ZoneBitcoin EditorialIt is indeed the big trend currently to have and own NFTs (Non-Fungible Tokens). It is digital assets that are the most talked about as the prices are sometimes extreme, as was the case with NyanCat.
Generally, NFTs are tokens deployed and developed on Ethereum but they are starting to open up to other networks and gain popularity. When we say "Non Fungible", it means that we cannot divide them as is the case with other tokens. For example, when we talk about sending 0,003 BTC for example, you see that we are splitting the bitcoin. Well, for an NFT, this is not conceivable.
The NFT is whole and indivisible and that is why it perfectly fits digital products, which also, by nature, cannot be divided. In fact, each NFT can be identifiable as a unique asset.
There are always more platforms dedicated to the sale and purchase of these famous NFTs. And today, we decided to tell you about a very useful marketplace if you are interested in NFTs.
This is the platform OpenSea.
An overview of what OpenSea is
Basically, OpenSea is a marketplace that also works on the basis of an auction site. That is to say, you can make offers to buy an NFT and the highest offer will win, of course.
What is interesting about OpenSea, is that you can also create your own NFTs without coding. This is the great particularity of OpenSea.
As you see in this screenshot, there are thousands of crypto-arts to choose from as they are called today.
Please note that NFTs can represent all types of works of art, whether it is an audio, a song, a video, a poster, a license, an intellectual property or even the virtual object of a game such as a weapon or accessory, a license or any other indivisible thing, for example.
Thus, the NFT can serve as a deed of ownership also for a real-life object.
How to buy NFTs on OpenSea
If you are already used to going to auction sites like eBay for example, then you will be very comfortable with open sea.
Like many platforms, to use it, you will need to use a specific Ethereum wallet like that of Metamask or Formatic for example.
Once your wallet is connected, you will be able to browse the platform freely. You will be able to access the different collections and see the items for sale.
When there is an auction, you can see when the auction will end.
Besides, there are two ways to buy NFTs on OpenSea: direct purchase or purchase at the auction.
To make an offer, simply click on “Make Offer” and enter your price.
Buyers can also make offers to the seller who will decide whether or not to accept the offer to complete the sale.
By default, all prices you see are listed in ETH. Sometimes, there may be prices displayed in stablecoins like DAI for example.
What token is used for purchases
There are two tokens used for payments:
- For direct sales (Buy it now), transactions are paid directly in ETH or in another compatible token that the seller also wishes.
- For auctions, buyers must pay with what is called WETH, the wrapped Ethereum (Ethereum wrapped in French, a bit like the wrapped bitcoin wBTC)
If wETH is used, it is so that it can be transferred more quickly and instantly unlike ETH.
The good news is that you can exchange your ETH for WETH directly on the OpenSea platform.
All you have to do is go to the right under your profile picture and click on "W-ETH Station". By clicking on "Convert ETH", a window Uniswap will appear to do your conversion.
How to Create and Sell NFTs on OpenSea
Maybe you're on the side of sellers and creators. If you are an artist, a digital content creator or not, you are going to be happy and you are going to love blockchain as a whole.
You must again connect your wallet which contains your NFTs. You will have to complete the transactions and pay the requested fees, gas. Rest assured, after that, you will no longer need to pay gas fees. All you need is a digital signature to approve your list.
When you want to sell your NFTs, you have to choose the type of sale you want. It's up to you to choose whether you want a fixed price or an auction. There is also a type of sale called "degressive". There the price of the item decreases regularly until a threshold is reached and the product is sold.
Create your own collection
If you already have your NFTs, then you just need to click on "submit NFT" otherwise, you can just as easily create them on other blockchains and then come back to OpenSe to sell them.
The advantages and disadvantages of OpenSea
Of course, the enthusiasm is very strong for NFTs and in all likelihood, this is only the beginning. Soon we will perhaps see Christie's or big art houses sliding into the fabulous world of blockchain.
And, with the sky-high prices of certain NFTs making the headlines, we can see that there are many works that are not so famous. It's the race for profit that can spoil this universe a little but overall, we have access to new nuggets.
As for OpenSea, the platform remains very functional and practical.
That said, for critics, we could say that it remains difficult to do a good sorting to find the right NFTs. Certainly, this is where the platform needs to improve in order to have more precise filters.
Indeed, we cannot know via the search space whether we are dealing with a representative work or a property license for example. It would be nice if this was specified in the research category again.
Finally, there are certainly several abuses and not only on the OpenSea platform. Many people misuse copyrighted material. There are even works that are normally protected by franchise copyright rights like Stars Wars for example. However, we find works using their characters.
So, there are still problems inherent in this universe and once again, it is rather the case of a few unscrupulous people. This is not OpenSea's fault per se; This is a problem that the entire NFT universe will have to solve.
Final word on the OpenSea platform
As we have seen, the OpenSea platform is really interesting and enjoyable even if there are small flaws. This is completely normal after all, it remains a very recent activity that of buying and selling NFTs.
In any case, we liked using OpenSea and we will use it again to try to find new works.
Because, after all, that's what counts, buying a work because we like it, without looking for anything other than the simple pleasure of contemplating it.
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