With the expansion of Non-fungible tokens (NFTs), other platforms offering solutions related to NFTs started to expand. One of these platforms is Opensea. In this guide, we are going to share with you what Opensea is, how it works and the things you can find there.
The platform allows users to buy and sell different things that have been tokenized. With the expansion of NFTs, users want to also know how they work and Opensea could be a great way to get the first contact with this industry.
Disclaimer: The information shared by AltSignals and its writers should not be considered financial advice. This is for educational purposes only. We are not responsible for any investment decision you make after reading this post. Never invest more than what you are able to lose. Always contact your professional. financial advisor.
What are NFTs?
Non-fungible tokens are blockchain representations of physical or digital objects. It is a certificate based on a blockchain network that proves you are the real owner of something. NFTs can be purchased or sold in different marketplaces, and one of them is Opensea.
In recent months, the NFT market expanded and attracted a large number of users and individuals from all over the world. Some NFTs sold were priced at over $2 million. For users that were in the cryptocurrency market in 2017, they would remember CryptoKitties.
CryptoKitties allowed users to buy and sell coloured cats on the Ethereum blockchain. Some of these cats were valued at hundreds of thousands of dollars. Nowadays, with a larger number of users, the prices of NFTs are even higher than at that time. However, many consider that we could be in a bubble and that these prices are unsustainable.
As in every single bubble, people can pay very high prices for things that might not have this value. Of course, the price is established by the market. Nonetheless, during a bubble, it might be possible for the price of an asset to suddenly drop from very high levels.
What is Opensea?
Opensea is an NFT marketplace where users can buy, sell or search for NFTs. There are thousands of NFTs being sold right now. Users can connect their wallets with the platform and create their own NFTs.
The positive thing is that there is no centralized authority approving or rejecting the NFTs you sell. Everything can be bought or sold on this platform. Users can buy and sell crypto collectables, domain names and many other things. We will go into the details of the things you can buy and sell in the next section.
Users can pay a flat price for an NFT or just participate in auctions. This would depend on the type of publication made by the seller of the NFT. It is worth mentioning that in some cases, NFTs can generate income every single time someone sells them.
The creator of the NFT would receive a small commission every single time the NFT changes hands. In this way, the person that created the NFT would receive commissions such as royalties for the object that was created or tokenized.
You do not need to be a crypto expert to start using this platform. This is one of the selling points of Opensea. Moreover, you do not even need to register to this platform to start using it.
What can I Find on Opensea?
Users can find a wide range of things using Opensea. This is one of the largest NFT marketplaces in the world. As they claim on the site, you can buy, sell and discover rare digital items.
Some of the things include art, domain name, virtual worlds, trading cards, collectables, sports items and more. Indeed, the number of things you can find there is unlimited.
You can use Opensea to get access to CryptoKitties, LAND in the Decentraland (MANA) world or purchase art from crypto designers that want to sell the content they created. You can simply connect your cryptocurrency wallet (such as Metamask) and start buying and selling NFTs in just seconds.
It is up to you whether you participate in this market or not. Users that want to engage with the crypto ecosystem could use these NFTs for different things. Some others want to understand how the industry works and what they can do in order to be part of it.
There are no entry barriers for users and the possibilities are unlimited. It is up to your imagination to create content and start selling it on Opensea.
