OpenSea is the largest NFT marketplace.

OpenSea is the most popular trading platform today.non-fungible tokensFounded in the US in 2017 by Devin Finzer and Alex Atallah, it gradually grew its capital and, by January 2022, had already raised $300 million in new venture capital and was valued at $13.3 billion. The company became the first dollar millionaire in the NFT space. It allows users to buy and sell NFTs directly or through auctions. But what makes it so popular?

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OpenSea is built on the Ethereum ERC 721 standard, supports multiple blockchains, offers a royalty program for token creators, and allows first-time NFT purchases—minting—for free through the Polygon network.

OpenSea offers a wide range of digital art, including paintings, music,domain names  and even lands in virtual worlds.

The platform became especially popular during the NFT boom of 2021. Perhaps its secret was the team's success in attracting popular collections like the Bored Ape Yacht Club, also known as the Bored Ape Club:

Axie Infinity – Axie Infinity:

Or Decentraland – Decentraland:

In any case, regardless of the reasons, at the beginning of 2022, the platform was already included in the Forbes list and was recognized as one of the hundred most influential companies in the world according to TIME magazine.

How OpenSea Works

At the project's inception, the platform operated as an online token store. Over time, the store expanded its functionality and grew into the largest marketplace for creating, selling, and purchasing NFTs.

The platform's interface is simple and intuitive, making it easy for even a beginner to navigate. The platform automatically guides you through each step, making it difficult to make mistakes.

To register an account, you first need to select and connect a cryptocurrency wallet. The platform offers 16 options, two of which are mobile-only. Here are a few of them:

MetaMask is the most popular web3 wallet, one of the old-timers in the industry.

Coinbase Wallet – Allows users to connect using the dApp browser without creating an account.

TrustWallet is a mobile wallet with an additional level of private key security.

Portis – allows you to connect to dApps with an email address and password from any browser and mobile phone.

Fortmatic/Magic is a wallet that allows you to register using a phone number from any device.

And so on, there's plenty to choose from to suit every taste. Once you've chosen a wallet, follow the platform's prompts.

NFT statistics for the last 24 hours are available on the OpenSea website's main page:

Trends:

And various categories: art, collections, domain names, music, . 

What makes the platform so popular?

The main reason for OpenSea's popularity can be attributed to its support for NFT sales in severalblockchains: Ethereum, Polygon, Klaytn, and Solana. The company also announced it will expand this list by adding Flow and Tezos.

Another attractive feature is the ability to create and sell NFTs without gas fees using the Polygon network. The platform's website provides detailed instructions on how to do this.

And the third, no less important and attractive reason is the ability to enable the royalty feature. This means that every time a token is transferred from one wallet to another after its purchase, its creator will receive a reward for their creation. You can earn up to 10% of the token's value from each transaction. Agree, not bad.

How to buy NFT?

Once on the main page of the site, select the Explore section to see all the works presented.

They are divided into the categories we discussed above:

• art;
• collectibles;
• domain names;
• music;
• sport;
• trading cards;
• utility;
• virtual worlds.

Popular tokens are located in the corresponding Trending tab.

By going to the Statistics tab, you can filter tokens by volume, price change, number of sales and unique owners, blockchain, and other parameters.

Clicking on a token icon takes you to a page with detailed information, from the number of tokens in the collection to the best price offer. There, you can also purchase the token immediately by clicking "Buy now" or submit your price range offer for auction by clicking "On Auction."

How to create an NFT?

If you want to create an NFT, select the Create button on the main page.

The platform prompts you to select an Ethereum wallet. Further steps for creating tokens are described in detail in ourmaterial.

Why the platform is criticized

Earlier this year, OpenSea introduced a user limit on the number of tokens uploaded: five collections of 50 NFTs each. This was due to an increase in counterfeit works from well-known collections. Due to a large number of complaints, the limit was lifted, but OpenSea did implement some measures to combat plagiarism and fraud.

Devin Finzer, co-founder and CEO of the company, outlined the following measures:

• improving methods for verifying user accounts;
• copy protection, including image recognition and match search technology;
• Optimization of delivery of authentic content to users.

In addition, the platform has been equipped with several rapid response tools:

• In-Product Reporting – for quick response to user complaints;
• Account Compromise Tool – prohibits listing – putting up for sale of an already created NFT – in case of a wallet hack;
• Proactive Account Suspensions is a system for blocking suspicious accounts;
• Smart Moderation Tools — tools for tracking and blocking problematic collections.

Security and uniqueness are important factors, whether it's tokens, crypto wallets, or running a business. When purchasing tokens, the selling platform ensures the client's security, while registration ensures the security of the business and its clients.trademark (TM) And SSL certificateWhen developing a business, you cannot do without an attractivewebsitewith uniquedomainand reliablehosting.These and other products and services can be found atNIC.UA.