The decentralized market is getting more popular in the last decade. However, new and improved technology is taking control over the market with its unique features. The OpenSea NFT is an example of one of the new decentralized market place out in the world today.
A decentralized market enables investors to deal directly with each other rather than depending on a centralized exchanger. With the use of specially design technology like OpenSea NFT trade hub, all this trade is made possible.
What Is OpenSea NFT Platform?
OpenSea is a decentralized exchange for peer to peer trading of ethereum based non-fungible tokens. In essence, OpenSea provides a platform where you can buy and sell all kinds of digital assets with ease. However, this is a great tool to many, which is why OpenSea considers itself as an industry leader in the decentralized market.
Who Are The Founders Of OpenSea?
The fact that OpenSea itself is an industrial lead when it comes to peer-to-peer trading is because the founders of this platform have so much confidence in their technology and the users have also found it a very helpful tool.
However, the founders of this awesome piece of technology, have a long and active history in the world of digital technology and have been around for decades making very helpful technologies, and this is one of them.
OpenSea was founded in January 2018, by both Alex Atallah and Devin Finzer. Both of them gathered experience from working with leading tech giants Palantir, Google, Facebook, and Pinterest. Hence, you can say that both Alex and Devin are front liners when it comes to an excellent line of codes.
Who Are The Investors Of OpenSea?
OpenSea may have been around for less than five years now, but its financial assets are growing very fine.
In the three rounds of OpenSea funding, fifteen investors have raised the sum of four million dollars. This you can see in less than two years of the company’s existence. However, the two leading investors on the OpenSea platform includes; Gumi crypto capital and blockchain capital.
Looking at the success possibility rate of emerging digital assets in the market, prominent investor jumps in very fast. OpenSea may seem to be the next whale that is why prominent investors are joining them. Among their investor are coinbase ventures, Dylan Field, and thirteen others more.
Major Partners Of OpenSea NFT
OpenSea does not have any major partners now. However, you can collaborate with them by registering on the OpenSea NFT trade hub and start making sales on the decentralized market without the involvement of any third party exchanger in their partner program.
When participating on the OpenSea platform there are lots of exciting features made available that could make your store stand out among others. An example is the referral program, gas-free listing, custom domain, and many other juicy offers.
On the OpenSea platform, you can customize your own store such that if you are building an OpenSea storefront solution or with a DIY approach, you can always get the feeling that you want for your market experience.
Is OpenSea Safe or Legit To Trade?
Looking at open source projects as a very unsafe technology is not something that is uncommon today. However, there are multiple benefits obtain when you trust an open-source network with valuable information.
Even if the technology of the OpenSea is built on an open-source project it does not compromise its security protocol.
However, OpenSea is a very safe place to trade digital assets and collectibles. Since its launch in 2018, the decentralized market place has recorded over eighteen thousand wallets has made successful trade using OpenSea NFT.
How to Use OpenSea Marketplace?
The beauty of any modern technology is the easy user interface and OpenSea marketplace was able to bring that home. It is a very interesting piece of technology and very easy to use. Whether as a first-timer on the site the navigation is created in an easy way that you can find anything you are looking for. Nevertheless, here is a quick review.
To get started with the OpenSea market place, you first have to plug in a trading wallet like the MetaMask. Then the application automatically runs through your wallet and search for all the digital assets you have. You can then browse for assets you need or participate in auction sales.
How to Bid For NFT in OpenSea?
Placing a bid is similar to buying in the OpenSea market. What you need to do to place a bid on the platform is to log in to your account then enter the make an offer icon on the asset you intend to buy. Input the amount you are willing to pay.
However, here is a quick walkthrough on how to place a good bid on the OpenSea NFT platform.
Step 1: when you find an item you like very much and you want to buy, click on the profile of the user and make him/her an offer. They will receive this offer in their email.
Step 2: Remember to add a functional email address to your account, you can then receive a notification message when your bid is accepted.
How to Sell NFT on OpenSea?
When you link your wallet to the OpenSea market application, the system automatically runs through your wallets and declare all your assets. Hence, for you to get started in selling, you will go to your account page and view all your items. Then you click on the item you wish to sell and then you click sell to sell the item.
Major OpenSea Categories in MarketPlace
There is a reason why OpenSea NFT parades itself as an industry leader in the decentralized market. The platform supports different categories of digital collectibles. People that own these assets can trade them on this platform. All these categories are unique in a way and they possess digital value in the ethereum blockchain platform.
Some of the OpenSea categories include art, domain names, virtual worlds, trading cards, collectibles, sports, and utility.
One of the major categories of OpenSea NFT is the art categories that contain many valuable digital arts. Here, you can find all sorts of collectible digital art.
Interesting companies are collaborating with OpenSea and selling arts collectible on the OpenSea NFT. One of their art partners is marketplace who announced in July 2020, that it is now in a partnership with OpenSea NFT to bring never seen before rare artworks to the decentralized market.
Domain Names Trading On OpenSea
The value of a unique domain name is something that cannot be overemphasized. Many people buy and sell the domain names to make profits and this is what is called flipping but if the domain does not have value you can barely make any money from selling it.
Luckily, the OpenSea NFT has a category in its platform where you can conduct the business of buying and selling domain names. All you need do is to list your domain on OpenSea NFT for buyers to place their bids for it.
Virtual World on OpenSea
The virtual world market is a very large one with an estimated thirty billion dollars in worth is becoming more popular by the day and OpenSea is taping into this robust market.
