OpenSea Review

As crypto collectables keep increasing in their numbers, so have exchanges for them continued to rise.

In case you don’t know about non-fungible tokens (or NFTs), you should at least be aware that they bear characteristics that make them different from one another even though they are generally grouped under the same family.

NFTs have proven their worth in the DeFi space by helping in tokenizing assets and contracts. Thus, with NFTs, the issue about coexistence is reduced thereby making it possible for a bigger ecosystem to emerge as the products need themselves to be more useful.

In this case, we are interested in OpenSea, a decentralized exchange known in the DeFi space for Ethereum-based non fungible tokens.

Understanding OpenSea

OpenSea is a decentralized exchange that uses an open-source softaware. On it, members can buy or sell well-known tokens that can be easily exchanged, and they include those built with ERC721.

Before OpenSea came on board, it was difficult to buy and sell crypto collectables apart from going from one OTC broker to another. This method was not the best because each party always had to suspect the other.

OpenSea came to mediate between owners of crypto collectables that want to buy or sell some assets. An asset owner would list what he or she wants to sell while a potential buyer would accept to get it based on the price displayed by the seller. In some cases, there is no price attached so buyers bid while the seller chooses the one that suits him most.

While there are a number of other crypto collectable marketplaces on the market, OpenSea currently leads as the defacto choice for swapping NFTs.

Although there are other marketplaces for crypto collectablles, OpenSea has been used oftentimes by experienced NFT owners and there must be a good reason for that.

OpenSea introduced a new feature known as “Rankings” for the benefit of users (buyers and sellers) to know where to channel much of their energy. The “Rankings” page showcases the collectables that are mostly traded.

Brief History
OpenSea started three years ago in November. The present executives are Alex Atallah and Devin Finzer. These two bring out the best in the others working with them and there is no surprise about that seeing that they have both worked for giant companies in the past such as Facebook, Stanford, Google, and UC Berkeley.

The total amount of money gotten by OpenSea from fund rounds is roughly above $4M. Not too long ago, it got $2.1M from a fund-raising campaign where MetaMask’s David Pazdan, gumi Cryptos, and a host of others took part. Before this last one, Coinbase Ventures, Blockchain Capital and some other exchanges supported with huge sums of money.

How to benefit from OpenSea

You cannot access to OpenSea without a web3 wallet. A good example is MetaMask.

With the app, you will be assisted in looking for your available collectables as well as what you need to buy (Ethereum for example) the ones that have already been listed.

Buyers can choose to patronize those that listed their assets with a price or decide to go for the ones without a price tag so that they can try their luck on bidding.

A user who has seen an interesting offer should be aware of the asset required to purchase it because not all offers come in ETH or DAI.

If a user indicates interest in buying and pays eventually, he or she will be sure that the transaction scaled through because an email will be sent.

If you wish to give out some collectables for an asset, it is possible on the sales page. You can go there from your Account and then click on “My items.”

Modifications you can make by yourself as a seller include the price you want, how long the sale offer will last and a description of the offer.

You don’t pay anything as a seller to tell others what you have for them. However, if you eventually sell your item, 2.5% of the sales price will be taken by OpenSea and that’s really not much.

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