NFTs or Non-Fungible Tokes have become one of the most popular ways to transfer digital collectibles via secured blockchains. In this realm, OpenSea has become a decentralized marketplace for purchasing, selling, and transferring NFTs.
OpenSea represents a cutting-edge platform for NFT collectors, private artists, investors, and traders to transfer digital assets. It seems poised to grow from now into the future. If you are interested in investing in NFTs, this article will help you get a better understanding of OpenSea and how it works with things like Metamask. This involves asking and answering a few key questions.
What Is An NFT?
Non-Fungible Tokens are essentially a type of digital coin or cryptocurrency just like Bitcoin. They are interchangeably tradable, though fungible tokens like Bitcoin are always equal to other Bitcoins when it comes to determining value.
However, non-fungible tokens represent a unique digital product that is not interchangeable like traditional currency as they are digital objects instead of tangible assets.
A wide spectrum of digital creators produces NFTs because of that offer provable ownership of the digital objects. It also makes it possible for creators and collectors to deal with each other directly via peer-to-peer platforms like OpenSea.
How Is OpenSea Positioned In The NFT Marketplace?
OpenSea has anointed itself as the world’s largest NFT marketplace and a pioneer in blockchain technology that is designed to cater to NFT transfers between creators, owners, and buyers. They essentially strive to position themselves as the virtual “E-Bay” of digital objects and collectibles. They are banking on a long-term, sustainable value increase in digital objects to match the value of tangible ones. If they are correct, then OpenSea is positioned for impressive long-term success.
A lot of this promise is linked to how cryptocurrency tokens have been trading with increased value. This serves as a virtual blueprint for a current and sustained NFT boom. It is linked hand-in-hand with the blockchain success of cryptocurrency and utility tokens.
This makes potential buyers more comfortable with the potential of owning digital items. Many of these people enjoy interacting with digital objects as it is becoming increasingly popular with the way people live their lives online.
Many of the early indicators in the NFT marketplace point toward a burgeoning growth of a new “Metaverse.” This is essentially a shared virtual space that everyone can create, collaborate and transfer ownership of NFTs, with OpenSea leading the way.
When someone purchases an NFT, it belongs to them immediately after payment. Though what happens if that person wants to transfer it, sell it, or search for similar NFTs can be a little bit of a different story.
Before OpenSea was launched there wasn’t a feasible way to do any of those things. With OpenSea as the primary exchange platform, individuals get an additional interface layer in the peer-to-peer NFT marketplace. This makes it easier than ever for NFTs to be accessed, sold, and purchases with security.
What Can You Do On OpenSea?
OpenSea offers a wide range of features to empower the NFT marketplace. This includes:
- Selling NFTs
- Trading NFTs
- Buying NFTs
- Research NFTs that are currently in process of creation.
- Create NFT collections
It’s also worth bearing in mind that OpenSea also allows users to create their own NFTs without any prior experience. Though the process begins with starting your own NFT collection. Once you have the collection set up you can start uploading NFTs in accepted formats.
What Is MetaMask?
MetaMask is a new type of browser extension that was specifically designed to make accessing Ethereum’s “Decentralize Application (Dapps) ecosystem easy. It essentially acts as a wallet for holding ERC-20 tokens which allow users to access services that are built on the network. It works so well that it has become the most popular wallet for Ethereum, while also offering functionality for other Dapps.
Having a MetaMask wallet makes it easy for users to buy, sell, trade, and transfer digital assets over Ethereum. At the same time, Ethereum is also one of the preferred blockchains for NFTs.
What Browsers Use MetaMask?
As one of the simpler Ethereum wallets, MetaMask is designed to work with Chrom-based browsers such as Brave, or Firefox. If you already have one of these browsers, the setup process is relatively easy.
- Step One: Download and install the Metamask extension for your chrome-based browser, You can do this via a Google Chrome extension or the one for Firefox.
- Step Two: Once you install MetaMask you will see a splash screen. Click the ‘Get Started’ button to begin generating your MetaMask Ethereum wallet.
- Step Three: Click on the ‘Create a Wallet’ icon.
- Step Four: Choose a password that is at least 8 characters long and contains a mixture of upper and lower case letters, numbers, and symbols.
- Step Five: Read and accept the Terms of Use. Then click “Create.”
At this point, MetaMask will present you with a specific 12-word backup phrase that you should write down or save. You will need it to recover your wallet should you ever lose access to your computer, and should be kept stored somewhere safe.
The MetaMask Interface
Once you have your MetaMask wallet set up, you will be able to access your list of assets under the “Assets” and the “Activity” tab will give you a detailed transaction history.
You can then use the interface’s transaction screen to send and transfer digital assets. You can even manually adjust the transaction fee of the MetaMask interface using the “Advanced Options” button. This uses information from ETH Gas Station or similar platforms
Does MetaMask Work With OpenSea?
One of the great things about MetaMask is that it makes the most out of OpenSea’s polygon integration. This is a blockchain that produces Ethereum tokens for things like fast, efficient transfer of NFTs. Being able to switch between Polygon and Ethereum networks on OpenSea is as easy as a quick click of a button. The interface is even touted as being very easy to use for beginners.
At the same time, OpenSea fees are low, and they make it easy to search for other digital and intellectual properties that are for sale. This ultimately makes MetaMask and OpenSea a perfect pairing for people who are excited to create, sell, and buy digital assets on the booming NFT marketplace.