With over one hundred and seventy-one active users, the sale of the virtual world is growing even faster these days. However, notable players in this industry are teaming up with OpenSea to top sales on their virtual reality games.
In light of this, Somnium space is taking the lead in trading its VR world on this exciting new decentralized market.
OpenSea Trading Cards
Remember when you use to collect different sports cards, you can now do that digitally. However, one thing that makes OpenSea so special is that you can sell any kind of valuable game card in it.
Today there are many games on the ethereum blockchain. Esports games have their own trading cards and users of OpenSea trade them as well on the OpenSea NFT platform.
Late in 2020 swore introduced soccer digital trade cards and with OpenSea market, he sold them to his fans.
Digital Collectibles On OpenSea
In the OpenSea market, people are trading on the OpenSea over four million collectibles. These include digital assets, trading cards, and many more. As long as it is a digital collectible with value, you can trade it on the OpenSea market.
OpenSea Sports or Gaming NFT
The OpenSea NFT market sees itself as one of the largest markets for digital collectibles. These collectibles include special trading cards from some biggest sporting brands in the world.
Considering how huge the OpenSea market is, great sports like golf, soccer, basketball, and many more use OpenSea NFT to sell out many sporting collectibles. One of OpenSea sport’s big win last year was that Sorare allowed fans to buy and sell digital cards using the OpenSea NFT.
Many other esports cards like Epic, which is an ethereum powered digital collectibles, are gas-free traded on the OpenSea NFT. As a fan of esports, you can find multiple collectibles on the OpenSea NFT because they support the trading of gaming collectibles.
Utility – Rewards or Membership in OpenSea
Rewards for membership is an old age practice for marketing, however, it is still useful to date. Being a member of OpenSea does not guarantee any kind of redeemable rewards but there are multiple benefits you gain when you collaborate with them. One of them is the customized way you can market your digital asset to potential buyers.
Why Should You Trade ENS Domains on OpenSea?
The trading of ethereum name service [ENS] is not usually supported by all decentralized market, but OpenSea in it new feature has announced that the market now supports the trading of unique ENS.
As part of this newly added feature, user can who wants to sell ENS can create or add an existing ENS among listed ENS for sale. Luckily, the process of listing and migrating ENS into the OpenSea NFT technology is simple and you can get a full refund if back if it fails.
When it comes to buying an ENS in the OpenSea NFT, the system is designed to make the process faster and pain-free for you. First, you log in with your browser and search for the name you want from the listed ENS domain. Click on it and make a purchase by clicking buy. But if the ENS domain isn’t for sale, you can make an offer and the owner will receive it through his linked email address.
How To Identify UnderValued ENS Domains?
Most people do buy and selling of ENS domain for profit. The buying and selling of the ENS domain are what is called flipping. However, for you to make good money from this you need to know how to value an ENS domain generally. This process may look tedious but it is worth it in the end.
The identification of valuable domain is yet to be set clear with any modern technology since the value of cryptocurrencies themselves has not yet been set out rightly. Nevertheless, if you have an eye for the market, there are some smart ways to spot out a valuable ENS domain and go for it.
One of the ways and still the valuable way to spot a good and potential ENS domain is the earning power the name posses. In essence, when an ENS domain communicates its purpose more clear to people, it stands a chance of being profitable.
How to Buy ENS Domains on OpenSea?
The process of buying an ENS domain on OpenSea is quite easy and pain-free if you ever consider using the OpenSea market to purchase an ENS domain for your business purpose. All you need do is follow these simple steps and with few clicks, you will have the ENS domain of your choice to yourself.
Step 1: Open the OpenSea NFT web page on your browser. Then on the domains listing, you can browse through the listed ENS domain that is available for sale. You can also use the search bar to search for a particular name if you have one in mind.
In case you might be working base on a particular financial budget, you can also make your search base on low price to show all the ENS domain with low prices.
Step 2: After you have found the ENS domain of your choice, you can click on it. It will then show if the ENS domain is actually available for sale. For those domains that are available, you can buy them with a single click by clicking buy now and then you make all payments.
Nevertheless, if the domain is not available for sale, you can make an offer to the owner and it goes to the email address provided by them or sent to their notification. This means that you have the chance to buy the name you want. This is applicable to a domain that someone else has.
How to Sell ENS Domains on OpenSea?
The selling process of ENS domain name on OpenSea is similar to buy a domain from domain registrars. Very simple and stress-free and with few clicks, you can sell out your ENS domain to anyone anywhere in the world. Here is a simple step to sell ENS domain on OpenSea NFT trade hub.
OpenSea NFT platform is designed such that when you link your digital wallet to it your entire assets show on the dashboard. However, when you wish to sell any NFT item, all you need to do is to click on the item and click sell.
In the case of selling an ENS domain in the OpenSea market, you can actually import an existing name to the platform or you could create it on the OpenSea NFT and list it out for sale.
Takeaway – OpenSea NFT Marketplace Review
- OpenSea NFT marketplace is one valuable player in the decentralized web today. The team comprises of experts who have valuable experience in the working principle of the modern-day web. They put together an awesome application that offers gas-free peer-to-peer transactions.
- Look at OpenSea NFT market recent debut in 2018, and strong growth it has in 2 years. It’s growing to become one of the most valuable players in the decentralized market today.
- However, if you are a great collector of digital valuables or you are looking for where to make money off from some of the digital valuables you have without involving a third party; OpenSea has been designed to help you solve that problem and make some extra money by helping you sell these digital collectibles with ease.
I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates