Exploring NFT Marketplace: OpenSea

Dreamer

Written by Wayne Yia and Dreamer

Source: DappRadar

The booming world of Non-Fungible Tokens (NFTs) offers a great deal of opportunities for creators, collectors, and investors. In this comprehensive guide, we will describe various NFT marketplaces, in particular OpenSea, which is one of the market leaders. Other platforms include: Rarible, Blur, Mintable, Crypto.com NFT, and Nifty Gateway. Creators of NFTs can easily list their NFTs for sale in one of these NFT marketplaces and indicate the amount of royalties he/she like to receive every time the NFT is sold in the secondary market, hence earning a passive income on top of the proceeds from the primary sale of their NFTs.

For the non-creators of NFTs who prefer to purchase existing NFTs for their potential future appreciation in value or simply for collection, the availability of NFT marketplaces provides a safe and secure platform for the purchasers. From digital art, in-game items and avatars, picture-for-profile (PFP), music, memberships and more, you can buy and sell these unique digital assets seamlessly.

Contents:

OpenSea: Unveiling the Giant

OpenSea stands tall as one of the largest and most well-known NFT marketplaces. It is the first peer-to-peer web3 NFT marketplace and serves as a decentralized hub where users can buy, sell, and discover a vast array of NFTs. Backed by top companies in the digital and cryptocurrency industries such as Coinbase, Trust Wallet, Blockstack, Andreessen Horowitz and Dapper Labs, more than US$36 billion worth of NFT has transacted on the OpenSea platform since its beginning in 2017, making it the number one NFT marketplace in terms of total trading volume.

Source: OpenSea

Special Features

OpenSea supports a wide range of digital assets, from art and music to virtual real estate and gaming items. What makes OpenSea really special is that it allows users to create/mint NFT on the platform without paying gas fee upfront. How it works is that NFT creators with a tight budget can postpone paying the gas fees until the NFT is actually purchased by another user, saving them money on the creation of NFTs that wouldn’t be purchased in the end. This feature is called “Lazy Mint”.

Source: OpenSea – How to create an NFT

Its user-friendly and intuitive interface is suitable for both seasoned players and newbies. You just need to decide what the purpose and genre for the digital collection, set up a web3 wallet (They even guide you how to do so if you don’t already have one!), choose a blockchain, upload an image or video file to mint your NFT.

Source: ULTRAMAN! x Enders Gate | Ultraman Mint Pass (Hero)

SeaDrop – Revolutionise How Drops Campaign is Done

What does it mean to “drop” an NFT or an NFT collection?

While minting an NFT refers to the process of writing a digital item onto the selected blockchain(s) to establish its immutable record of authenticity and ownership, drop refers to the release of an NFT or NFT collection for the first time in which the general public or specific group(s) is given the first opportunity to mint the NFTs. This is different from the creator of the collection minting the NFTs into their wallets and subsequently listing them for sale in the secondary market. Drop is a highly anticipated event and is similar to the release of the latest tech gadget.

OpenSea provides an intuitive platform for creators to drop their NFT collection so that their community can own, sell, and trade an item the moment it is minted. Each drop has a unique landing page where you can see the following information provided by the creator:

  • Drop name
  • Creator name
  • Links to the creator’s social media
  • The mint schedule
  • A sample gallery of the NFTs that will be minted
  • Roadmap, Team, and FAQ sections
Source: SeaDrop Security Review

With the launch of SeaDrop, an open-source smart contract audited by Spearbit, a leading web3 security consultancy company, allows NFT project creators to skip the task of deploying their own customized smart contracts, reducing both time and monetary cost. Latest audit report for SeaDrop can be found here.

The user-friendly interface makes contract deployment less daunting for new users and SeaDrop can be deployed on many popular blockchains not limited to: Ethereum, Polygon, Optimism, Arbitrum, Avalanche, Binance Smart Chain, Celo and Fantom.

Besides easy deployment of smart contract, NFT creators can also define allowlists and set up to 5 presale stages for the drop. This helps the intended community have a better chance of minting the NFT during public sales, especially if the drop mints out quickly. Only wallet addresses that are registered on the allowlist during the presale window are allowed to participate in the minting. Every allowlist is encrypted end-to-end, so there is no way for others to view who was added to an allowlist on-chain or in the product. OpenSea does log information related to allowlists internally for analytics purposes.

Source: OpenSea Case Study – Puma MB.03 GutterMelo

Community and Collaboration

OpenSea fosters a vibrant community of artists, creators, and collectors. Its collaborative spirit extends to partnerships with major brands, celebrities, and renowned artists, amplifying the platform’s reach and influence to ensure the success of drops. In addition to supporting the technical aspects of partnered projects, OpenSea also amplified the launch through press outreach, posts across Twitter, Instagram, and Discord, email, OpenSea site placements, and many more. One of the successful case studies of NFT drops through OpenSea can be found here.

Chains supported: Ethereum, Polygon, Klaytn, Arbitrum, Optimism, Avalanche, Zora Network, and Base.

Fees: OpenSea charges a marketplace fee of 2.5%.

Purchase using Fiat: Yes but not directly using Fiat, but through MoonPay and other third party payment gateway using a Debit/Credit card. Take note of restricted countries that are not supported by MoonPay.

Most suitable for: New and regular NFT traders/collectors.

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