OpenSea is a pioneer in the field of making various transactions of digital works of art for cryptocurrency. The service specializes in buying, selling, creating, handling and storing virtual art.

OpenSea functions like a decentralized community, that is, cryptocurrency storage, addresses, art assets under the care of the user.

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Creation history

OpenSea IO founded in New York on 12/20/2017 by D. Finzer and A. Atallah. First, they opened the Wificoin marketplace, which allowed them to get paid in the form of tokens for accessing Wi-Fi. Then comes the blockchain game CryptoKitties. It was this game that became the harbinger of the NFT revolution.

Adex, Devin carefully studied this startup and came to the conclusion that NFT is promising. They immediately reformatted Wificoin to provide services to users of the new metaverses.

This is how the Open Sea platform appeared - a multifunctional NFT marketplace.

The company is headquartered in Colifornia, San Francisco. Open Sea NFT has raised over $300 million in funding through rounds led by A. Horowitz that included investors: Coinbase Ventures, 1confirmation, Tribe Capital, Boost VC, Paradigm.

The peak of the popularity of digital art assets came in 2021: 90% of transactions were completed, and the annual turnover reached $14 billion.

Legal Status

A legal model for the development of NFT tokens based on WIPO and the UN Paris Convention for the Protection of Industrial Property has been created.

This model has a supranational legal status. Moreover, additional legalization is not required in 177 states.

Creating an NFT using this method can take as little as 15-20 minutes and cost a minimal fee. International law and NFTs will create an unlimited new market.

The legal status of OpenSea in Russia remains uncertain, since tokens do not fit the concept of digital financial assets (NFTs are issued in many countries), as well as the concept of "digital currency" (the token is not a means of payment).

Reputation

The Open Sea app is rated 3.9 out of 5 on Google Play based on 23.7k reviews.

In the App Store, the app has a score of 4.7 out of 5 based on 23.2k votes.

Benefits and Benefits of OpenSea

Interaction with several blockchains of the first and second levels at once:

  • Polygon:
  • Ethereum;
  • Klaytn;
  • Avalanche;
  • Arbitrum;
  • Optimism;
  • Solana.

    • Marketplace has a number of advantages compared to similar companies that attract users:

  • In the future, the developers plan to connect Tezos and Flow networks, which are popular in the field of NFT.
  • Free NFT minting based on the Polygon blockchain. This market will allow the creation of NFTs without paying the fees that must be paid on the Ethereum network.
  • NFT OpenSea provides a 10% royalty on the sale of a token by a referral for an unlimited time.
  • Many categories of art objects, the most popular of which are OpenSea collections of projects and cards of famous artists, as well as art or sports tokens. There are also NFTs as an audio file, a domain name, plots of land and clothes from the game world, a 3D object.
  • The OpenSea site is easy to navigate: visitors can freely view NFT collections with the ability to filter them by status, cost, token rarity, and their own blockchain.
  • Convenient buy/sell system.
  • The Buyer has access to the history of purchases of art objects, the number of NFTs sold, the sale price and the buyer's nickname in their personal account.
  • The Open Sea site supports over a dozen crypto wallets. Coinbase and MetaMask Wallet are popular.
  • It can be noted that the service does not have multilingualism, and works only in English. To work on OpenSea IO in Russian, you will have to use the usual online translator (click on the page and select "translate into Russian"). This causes some discomfort, but for now it remains only to assume that the developers will add a multilingual function to the service, and users will be able to work calmly on Open Sea in Russian, in particular.

    • Coins supported by Open Sea

    The OpenSea marketplace works with seven blockchains and supports wallets based on them. The protocol of the platform when making transactions works with tokens of the ERC1155 type for collectibles and ERC721 for other items. ERC20 tokens (tokens based on the Ethereum network) pay for purchases.

    The buyer can buy NFT using a bank card using the MoonPay service.

    Below is a list of well-known altcoins that are supported in wallets of the main blockchains, to which new cryptocurrencies are added monthly:

    What OS does the OpenSea marketplace run on

    Opensea NFT works on Windows 10 in the latest browsers.

