The NFT market is set to explode in 2021 with revenues exceeding $40 billion. From top musicians and athletes to business tycoons like Elon Musk, everyone is profiting from the NFT craze. There are also everyday creators who make their living from NFTs
So let us understand what exactly an NFT is.
NFT stands for Non-Fungible Token, which in layman’s terms is a block of data stored in the digital ledgers of the blockchain. These tokens are more like assets that have certain properties and are distinct from each other. Any physical asset like a house or a Lego play set can be introduced as an NFT. At the same time, there are also digital non-fungible tokens such as digital art, games and others.
NFT marketplaces are places where NFTs are traded with cryptocurrencies. Most of these marketplaces run on the Ethereum blockchain network and offer the opportunity to drive up the price of unique collectibles by converting them into NFTs, making the marketplaces popular with a range of audiences including investors, developers, and crypto enthusiasts.
Special features of NFTs
- Ownership: although not always the case, the purchase of an NFT gives customers some rights to the underlying digital asset, including ownership. Ownership of a digital asset can be recorded via blockchain technology and made publicly available so that it can be verified at any time. This also applies to physical NFTs.
- Uniqueness: NFTs are inherently unique because each NFT has its own property or code. Therefore, there is no way to market identically similar NFTs to attract buyers, which makes NFTs secure and unique and increases their value.
- Immutable: the information and code of the NFT cannot be manipulated. This makes an NFT absolutely transparent.
OpenSea NFT Marketplace
OpenSea is considered the largest NFT marketplace currently. Founded in 2017, OpenSea runs on the Ethereum blockchain and supports dozens of wallets such as MetaMask, Coinbase, and TrustWallet. Some of the features of the OpenSea NFT marketplace include
- Secure: OpenSea uses a smart contract system that allows users to protect the custody of their NFT collectibles on the platform, providing security for creators’ work.
- Less costly: It is very affordable to set up an NFT marketplace on OpenSea, as only a 2.5% service fee is charged for each sale.
- NFT gifting: OpenSea users can send NFTs to other OpenSea users as gifts. If you cannot identify your friend’s login on OpenSea, you can send an NFT gift to their ETH address, which will arrive in their wallet immediately. You can receive NFT gifts from friends on any platform.
Step-by-step working method of OpenSea
- Create an exchange platform at ETH
- Select the “Create” button on OpenSea.io.
- Install and add your respective wallet
- Locate your preferred NFT to buy, click sell or bid on it
- Complete the payment process by entering the details.
- Review your transaction
- You can see your NFT on your dashboard or your bid
How can Brugu help you manage your marketplace on OpenSea?
Brugu technologies is one of the leading blockchain solution providers around the world. We have a skilled team that can help you set up your marketplace on a platform like OpenSea with an efficient pricing model
Our innovative ideas and blockchain technology expertise provide you with a reliable NFT marketplace that attracts numerous customers and investors. We also provide technical support, market consulting, project planning, and elegant customization. In addition, our visualization ensures a user-friendly experience and interactive design of your marketplace.