In an update earlier today, global tech conglomerate Meta shared news of its latest moves surrounding digital collectibles. From September 29th, subsidiaries Facebook and Instagram will now allow users to link their virtual wallets with their accounts and also share non-fungible tokens. Users Across 100 Countries Can Access New Meta Feature Everyone on @instagram and @facebook can now share their digital collectibles in the US, and on Instagram in the previously announced 100+ countries,” Meta announced in a tweet. https://twitter.com/MetaNewsroom/status/1575486040349245446?s=20&t=TpIDHfYcRCtVRMNrwYhWiA…
Open Sea is one of the most reputable NFT marketplaces in existence. The network enables users to
buy, sell, and explore collectibles, game items, Art NFTs, and various other digital goods. Notably,
Open Sea was the first NFT marketplace to enter the market. This pioneering spirit enabled the platform
to establish and maintain a dominant position in the market.
Today, Open Sea still operates as the largest NFT marketplace in terms of the daily trading volume. The
network has +4 million assets and +135 collections currently available to collectors. Notably, the market
averages around 150,000 ETH in monthly volume. Additionally, Open Sea secured +$127.2 million in
funding since its launch.
History of the Open Sea
Open Sea was ahead of the curve when it debuted in December 2017. The firm operates as a for-profit
corporation based out of New York. The Open Sea concept is an innovation of its co-founders,
Alex Atallah and Devin Finzer.
The goal behind Open Sea was to enable NFT collectors and creators to meet in a secure manner and
conduct transactions securely. Notably, the firm acquired Atomic Bazaar on Dec 13, 2018, as part of its
What Advantages Does Open Sea Bring to the Market?
Open Sea provides a host of benefits to the market. For one, it’s a peer-to-peer decentralized market.
The platform operates using only code with no human intervention. There are no centralized groups or
executives to censor transactions. As such, the market provides a truly open and global experience to
users that is both efficient and censorship-resistant.
The main concern of Open Sea was to ensure that all digital assets were secure. To that extent, the
developers constructed the protocol in a manner that adds user safety protocols. For example, the
network is non-custodial.
You don’t have to relinquish control of your NFTs to trade on the Open Sea NFT exchange. This
designation is a bonus because non-custodial exchanges are less likely to get hacked because they don’t
hold large sums of crypto in hot wallets like centralized exchanges. Additionally, you never lose control
over your crypto during updates or network outages.
Open Sea has an excellent selection of NFTs and crypto collectibles. You can find a variety of exclusive
digital assets that are not available anywhere else. There are in-game NFTs, Memorabilia NFTs, ART
NFTs, and much more.
Users can use the dashboard to organize and explore the market’s options. Open Sea makes it easy to
view assets filtered by collection, type, or belonging to a particular wallet address. You can even
leverage powerful statistics to gain insight into what collectibles are trending and the true scarcity of
select collectibles. There is access to vital info such as sales, listings, bids, transfers, and more.
Another cool feature that makes Open Sea future-proof is its developer network support. The platform
operates as a first-in-class developer platform consisting of a powerful API, SDK, and developer tutorials.
Additionally, the community promotes and invites new projects that leverage Open Sea’s powerful
Users can create their own custom marketplaces and host them on their own web pages. Developers
can also power their in-app economies with OpenSea.js. As part of this strategy, you can set your fees
on the secondary sales of items on the Open Sea marketplace.
This approach helps to ensure that the user experience is consistently improving over time. It also
provides developers with a way to secure passive rewards via commissions on NFT sales in the future, as
well as, improves the positioning of the market over time.
The NFT world now spans across a variety of networks. Recognizing the growing value of DeFi
communities outside of Ethereum, Open Sea expanded its protocol to encompass more blockchain
ecosystems. The team added both Polygon and Klaytn as part of this maneuver. This multi-blockchain
the approach improves liquidity across the market and provides users with more selection.
Open Sea Features
Open Sea has a set of features that aim to take you into the core of the NFT revolution. The
interface should allow new users to find all the most important features in seconds. You can buy,
sell, and trade NFTs directly from your wallet using this dashboard.
Best of all, the getting started section walks you through the entire account setup. This section provides
information on all the features of the platform as well. You can see everything from connecting your
wallet, all the way to creating advanced NFT collections, and selling them on the marketplace.
Create an NFT
Open Sea continues to drive NFT adoption upwards thanks to its simplistic design. Anyone can design
and create an NFT using streamlined network processes. You connect your wallet, upload your NFT data,
and set supply quantities. No coding is required to accomplish this task.
Every user gets a personalized profile. Here you can keep track of all your account details. You can see
vital information regarding your collection. There is a section where you can add your favorite NFTs and
more. This feature is nice because it helps users to organize and obtain a broader overview of their
Host a Crowd Sale
Open Sea provides users with a way to host crowd sales for their collectibles. Content creators can now
use this feature to provide exclusive offerings to early adopters. You can also sell your item as a token
and you can sell packs of items such as in-game NFT assets.
Wisely, this feature supports advanced community options such as Airdrops and loot boxes. Airdrops are
a great way to improve your fan base rewards and Lootboxes add fun to the equation by improving
Open Sea – A Driving Force for NFT Adoption
Open Sea played a vital role in the rise of the NFT market. Today, this platform continues to hold extreme value for those seeking a secure, reliable, and well-established NFT market.