OpenSea is an ecommerce identical to Amazon, but unlike Amazon, all of the things displayed are distinctive digital treasures in the form of NFTs that users may buy, sell, and mint. The website allows customers to conduct straightforward, trustless transactions with one another because it is a decentralized, peer-to-peer marketplace.
Software developers Devin Finzer and Alex Atallah established OpenSea in 2017 after becoming attracted by the introduction of the well-liked NFT collection CryptoKitties and realizing the capability of NFTs to provide for the first time full ownership of electronic goods.
The website allows digital artists and content producers to mint NFTs, build unique marketplaces and NFT collections, establish fees for their assets, and set up biddings to trade them.
How Does It Work?
The non-custodial nature of the OpenSea marketplace means that no single entity is in charge of the network’s transactions. Instead, self-executing smart contracts that ensure fair exchange enable transactions. On OpenSea, trades either occur as a whole (the buyer receives the NFT and the salesperson is compensated) or not. The term ‘atomic transactions’ refers to these.
There isn’t a middleman between the seller and the buyer on OpenSea because it’s a peer-to-peer exchange. Nevertheless, the site keeps 2.5% of each sale. Expenses incurred by competing companies range from 0% to 15%.
The Wyvern Protocol, a collection of smart contracts on the Ethereum blockchain intended to make it easier to buy and trade unique digital assets, powers the framework of OpenSea. The system provides assistance for Ethereum, Polygon, as well as Klatyn cross-blockchain.
How To Open An OpenSea account
Opening an account on the OpensSea platform allows you to sell NFTs. Create an account on Metamask first, then create your profile. You will generate a wallet once your Meta Mask account is running. Create an Opensea account next, and sign up for the Meta Mask wallet account. After that, sell your NFTs for profit.
If you have any doubts follow our guide on How to Buy, Mint, and Sell NFTs on OpenSea.