Everything To Know About OpenSea: World’s Most Popular NFT Marketplace
What is OpenSea?
OpenSea is a popular online marketplace for buying, selling, and discovering non-fungible tokens (NFTs). NFTs are unique digital assets that are stored on a blockchain, which means that they cannot be replicated or counterfeited.
OpenSea provides a platform for artists, creators, and collectors to sell and purchase NFTs, which can include things like digital art, gaming items, collectibles, and more. The platform supports a variety of different blockchain networks, including Ethereum and Polygon, and users can browse and search for NFTs based on different criteria such as price, rarity, and category.
OpenSea has become one of the most popular marketplaces for NFTs and has been used by a wide range of creators and celebrities to sell their digital assets to collectors and fans.
How To Buy NFT On OpenSea
Here are the steps to buy an NFT on OpenSea:
Create an account on OpenSea:
You’ll need to create an account on the OpenSea website to buy or sell NFTs. You can sign up using your email address or by connecting your wallet.
Fund your wallet:
To buy an NFT, you’ll need to have cryptocurrency in your wallet. OpenSea supports a variety of different cryptocurrencies, including Ethereum and Polygon. You can fund your wallet by sending cryptocurrency to your wallet address.
Find an NFT to buy:
Once you have cryptocurrency in your wallet, you can browse the OpenSea marketplace to find an NFT that you want to buy. You can use the search bar to find specific NFTs, or you can browse by category.
Place a bid or buy the NFT:
If the NFT is available for sale, you can click the “Buy Now” button to purchase it at the listed price. If the NFT is being auctioned, you can place a bid on it. If you win the auction, you’ll be able to purchase the NFT at the price you bid.
Confirm the transaction:
Once you’ve decided to buy an NFT, you’ll be asked to confirm the transaction. Make sure to review the details of the transaction carefully before confirming it.
Receive your NFT:
Once the transaction is complete, the NFT will be transferred to your wallet. You can then view or display your NFT, or you can sell it on OpenSea or another NFT marketplace.
Most Popular NFT Projects On OpenSea
There are many unique and popular NFT projects on OpenSea, here are a few examples:
CryptoPunks is one of the earliest and most popular NFT projects on Ethereum. They are a collection of 10,000 unique 8-bit style characters, and they have become highly collectible and valuable.
Bored Ape Yacht Club is a collection of 10,000 unique hand-drawn apes with different traits, accessories, and backgrounds. The project has a strong community and has become one of the most valuable NFT projects on OpenSea.
Art Blocks is a generative art project that allows artists to create unique algorithmic art pieces. Each piece is one-of-a-kind, and they have become highly collectible and valuable.
Pudgy Penguins is a collection of 8,888 unique hand-drawn penguins with different accessories and backgrounds. The project has gained a lot of popularity in the NFT space.
World of Women is a collection of 10,000 unique hand-drawn women with different traits, accessories, and backgrounds. The project has a strong focus on empowering women and has become highly collectible and valuable.
Trump Digital Trading Cards NFTs are a collection of digital collectibles featuring former US President Donald Trump. The collection features a total of 10,000 Trump Card NFTs, each with its own unique design and number. The cards are divided into three rarity levels: Common, Rare, and Ultra Rare, with the latter being the most scarce and valuable. The website also claims that the collection is “the ultimate tribute to President Trump” and that it offers “an opportunity to own a piece of history”.
Axie Infinity is a blockchain-based game that allows players to collect and battle creatures called Axies. The game has become highly popular in the NFT space, and the Axie NFTs have become valuable and sought-after.
Mutant Ape Yacht Club is a spin-off of the Bored Ape Yacht Club project, featuring mutant ape characters with unique traits and accessories.
The Doodles project was launched on OpenSea in August 2021 and quickly gained a following. Within a few weeks, all 10,000 Doodles had been sold, with some selling for as much as 20 ETH. The success of the project is attributed to the community that has formed around it, with owners of Doodles sharing their creations on social media and creating a sense of ownership and pride.
Moonbirds is a collection of 5,000 unique NFTs featuring various bird species on a crescent moon. The Moonbirds project was created by a team of artists and developers who sought to create a unique and artistic collection of NFTs. The artwork for each Moonbird is hand-drawn and features intricate details and vibrant colors. The project is inspired by nature and the beauty of the night sky.
How To Drop Your Project On OpenSea
OpenSea allows artists and creators to launch NFT drops directly on the platform, giving users the chance to be the first to own a newly minted item. Each drop has a unique landing page that includes information such as the drop name, creator name, social media links, mint schedule, and a sample gallery of the NFTs that will be minted.
Creators can use OpenSea’s self-serve tools to set up the details of their drop in advance, but it doesn’t guarantee that the drop will be added to OpenSea’s drops calendar. While most of the drop process can be handled directly on OpenSea, creators need to upload their metadata separately by following the instructions in the platform’s developer documentation.
OpenSea’s Value In 2023
According to DappRadar, the organic sales volume of the NFT market rose slightly from $662 million to $684 million in December 2022. OpenSea has processed over $320 million worth of Ethereum NFT trades in January 2023, beating December’s tally of about $283.5 million.
OpenSea’s January sales just inched past December with over 228,000 ETH compared to 227,000 ETH in the previous period. In November, OpenSea had almost 191,000 ETH worth of Ethereum NFT sales. However, despite OpenSea’s recent rise, the figures demonstrate how significantly the market has declined over the past year.
The NFT marketplace had five straight months of at least $2 billion worth of NFT trading volume each to start off 2022 but saw volatile swings during that period. The last time the marketplace had two straight months of sales volume growth (measured in USD) was in December 2021 and January 2022.