The Real Owner of Your NFT; When You Mint NFT on OpenSea, They Automatically Become the Owner
Nice to meet you! It’s Nyan_kone!
I have started to be interested in cryptocurrencies and the blockchain since 2014. And recently I’m creating my own NFTs.
Nyankone V2
https://opensea.io/collection/nyankone-v2
If anything, I love art and spend more time buying it.
Looking at the current NFT market, the number of artists has increased rapidly, and I wrote this article because I wanted to write what I feel at this early stage.
The following is my personal opinion, but this trend will surely come, so I would like artists to read it.
For an artist, the work is a mass of expression that is not an exaggeration to say that the work is yourself.
To put this important work on the market is to express yourself to the world, and simply to evaluate the original NFT work by people all over the world.
However, looking at the contract addresses of the artists who are exhibiting at OpenSea, 99% of them are exhibiting at the contract address owned by OpenSea.
If this is defined in the blockchain rules story, “Owner will be OpenSea.”
I will explain the details.
https://etherscan.io/address/0x495f947276749ce646f68ac8c248420045cb7b5e
This is the contract address owned by OpenSea.
See the TokenTracker:
OpenSea Shared Storefront (OPEN STORE)
Then If you click this, you can see more details.
https://etherscan.io/token/0x495f947276749ce646f68ac8c248420045cb7b5e
To explain how to look at it,
You can see that 259,722 people own NFTs.
Transfers:1,660,010
This is the number of transactions.
It is recorded like this on the Etherchain.
Explaining this with the rules of the blockchain, in the contract address issued by OpenSea, every time the artist mints the work, an ID is created in this contract address, and the work is linked on the blockchain by the ID.
In this format, the owner of the contract address is OpenSea, so all the works associated with it are proof that OpenSea is the owner.
To explain with an example, I think that you all have a wallet such as MetaMask as well as your own address.
MetaMask’s APP has this function to display NFTs owned by your address.
Here, works that you minted in OpenSea cannot be displayed.
Tap Add NFT
Please try to put
OpenSea Contract address
0x495f947276749Ce646f68AC8c248420045cb7b5e
Token ID
56269441226117310131852872702996020766983249874853452459943049162508271091713
You can check the OpenSea address and the work address in the details section of the work page.
The message says,
“You are not the owner of this collectible, so you can’t add it.”
Even though you are the owner of the work, it cannot be displayed in MetaMask.
This is the rule of the blockchain, and “Any works minted on OpenSea cannot transfer their owners from OpenSea on the blockchain.”
Therefore, the buyer who purchased the minted work on OpenSea is actually the owner, but the person is not recognized as the official owner on the blockchain.
This is a big problem.
OpenSea, which created the platform in this format, is also a problem, but selling the work on OpenSea without understanding this knowledge is disadvantageous and confusing for the purchaser as well.
Crypto Punks, Meebits, etc., which are traded at high prices, are produced with the original contract address, so they can be displayed in MetaMask.
Nyankone, which I have converted to NFT, also uses the original contract address, so it is displayed in MetaMask APP as shown in the image below.
The owner is officially defined as the purchaser on the blockchain, even if these works are purchased on OpenSea.
This is the right NFT transaction and the right flow.
In this regard of the ownership of each work, OpenSea does not say that
“the ownership of the work minted in OpenSea belongs to OpenSea”,
but if defined by the blockchain rules, the owner will be OpenSea.
As of now, there are very few artists who understand this point.
To sells NFTs in the form of “owned by OpenSea” is that an artist sells an important work that is his/her own alter ego to OpenSea free of charge, and this is not the correct way to sell NFT works (by definition of blockchain).
In summary,
-When minted on OpenSea, the owner on the blockchain becomes OpenSea.
-Since it is recorded on the blockchain, this history remains forever.
-Although you are the owner, you are not recognized as the owner even on MetaMask.
These are only disadvantages for artists and buyers.
I would like to change this mechanism.
Now let’s talk about what to do.
Artists create an original contract address.
↓
Then mint and sell NFTs.
↓
Since the purchaser is officially the owner on the blockchain, the work will be displayed on MetaMask as well.
Basically, this is the flow.
In the next article,
“How to Deploy the Original Contract Address”.
If you are serious about becoming an NFT artist, I recommend that you sell in this format.
It’s still a chaotic environment that has just started.
Even if you implement from now on, it will be quite early, so I think that you can still get the first-mover advantage.
For those who has minted and listed your NFTs on OpenSea, by reading this article, if you want to switch to the original contract address, but do not know how to do it, or if you feel worried, please feel free to send a DM on Twitter.
I will give you as much advice as possible.
