Written by KomoDeFi Editorial Team on December 6, 2019

NFT Marketplace - OpenSea Review

OpenSea is statistically speaking the eBay of collectibles, gaming items and every other digital asset backed by Ethereum blockchain. Trading on it occurs through smart contracts. OpenSea is a decentralized marketplace which means no central authority holds what you sell or buy on OpenSea, which includes the funds used to trade. Payment mode is only ETH and other ERC-20, ERC-721 or wrapped tokens backed by the Ethereum blockchain.  Visit the project’s home page.

OpenSea Volume

There are currently over 4 million digital assets available for sale on OpenSea. It is a decentralized marketplace where you can sell, purchase and auction your digital assets. The monthly volume is near 4000ETH in value. The largest margin of items traded are gaming items, crypto kitties, cards etc.

Who Can Use OpenSea

Your digital asset is sold directly on the blockchain, when you click on an item it has a 0X address instead of a URL/Name which is an Ethereum address. Even non-developers can create and sell their own items. You can also list your own smart token assets, if you are creating one for your game or other dApp (decentralized application) like non-fungible tokens etc. Moreover streamers, influencers can also be listed on this blockchain.

Marketplace for NFTs

OpenSea allows us to sell NFTs(Non Fungible Tokens) projects, get custom statistics, analytics and earn when our items are traded on OpenSea, Consider it a DEX but only for NFTs & other collectibles. The smart contracts are open source and the code can be inspected or contributed by anyone. They also have their own JavaScript library for developers willing to make their own contracts on the OpenSea relay.  OpenSea can be integrated with your own websites as well.

crypto collectible listing for sale on opensea
CryptoKitties NFT for sale on OpenSea

How To Sign Up

Sign up is really easy if you have ever used MetaMask or another blockchain identity or browser wallet. OpenSea works exactly like traditional Ethereum exchanges or 0x relays validating transactions directly on the wallet, instead of sending it to an address. 

Read our MetaMask introduction article. For additional help, we have attached a graphical representation of this process.

Login to OpenSea with MetaMask

Buying Collectibles

Just simply click buy & then wait for the blockchain to confirm and you now hold this NFT. This unusual validation process occurs due to OpenSea’s decentralized nature. It doesn’t hold the coins or the NFT you purchase or sell. You do via the blockchain and your private keys.

Each time you click buy OpenSea will validate transactions directly on a MetaMask modal window

Help & Support

Help and support is available through an extensive discord community with almost 4000 members. This group has professional moderation. FAQ and Blog is also pretty extensive and intuitive.

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