    An intuitive OpenSea application for iOS and Android has been developed. This allows users to quickly log into a user's Web3 wallet to buy, sell, collect, and NFTs available on the platform.

    Today, OpenSea is the only platform with its own mobile application.

    The OpenSea service API is available for free for developing applications based on this site.

    From the official OpenSea website, there is already an official OpenSea app for Android mobile devices. With it, you can operate with NFT objects, register on the service, buy/sell art objects. To open a profile in the application, you need to provide personal data.

    DApp browser in OpenSea app

    DApp allows you to download various programs and games, creates a reliable connection between the user, the Ethereum network, any decentralized service. The Web3 browser has the ability to spend and earn various tokens.

    However, it is only available for the Android variant, as there is no DApp functionality on the iOS iPhone.

    OpenSea registration

    On DeFi projects, instead of registering a personal account, a crypto wallet is connected, which is compatible with the Ethereum blockchain.

    Therefore, before creating an account on the OpenSea website, the user needs to have a crypto wallet, which is needed to store the cryptocurrency, as well as to confirm the actions.

    Essentially, a crypto wallet acts like an electronic signature.

    There is no need to pass verification to work on the service. To register, it is enough to connect your crypto wallet, for which click on the wallet icon and select the desired one in the list of wallets that appears. In most cases, users connect MetaMask and Coinbase Wallet, although several more types are available. MetaMask OpenSea is convenient when working on a computer, while Coinbase is convenient on a smartphone.

    After choosing a wallet, an account is created automatically. Then, in the My Profile section, you can create an avatar and a banner for your page.

    This completes the registration, and you can fully use the project.

    The process of buying on Open Sea and selling NFTs

    To purchase in a horizontal list view, the user needs to find "Explore" and select "All NFTs". Announcements of NFT categories will appear on the page that opens. Search with filter pack will be on the left: A list of NFT categories will open on the page that opens. Search with filter pack will be on the left:

  • Price – filtering by cost;
  • Status - NFT without rates, auctions and tokens;
  • Quantity - the number of objects;
  • Collection - find by collections;
  • Chains – selection of tokens depending on the network;
  • Currency - selection by cryptocurrency;
  • Categories - search by category;

    • After selecting a token, the user needs to select the desired icon, after which details about this NFT will appear.

    You can buy a token in two ways: through an auction or take at a specified price.

    A separate page indicates when the auction ends, details about the owner and cost. To place a bid, click "Make an Offer", and to buy - "Buy Now".

    How to create an NFT on OpenSea

    You just need to have a unique digitized image, video, audio file to create your own NFT on the site:

  • In the vertical drop-down list, click "Create";
  • Select your blockchain: Polygon or Ethereum;
  • Sign your network with your wallet;
  • A page will open where you add a file with a token and give it a name.
  • A description is added and a link is formed;
  • The collection where the NFT is placed is selected;
  • Is being configured.

    • The new token will be in verification mode for 1-2 days to check for plagiarism. After the verification is completed, the token can be immediately launched for sale.

    How to sell NFTs on OpenSea

    The selling procedure is very easy to start: click "Sell". on the object page. Then select the OpenSea sale type:

  • Fixed Price – sell at a fixed price;
  • Timed Auction - sell on an auction basis.
  • Specify the cost.
  • Specify the duration of the sale period;
  • Complete by clicking "Complete listing";
  • Confirm payment with Ethereum for hosting;

    • As a result, the NFT object will be added to the marketplace.

    Security

    The OpenSea project is considered a completely safe place to trade NFTs. This is because the service does not store customer funds or tokens. That is, the client always retains absolute control over the private keys, so he will never lose his NFTs.

    Open Sea official website has implemented several new security features:

  • whitelist IP-address;
  • 2FA - two-factor authentication;
  • Fraud alerts and more;

    • The company has created a group of moderators involved in the review and moderation. In the future, "critical auto-discovery" technologies will be used to protect intellectual property rights.