Get to know OpenSea: The Largest NFT Trading Platform

OpenSea is a revolutionary platform that allows everyone to trade and trade NFT (Non-Fungible Tokens) in a decentralized manner.

In August 2021, OpenSea managed to record an NFT transaction volume of $3.5 billion.

This is a huge jump, as in 2020, OpenSea only recorded a transaction volume of $21 million.

That means, in 2021 the sales volume of NFT will increase by 12,000%.

In Indonesia, NFT has only been booming recently because there was a young man named Ghazali every day who managed to sell his NFT selfie photos and managed to earn billions of rupiah in OpenSea.

For those of you who are curious about OpenSea and how it works, please read the explanation below.
What are NFT (Non-Fungible Tokens?)
Before knowing more about OpenSea, it’s a good idea to know what NFT is first so you won’t be confused when I discuss OpenSea.

NFT stands for Non-Fungible Token. As the name suggests, these tokens are unique and different from one another.

Cryptocurrencies like Bitcoin are examples of Fungible Tokens. Because 1 Bitcoin is equal to 1 other Bitcoin.

I can exchange 1 Bitcoin for another 1 Bitcoin without losing any value.

This also applies to money. For example, if I have Rp. 10,000, – and exchange it for 10 pieces of Rp. 1000, – then I don’t lose because my money still has the same value, which is Rp. 10,000.

NFT works the opposite way. 1 NFT is unique and different from other NFTs.

In other words, if I have 1 NFT CryptoPunkss, then the value will not be the same as the NFT Bored Ape YC owned by my friend because they have different values ​​and represent two different digital objects.
What is OpenSea?
OpenSea is the world’s first and largest NFT marketplace.

To better understand it, you can think of OpenSea as eBay for digital objects and collectibles.

The platform was founded by Alex Atallah and Devin Finzer in 2017 in New York City.

In OpenSea, anyone can buy and sell NFT. Users simply register an account and link it to their Ethereum wallet.

Any NFT created or purchased or linked to our Ethereum wallet.

To upload a new NFT to OpenSea, you need a certain amount of gas (Gas Fee) to be paid to the Ethereum network.

These fees are dynamic, which means they vary depending on the density of the Ethereum network.

If the Ethereum network is down, the fees will be lower. Vice versa, if the Ethereum network is busy, the fees will be more expensive.

OpenSea Paid or Free?
One interesting thing is that OpenSea is a free platform that anyone can use to trade NFT.

There is no fee you need to pay during registration.

OpenSea only charges 2.5% each time your NFT is sold.

If you buy NFT, then the fee will be charged to the NFT seller.

The fee of 2.5% in my opinion is low, moreover, it is only charged to the seller when the NFT is sold.

That fee also applies to all NFTs, whether they are only $10 or $10,000,000.

Supported NFT Types in OpenSea
NFT can represent several types of objects, ranging from physical objects or digital objects.

Therefore, OpenSea created several categories of NFT which can be traded on their platform.

The following are some of the types of NFT supported by OpenSea:

Domain Name
Trading card
Virtual World
How to Use OpenSea?
To be able to use MetaMask, you must first create an Ethereum wallet.

Several applications can be used, but one of the most popular and I recommend is MetaMask.

Install the MetaMask extension in your browser (available for Firefox and Chromium).

Once you have a MetaMask account, visit the OpenSea site, and please register using MetaMask.

To buy someone else’s NFT, you have to fill your MetaMask wallet with Ethereum.

Besides buying, you can also sell your own NFT.

I have written a complete tutorial on how to use OpenSea in this article.

All NFT you buy from OpenSea will be linked to your Ethereum wallet on MetaMask.

So make sure you have secured the MetaMask Secret Recovery Phrase just in case your device crashes or you accidentally delete MetaMask from your browser.

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