OpenSea: Buy & Sell Crypto-Based Collectibles Marketplace?

What Is OpenSea?

OpenSea is a new marketplace in which y9ou can “cryptogoods”. These goods are basically digital items that you can collect. These assets can have diverse categories and the only rule is that they are 100% digital and tokenizable and that they are 100% yours as soon as you pay for them because the transactions and proof of ownership will be stored on the blockchain forever.

The items include collectibles, gaming items and many other types of digital goods. All transactions are secured by smart contracts. The assets live on the blockchain and are created and owned on the Ethereum blockchain, which enables you to see them anytime that you want to.

This company was founded in January 2018 by Alex Atallah and Devin Finzer. The main partners of OpenSea are BlockStack, Quantstamp, Trust Wallet, Combinator, Coinbase, Founders Fund, Blockchain Capital and 1C.

Using OpenSea Buy & Sell Crypto-Based Collectibles Marketplace

In order to use this company, you have to install MetaMask on your computer before you open an account. The account will need basic information about you and an email. Remember to buy Ethereum to be able to acquire goods, too.

On the platform, you can browse for items or look for something specific. You can also participate in an auction or even create your own auction for items. While the normal sales have a fixed price, the auctions generally sell items that are rare or are not being sold anymore and they have a steeper price because of this.

The price for the assets will vary a lot depending on their type, who made them and if there are discounts, etc. The same account will be able to buy or to sell the digital assets meaning that you can sell them again as soon as you acquire the rights for holding them. If you are a developer, though, you should read the next section because the company has special rules for them.

OpenSea For Developers

The company is always looking for developers who are willing to create digital goods that can be sold on the platform. Because of this, it lets developers use its API to create their own digital goods that can be easily sold in the store.

You will be able to open your own marketplace on OpenSea to sell customizable items and get access to the best features. You can even set your own fees and only the clients can decide if the price is right or not. Your digital items will be shown on the site and can easily be found by any person who has interest in them, which can be more than thousands of the users that visit the site daily.

There are endless possibilities for the developers who use the platform because they can be fully customizable and the only use is that the project has to be ERC-721 compliant and able to be used on the platform. Also, you cannot sell physical goods, only digital ones that are under the rules.

The company states that non-ERC-721 goods can be integrated into the platform but the process is considerably more complex so it would not be a great idea to use them and should prefer the ERC-721 compatible ones. The company even offers some help when building the assets.

OpenSea will only take a small fixed fee for the projects that are sold on the platform, which gives freedom for the users to do as they wish and to create more. The official fees are 1.25% of the project price, so you pay fewer fees if you decide to sell your projects for less money.

Examples Of Assets You Can Buy On OpenSea

There are many assets. Some of them are “Chibi Fighters”, characters for a game called Chibi Fighters that is a casual brawler. This game works on Metamask. The cheaper ones cost about 0.01 ETH and the more expensive ones, 0.1 ETH (although there is the OpenSea Chibi character that costs incredible 0.5 ETH).

Other popular examples are Etheremon, which are basically like Pokemon for another game based on Ethereum. The medium price for a Etheremon is 0.04 ETH and you can buy them for 0.001 ETH if you look for the cheapest ones. The most expensive one can cost up to 0.3 ETH.

OpenSea Verdict

If you like to collect and have a lot of money, OpenSea will be a great company for you. If you would say no for any one of the two factors, then you will probably not like OpenSea so much because the assets are not necessary useful or valuable, they are just fun.