This post was last updated on October 17th, 2022 at 10:23 am
OpenSea is the largest NFT marketplace development company, allowing users to create, sell and trade their NFTs over a peer-to-peer network. The platform is inventive, beginner-friendly, and easy to use.
With the updated need of time, OpenSea worked on its operations and impressive design strategy and has successfully captured a tremendous user base.
OpenSea not only works on digital art collections but also contains collectibles, gaming items, avatars, and many more digital representations of viewable assets.
In simple words, OpenSea is the eBay of all NFT products.
This blog post mentions why you should develop an NFT marketplace like OpenSea.
1.Business model
Listing, buying, selling, and trading different NFTs over a single website work as a primary medium between buyers, sellers, and artists.
OpenSea comes up with this out-of-the-ordinary idea with a beginner-friendly interface to scale its user base and improve its performance in the market.
This idea of OpenSea worked impressively well.
2. Ease of use
Visiting a website where you can just hover over the products and services, you will have a detailed list is all a user seek on a website. OpenSea’s website comes up with this simple UI and easy-to-use menu functions.
A website’s homepage is usually the first thing people see when they visit a site. The users’ retention rate depends on the interactive user interface that satisfies the firm’s purpose.
OpenSea’s team is focused on working on its designs to make users’ experience smooth so they don’t get confused. Users can see a carousel on the top after navigation that shows the trending collections.
3.Vast User base
With over 1 million active users, OpenSea became a giant in the NFT marketplace.
This company became the first choice among NFT enthusiasts because of its easy user experience and tons of valuable features.
OpenSea is dominating the market, and its dominance remains unmatched.
4.Ease in analysis
To track the progress of a certain NFT or crypto, users mainly route towards analysis operations.
Tracking your performance outside the NFT marketplace could be challenging as you can not follow the relevant data of an NFT or crypto. But, OpenSea comes up with a navigation tab on its website as “Stats,” where you can easily find the ranking, marketplace performance, and activity.
The Stat counter compiles all the information and makes it easily accessible for everyone to stay updated about the market.
5.Verified Artists
As the NFT marketplace is rapidly growing, imitation issues are constantly arising, which hinders the user’s trust in the platform.
OpenSea worked on removing this imitation process by adopting a verification method (verification means indicating a blue tick on verified users’ profiles), but this method is slow.
So they’ve implemented some significant changes to improve the working of the verification process:
- Advancements in collection badges.
- The invite-based verification process for those users that have more than 100ETH.
- In-product experience means that users eligible for verification will see a banner on top of their account.
6.The diverse range of NFTs
There are platforms with only one range of NFTs collections on their website, and if you are looking for other collections, you have to visit another website.
OpenSea is a platform with more than 80 million diverse NFTs; whether it’s digital art or a piece of music NFT, this platform has it all.
With this prime quality, OpenSea became the largest NFT marketplace across the world.
7.Free NFTs minting
Not all platforms offer free NFT minting for their users; they certainly charge some fees, some of them have higher charges, while some of them have developed a cost-effective method of minting.
OpenSea, the largest NFT marketplace, allows users to mint (minting is a process of converting digital files into crypto collections) their NFTs for free by utilizing their Polygon-based gas-free marketplace.
8.Easy setup of MetaMask Wallet
A secured digital wallet is required to improve the experience of its users and allow them to sell, purchase and store their cryptocurrencies in it.
OpenSea allows users to make an account on MetaMask (known for availability on mobile and desktop and ease of use) with a simple account creation process.
9.Payment Options
Not all NFTs marketplace allows users to make payment in only one or two blockchain-supported cryptocurrencies. But, OpenSea allows its users to make payments in more than 180 cryptocurrencies.
With more than 180 payment options, OpenSea assists its users in paying in any crypto, including ETH, WETH, and so on.
Conclusion
NFTs have become a buzzword for all new users, and their marketplace is booming every coming year.
According to the latest reports available over the internet, a CAGR of 23.9% during 2022-2026 showcases splendid growth of NFTs over the years.
OpenSea is growing rapidly and dominating the market. The platform has expanded its user base, and the revenue share of the largest NFT marketplace has increased.
To work on developing an NFT marketplace development service provider like OpenSea, you must choose a better company to work on your thoroughly clarified idea that suits your requirements.
