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Non Fungible Tokens

What’s OpenSea NFT Marketplace?

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The NFT market exploded in 2021 with sales worth more than $40 billion. From top musicians and sports personalities to business magnates like Elon Musk, everyone is cashing in on the NFT craze. There are also everyday creators who are making a living off NFTs

So let us understand what exactly is an NFT.

NFT stands for Non-Fungible Token, which in layman terms is a block of data that is stored in the digital ledgers on the blockchain. These tokens are more like assets which carry specific characteristics and are distinct from one another. Any physical assets like a house or a Lego playset can be launched as an NFT. At the same time, there also exist digital non-fungible tokens such as digital art, games and others.
NFT marketplace is where NFTs are traded using cryptocurrencies. Most of these marketplaces run on the Ethereum blockchain network.The marketplace offers the prospect to spice up your unique collectibles’ price by tokenizing them to NFTs.Owing to this quality, marketplaces have huge visibility among a range of audiences including investors, developers and crypto enthusiasts.

Distinct Features of NFTs

  1. Ownership: Although this is not always the case, by acquiring an NFT customers gain some rights to the underlying digital asset, including ownership. The ownership of a digital asset can be recorded and made publicly available via blockchain technology, making it verifiable at all times. This also applies to physical NFTs.
  1. Uniqueness: NFTs are unique in nature as each NFT has a distinct property or code of its own. Therefore, there is no scope of launching identically similar NFTs to lure buyers.This feature keeps the NFTs safe and unique, thereby  increasing its inherent value.
  1. Immutable: The information and the code of the NFT is impossible to manipulate. This therefore makes an NFT absolutely transparent.

OpenSea NFT Marketplace

OpenSea is considered the largest NFT marketplace at present. Founded in the year 2017, OpenSea runs on the Ethereum blockchain and supports dozens of wallets including MetaMask, Coinbase and TrustWallet. Some of the features of OpenSea NFT marketplace include: 

  1. Secure: OpenSea uses a smart contract system which allows users to protect the custody of their NFT collectibles in the platform, thus offering security for the creator’s work.
  1. Less Expensive: It is very cheap to launch an NFT marketplace on OpenSea, it only charges a 2.5% service fee for each sale.
  1. NFT Gifting: Users of OpenSea can send NFTs to other OpenSea users as a gift. If you can’t identify your friend’s login on OpenSea, you can send an NFT gift to their ETH address, which will arrive in their wallet immediately. On every platform, you can receive NFT gifts from friends.

Step by step working of OpenSea

  1. Create an exchange platform on the ETH
  2. Select the ‘Create’ button on OpenSea.io.
  3. Install and add your respective wallet
  4. Find your preferable NFT to buy, click sell or bid
  5. Complete the payment process by entering the details.
  6. Verify your transaction
  7. You will be viewing your NFT on your dashboard or its bid

How Brugu Can Help You  Manage Your Marketplace On OpenSea?

Brugu technologies is one of the leading blockchain solution providers around the world. We have a  qualified team that  can help you set up your marketplace on a platform like OpenSea with an efficient price model. 

Our innovative ideas and expertise in blockchain technology provide you with a reliable NFT marketplace to attract vast clients and investors. We also provide technical support, market advisory, project planning, and elegant customization. Moreover, our visualization empowers your marketplace with a user-friendly experience and interactive design.

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