The World of NFTs: Part 7 — Opensea -Key Points

Published in

Coinmonks

4 min readDec 22, 2020

Read my original article at Voice.

Opensea is the largest NFT Marketplace currently available. It has almost no competition currently. All the major NFT portals have already entered into a partnership with Opensea and integrated their services. Opensea also supports various standards including ERC-20 and ERC-1155. The largest primary sale was the ‘F1 Deltas’ ‘1–1–1’ car. It was sold at 415.9 ETH on May 27, 2019!

In this article, I bring to you some key facts and features about Opensea.

Multiple listing types

Opensea offers multiple listing types for sellers:

• Fixed-price: Fixed price listing lets you put a final price at which you intend the item to be sold. Bidders can still offer you lower prices but it will not be sold until you accept it. You can also pick a currency and an expiration date.

• Declining-price: The seller chooses a start price, end price, and duration. The start price should be higher than the end price. The start price declines over time and whoever accepts at a certain price will win the bid.

• Highest-bid auctions: If you do not know the market price, the highest-bid helps. Bidders will place bids and whoever is at a higher position after the fixed duration will win. You can also select the highest bidder whenever you want to. You will have a reserve price set so that you do not lose money. If you have multiple items of a similar kind you can also elevate the reserve price.

• Bidding without listing: You can also get an offer, even if you don’t list. It’s up to you if you want to accept the same.

Multi-platform integration

As you are using the same Web3 wallet, you will be able to sell an item purchased in another platform (eg. Rarible, Known Origin) in Opensea.

Multicurrency integration

Initially, Opensea had very few payment options, the major one being WTH. Right now there are currently 241+ payment options on the platform. The default remains Ethereum.

Social Currencies

Opeansea has now partnered with the social currency platform Roll. Roll is a platform that allows artists to create their own social currency. Such currencies can be used in the artist’s ecosystem, giving them more flexibility in engaging with their fanbase. Roll has recently gained huge popularity. It is now integrated with OpenSea. Artists can add their currencies as a payment option on their storefront. Some of the notable social currencies include.

• HUE from Connie Digital

• SKULL from Skeenee

• WHALE from WhaleShark

Top sellers

The top 10 sellers (7 days) as of the date of writing this article are:

1. Rarible

2. Axie Infinity

3. Sorare

4. The Sandbox

5. SuperRare

6. Somnium Space VR

7. Makers Place

8. Decentraland

9. DigitalaxGenesis

Bundle NFTs

Not many platforms offer Bundle NFTs. You can club more than 1 NFT from your collection and sell them in Bundles. Max 15 Items can be bundled at a time.

Flag

In case there is any inappropriate content, you have an option to flag them. Opensea will review them and if your flag is deemed correct, will pull the item down.

There is also a verification process. Verified storefront name and creator address are circled in orange.

Fees

OpenSea does not charge any listing fee. You can also decrease the price of an item without paying fees. You just need to sign a transaction using your Web3 wallet. They charge 2.5% of fees during Sales. In bidding, when you sell to the highest bidder you do not need to incur any gas fees. This might take some time to keep the gas price minimum.

Bounty

Opensea runs an affiliate program. Sellers can put their items on a bounty. The Affiliates will get at least 1% and up to 2.5% of the current price. Here is a list of items currently put on bounty. You can refer them to anybody and gain a percentage as a reward.

I would recommend everyone to at least own 1 NFT in your collection. Along with a sell value, the NFTs also have an ownership pride.

Reference: Opensea

Read my previous NFT articles below:

The World Of NFTs: Part 1 — The Present

The world of NFTs: Part 2 — The Future

The World of NFTs: Part3 — Everybody should Rarible

The World of NFTs: Part4 — Is the Enjin project still relevant?

The World of NFTs: Part 5 — Favorite NFT artists

The World of NFTs: Part 6 — Crypto Art Galleries — A case study

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