Non-fungible tokens better known as NFT is a digital asset, based on Ethereum blockchain technology, they cannot be replaced and are unique. Slowly with time, NFTs are gaining immense popularity and that requires a platform through which people can get access to NFTs, OpenSea is one such platform. OpenSea is one of the largest markets for NFT and virtual assets.
How do NFTs work?
NFTs have become one of the most popular ways in which one can buy and sell digital artwork. They have also become a great way for artists to display their artworks. NFTs are a unit of data and blockchain-based digital files, the access to any copy of the original file is not limited to the owner of the token. But the digital files are infinitely repeatable, the NFTs that represent them are tracked on their core blocks and provide customers with proof of ownership of the NFTs.
NFT is based on uploading digital materials to the Ethereum blockchain, leading to the codification of NFT, leading to the establishment of price, ownership, and transfer records, preventing digital forgery or file replication. NFT will exist permanently on the blockchain as long as the system itself is operational. Each NFT contains unique digital pieces and is not identical. Mainly Ethereum blockchain holds NFTs but other blockchains can also support them.
NFTs are also subject to capital gains taxes as they are considered collectibles. Normally, NFTs are subject to the same tax laws as fungible cryptocurrencies.
Given the rise of NFTs, various marketplaces exist. Some of the prominent ones are:
Everything You Need to Know About OpenSea Marketplace
OpenSea is the world’s first and largest digital marketplace for crypto collectibles and non-fungible tokens, launched in 2017 with $2 million and in April 2021 raised an additional $23 million with the help of the venture capital fund of Andreessen Horowitz.
Sellers of NFTs pay a 2.5% commission on any sales made through the OpenSea system. Sellers set up a wallet, create Collections, upload their work and then list them for sale, allowing the secure exchange of digital items. The default payment is made in ETH but sellers cab opt to receive payment in over 200 cryptocurrencies.
Buyers use it for free. They need to create an account to browse NFT collections. Connect the crypto wallet and explore NFTs. All the purchase transactions are in ETH, the platform converts ETH into wrapped Ethereum (WETH).
How to build an NFT marketplace?
After understanding the basics, you can create your NFT Marketplace, here are some steps you need to follow:
- Select the right blockchain
- Identify audience
- Create suitable UI for NFT Marketplace
- Specify operational domains
- Chose tokens
- Develop Smart Contracts
- Test and Deploy Marketplace
You could also use the OpeanSea Clone Script, a ready-made script that helps to launch your own P2P NFT marketplace. It is always important to use an individual approach as it can help in the building of the marketplace, it is essential to not completely rip off other marketplaces, as your marketplace needs to be unique just like the NFTs it hosts.