used as you want without any interference. OpenSea has made over thousands of successful sales, with thousands of ETH volumes. OpenSea has acted as the primary marketplace for several large games (like Etheremon Adventure, My Crypto Heroes, CryptoVoxels, and ChainBreakers), and as a secondary market for CryptoKitties, MLB Crypto, and a host of others.
So OpenSea do not only protect your digital assets safe but also allows you to see all transactions that goes on an item.

Conclusion

OpenSea is a platform for you, if you like to collect digital items. Join the first peer-to-peer marketplace for crypto assets backed by Ethereum and earn much will what you buy or sell on the platform. There is transparency and no third-party on OpenSea. You get to decide whatever you want to do with your crypto assets.

I rate OpenSea a 4.5 star rating


All images used are screenshots from opensea.io

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