Get to know OpenSea, a Digital Marketplace for Buying and Selling NFT

Get to know OpenSea, a Digital Marketplace for Buying and Selling NFT

If you’ve heard about Ghozali Everyday’s viral video, then you know that Ghozali uses the OpenSea platform to sell his photos. So, what is OpenSea , and how can this platform make money? Check out the following review.

What is OpenSea ?

Referring to the official website, OpenSea is the latest and original digital goods-based platform that is converted into non-fungible tokens (NFT). The characteristics of digital goods curated by OpenSea are generally unique, rare, tradable, and can be used in various applications.

Reporting from Forkast , OpenSea is a digital marketplace like Amazon and eBay but specializes in unique digital collections in the form of NFT as its product. OpenSea is a peer-to-peer exchange or transaction platform that is not centralized and frees users to transact directly.

OpenSea itself was founded on December 20, 2017 by Alex Atallah and Devin Finzer. The development of NFT through several series of games or digital games at that time became one of the inspirations of the two people in making OpenSea . Based on the aforementioned NFT games , the potential of NFT for digital goods ownership is quite high and popular.

Furthermore, OpenSea was created by targeting content creators or digital artists to market their works specifically. Moreover, OpenSea does not offer this collection of works for money-based transactions, but rather as a special marketplace for collections of works in the form of NFT. Thus, the creators set a certain fee on their work with the applicable NFT unit and sell it at auction.

What is NFT?

Well , if we have already discussed about what is OpenSea based on NFT, then now we need to know about the subject of NFT itself.

According to Forbes , NFT or non-fungible tokens are digital assets that represent real-world objects in various forms. NFTs can represent artwork, music, items in digital games, and videos. NFTs are traded online on a cryptocurrency basis. In general, NFT is made with computational coding via software and relies on information technology.

NFT began to be known since 2014 and then became famous because many users of the digital marketplace platform sold their artwork based on cryptocurrencies. Like cryptocurrencies in general, NFT comes from blockchain technology based on digital databases with scalable security. Physically, NFT is actually a unique certificate that is generally placed on a commercialized digital work.

Reported by The Verge , NFT is unique and cannot be replaced with anything else. In transactions using cryptocurrencies, for example, Ethereum can be exchanged for Ethereum or other bitcoins that are exactly the same. However, NFT is a unique thing and is not interchangeable with similar things. Thus, NFT can only be exchanged for completely different things. One of them is unique artwork and rare content.

Why are so many people interested in NFT?

If we refer to the virality of OpenSea as an NFT-based trading platform, we can see that NFT fans are growing rapidly. Not a few people who sell their content or artwork through OpenSea to pursue certain profits. An NFT that has a certain crypto-based investment value. Not only that, NFT is also a high-value digital certificate because it can be a sign of ownership of digital works recorded on the blockchain .

In practice, NFT is traded through several platforms such as OpenSea . OpeanSea itself has more than 34 million NFTs consisting of various types of transaction subjects ranging from videos, photos, and others.

Launching Kompas , the selling value of NFT is high because of the guarantee of the quality of the authenticity of a work of art. This is supported by the absence of power and dominance in NFT trading. Thus, there is no person or party that specifically controls NFT. This independence makes NFT-based digital works or content of high value, even if the price is determined by the seller and the buyer only.

There are at least three things that influence the high interest in NFT, which are as follows:

The selling price is determined by the previous selling price, the NFT price is generally determined by the previous transaction so that the price will be in the range of a certain number or lift it to be an indicator of the latest selling price.
The popularity of the subject or seller is one of the factors supporting the high interest of buyers.
The high quality of artwork or visual content traded with NFT affects consumer interest.

NFT investment risks in OpenSea

Although it looks attractive and profitable, NFT buying and selling transactions on OpenSea have their own risks that may have been predicted by users. One of the main risks of transacting NFT on OpenSea is fraud. A common scam on OpenSea according to Forbes is to question scammers or the act of copying other people’s artwork and selling it as NFT on OpenSea .

Apart from fraud, another risk of investing in NFT through OpenSea is the new business competition in the crypto space. In addition, technical omissions from internal OpenSea have also occurred, especially when there are unnatural price movements due to interference from internal OpenSea parties .

How to create and transact NFT on OpenSea

For those of you who want to transact NFT via OpenSea , in particular, you must ensure that the uploaded work is original. In addition, if you want to buy a particular work with NFT, then make sure the work is free from fraud and plagiarism through simple identification from the internet.

However, for those of you who want to try to create an account and transact NFT via OpenSea , the method is as follows:

Open the OpenSea site via the following link https://opensea.io/
Click “ Create ” to create an account
After that, connect your OpenSea account with your digital wallet via “ Connect Wallet ”
Click on the digital wallet of your choice and open its extension in Google Chrome
Click “ Connect Wallet ” again and make sure the digital wallet is integrated with the OpenSea account
Click the “ Account ” option then click “ Profile ” to set up an OpenSea account profile
Fill in your username , email address, and complete personal data information then click ” Save ”
Verify OpenSea account via email (check inbox)
Confirmation of verification and OpenSea account can be used to upload works and transact NFT
The ways to upload works to be used as NFT on OpenSea are as follows:

Click “ Create ” to upload the document
Select documents in the form of videos, images, photos, and more to be used as NFT
Name the NFT and set the sensitivity of the work or any accompanying sensitive content (such as explicit content, etc.)
Select the blockchain settings to use
Click the ” Create ” option again
NFT can already be sold

Meanwhile, to sell NFT via OpenSea , the steps are as follows:

Click on the OpenSea account profile photo
Select ” My Collections ”
Select the NFT to be sold then click ” Sell ”
Determine the sales scheme, click “Time Auction” for auction and ” Fixed Price ” for direct sales by setting the price
Fill in the price of NFT (based on Ethereum crypto currency )
Set the duration of the sale by filling in the ” Duration ” column
Click ” Complete Listing ”
OpenSea will open an extension to the crypto digital wallet to confirm the sale
Make sure that the registered crypto digital wallet has a minimum balance of around 0.05 Ethereum
Each transaction has a fee of 2.5 percent of sales and royalties of up to 10 percent
For NFT buyers, the ways to make a purchase transaction are as follows:

Check the crypto digital wallet balance and make sure the extension with OpenSea is verified
Login to your OpenSea account
Find the NFT to buy
Click “ Explore ” to search NFT quickly
Click ” Place Bid ” on the suitable NFT to bid with the auction scheme
Enter the desired quote ( Ethereum based )
Click “Checkout” after the auction time has ended
Payment confirmation via crypto digital wallet
As for the direct purchase scheme, select ” Buy Now ” then click ” Checkout “

Those were the steps that you can use as a reference to create an OpenSea account and transact NFT buying and selling through OpenSea . You need to understand that transactions through OpenSea are not without risk, and you need to be aware of the potential for plagiarism to fraud. Therefore, make sure you have enough knowledge in terms of cryptocurrencies such as Ethereum , crypto digital wallets such as MetaMask , Electrum , Exodus , Indodax , Trezor One , and so on.

As for those of you who still want to save and start a career to be able to invest in cryptocurrencies, then EKRUT can be a professional partner for you. By registering through EKRUT, you can get various information about careers and job opportunities.

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