Hello Peeps! Here, you will get to know about an NFT marketplace that has been making a revolution. If you are an aficionado of NFTs and following the news mushrooming around them, you must have also known about the growth of OpenSea.
As per DappRadar, the stats of the last 7 days, the volume of sales of NFTs on OpenSea has hit $523.51 million. Alright! The remaining sections of the blog will take you through insights into the OpenSea clone development.
OpenSea – A Pioneer In NFT Marketplace
In contemporary times, we are familiar with the level of fame the digital collectibles or NFTs have reached. With many content creators marching towards the NFT marketplace to expose their works, the scope of the marketplace is getting bigger.
OpenSea is the pioneer NFT marketplace and has been one of the factors in increasing the familiarity of trading digital collectibles. Launched in 2017, OpenSea is the very first P2P decentralized platform that is also one of the largest platforms to date.
A wide category of digital collectibles like games, trading cards, memes, GIFs, videos, music, etc are supported on this P2P platform. Creating an NFT marketplace like this requires countless hours on strategy and development.
What Is OpenSea Up To?
OpenSea is facing tight competition these days, as a number of NFT marketplaces are sprouting each day. Yet, this platform manages to stay on the top constantly by bringing in advancements.
The platform is currently based out of the U.S and is planning to expand its presence in multiple locations. Chiefly, the platform has eliminated the gas fees, which is one of the factors that helps the platform get more artists.
If you wonder what a gas fee is, here is all about it. Previously, NFT marketplaces that run on the popular Ethereum blockchain made use of electricity at a high rate for processing the trading. Users had to pay for the gas fee in ETH, an Ethereum token standard.
Recently, Ethereum made a shift from Proof-Of-Work (POW) mechanism to Proof-Of-Stake (POS) mechanism, which will require only low electricity. Hence, to provide room for eco-friendliness and attract more users, OpenSea has removed the gas fees, which was previously a concern for users.
Other crucial plans include providing credit card payment options and letting users make use of any crypto wallet.
All About OpenSea’s $100 M Funding
While the platform has been rapidly gaining popularity, it needs to enhance the features and of course, the overall user experience.
In July 2021, OpenSea received 100 million USD in a Series B funding round, which was led by Andreessen Horowitz, a Venture Capitalist. The funding round included participation from other Venture Capitalists like Michael Ovitz, Kevin Durant, Ashton Kutcher, and Creative Artists Agency (CAA).
With this funding, OpenSea plans to boost the scalability of the platform and also reduce transaction costs. Additionally, plans have been created to append new features to the platform.
OpenSea Platform & the Top Features
- Storefront
The storefront gives users detailed information on the listed digital collectibles. The information comprises ownership, price, auctions, bids, etc. Simply, you can assume a storefront as a rack that displays every item available in the shop. Got it?
- Search and filters
Let buyers/sellers enter the category/name of digital collectibles and know the information they are looking for.
- Digital wallet
With the integrated digital wallet, your users can receive or transfer digital collectibles easily.
- Bidding
The digital collectibles on the platform will come to sale through auctions. At that time, buyers can express interest by participating in auctions and placing bids on their favorite digital collectibles.
What Are the Revenue Sources of OpenSea?
For an NFT marketplace developer like you, it is crucial that you know the list of revenue sources. Let us tumble down!
- Auction fees
As said, digital collectibles on the marketplace are exhibited in auctions. To participate in auctions, sellers and buyers have to pay the auction fees to the platform.
- Bidding fees
Next to auction fees, buyers interested in placing bids on collectibles have to pay bidding charges prescribed by the platform.
- Minting fees
Usually, every NFT platform charges minting fees from NFT creators. But in OpenSea it is quite different. Creators have to pay the minting fees only if their digital collectibles get sold after listing them on the platform. However, first-time users will have to pay gas fees, which is one time.
- Listing fees
Just before we discussed the purpose of the storefront feature. Displaying the list of digital collectibles on the marketplace is listing. For such a listing, creators/sellers must pay the listing fees.
- Transaction fees
Suppose a buyer has agreed to buy an NFT from the seller on the platform. Now, transferring the NFT to the buyer will take place. For such a transaction, transaction fees are charged, which is a small percentage of the total value of the NFT.
How Can You Create an NFT Marketplace Like OpenSea?
Adapting the customizable OpenSea clone is the feasible way to develop an NFT marketplace like OpenSea. Deploying an NFT marketplace in less time is actually possible if you invest in a security feature-rich OpenSea like NFT Marketplace.
Final thoughts
Hence, by creating an NFT marketplace like OpenSea, you can flood your users with appealing benefits like low transaction fees, multi-payment options, digital wallet integration, and to name some. And of course, you will get an array of revenue sources by deploying a similar platform like OpenSea. Strike this chance immediately!
