“Once you have been number one, you can never be satisfied with less”. This motto is the reason for the massive success of OpenSea. The Ethereum-based NFT marketplace has the highest daily trading volume ($177.53 million) in the industry. It has removed gas fees for artists when they regularly mint each crypto collectibles on the online platform. Entrepreneurs aiming to dominate the digital trading sector can take the plunge now. They can contact an NFT marketplace development company like Appdupe and connect creators directly with investors.
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Deciphering the tech stack to Create NFT Marketplace Like OpenSea
Python – The powerful programming language circulates live metadata about the ERC-721 based assets. Techpreneurs can ensure high transparency to interested investors. Accordingly, buyers will know the description, name, and unique properties of the crypto collectibles.
Plunderbot – The autonomous program passes on market-making opportunities to buyers. Generally, investors can buy NFTs from a platform and resell them on OpenSea for a high price. They would use the arbitrage possibilities and make huge profits.
Solidity – Glitch-free trading activities are assured by the Solidity programming language. It implements the terms and conditions mentioned in the Ethereum smart contracts. Importantly, the pre-programmed software runs on the Ethereum Virtual Machine (EVM). Solidity helps in monitoring the flow of funds from multi-signature wallets held by artists and traders.
Truffle – This blockchain programming tool helps in the creation of top-notch DApps and smart contracts on an NFT marketplace similar to OpenSea. Further, it increases efficiency in processing transactions and stores details of the Peer-to-Peer (P2P) payments.
What is the OpenSea clone?
OpenSea clone is a ready-to-launch NFT marketplace that operates on the Ethereum blockchain network. The features and functionalities in the OpenSea clone are similar to the renowned trading platform.
What are the features that make an OpenSea clone script special?
An advanced search and filter option – Buyers can select their preferred digital collectible with ease. They can enter the name of the artist, collections, and the type of asset. Investors can choose either Single Items or Bundles.
Category-wise segregation of assets – Investors can choose different kinds of crypto collectibles as per their financial position and interests. They can select artwork, domain names, music, sports goods, trading cards, and virtual worlds. Eventually, this leads to crystal-clear decision making and fast execution of deals.
Flexible organizing of auctions by artists – Content creators on an NFT marketplace like OpenSea can opt for either declining or fixed price listings. Dutch auctions involve a continuous fall in the prices of digital collectibles.
Therefore, buyers can make a lucrative offer at an ideal price. Likewise, English auctions increase the revenue for talented artists. Generally, they hand over their crypto collectibles to investors who make the highest bid.
Integration with numerous digital wallets – Managing crypto holdings becomes a breeze on an OpenSea like NFT trading platform. Both content developers and investors can use software wallets such as Coinbase Wallet, Dapper, MetaMask, Portis, Torus, Trust Wallet, WalletConnect, and WalletLink. They receive benefits like cross-platform compatibility, easy purchase of credit and debit cards, a private key for protecting funds, and a quick sign-up option.
Listing of NFTs by ranking – 3 factors help in determining the position of crypto collectibles on an OpenSea clone solution. Traders will know the trading volume (daily, weekly, monthly, and all-time). They can also view information about NFTs based on the type of blockchain network (Ethereum, Klaytn, and Polygon). Moreover, insightful data is available about the floor price, the number of owners, and total collections.
Price status section – Investors can purchase a unique crypto collectible at a suitable cost. They can tap various options like high to low and low to high. Prospective buyers can view all the recent NFTs (created, listed, received, and sold). They can purchase rare collectibles by pressing 2 sections (Highest Last Sale, Most Favorited, Most Viewed, and Oldest).
Status Toggle bar – Users on the OpenSea clone script can check the Status section of each NFT. They can make an apt investment choice by choosing 4 options (Buy Now, Has Offers, New, and On Auction).
The crypto collectibles are priced in Ether (ETH) or US Dollar (USD). However, artists get more options for selling their work. They can set a value in Ether (ETH), Dai (DAI) stablecoin, Wrapped Ether (wETH), and USD Coin (USDC).
How does Reserve Pricing work on an OpenSea NFT marketplace?
Historically, caricature artists, cartoonists, and painters have been selling their collections for a low price. However, a combination of the Covid-19 pandemic and NFTs changed that. The spread of the contagious infection forced art galleries and museums to shut down their operations. Crypto collectibles offer a viable alternative to make a big buck in a quick time.
Similarly, the OpenSea NFT trading platform has a minimum reserve price in place. Content creators cannot list their work for sale in an auction below 1 ETH. Indirectly, this benefits entrepreneurs as they quickly recover the gas fees used to process transactions.
Likewise, this reserve pricing mechanism also benefits investors. They can purchase high-quality and rare crypto collectibles after the start of an auction. Buyers will not lose out on value by getting hold of a duplicate one or a low-priced NFT.
What are the revenue streams offered by an OpenSea clone script?
The numbers speak for themselves. OpenSea has been breaking records in the NFT space in recent times. It witnessed a trading volume of $2.43 billion in August 2021. A whopping 172,250 users have processed 1.96 million P2P transactions on the Ethereum-based NFT marketplace. Accordingly, aspiring cryptopreneurs will receive enormous income by operating an OpenSea clone.
- Auction charges (for organizing Dutch and English style sales).
- A Commission – from content creators on every primary sale.
- Gas fees (paid twice by artists for creating accounts). It is also incurred by buyers when they purchase NFTs from a fixed-price auction. Additionally, sellers pay gas fees when they accept an offer made by an investor.
- Other sources of revenue – Entrepreneurs can impose a special listing fee from popular brands and celebrities. They can pocket more commission for conducting a private sale or selling numerous collectibles simultaneously.
Why must entrepreneurs focus on Royalty Protection for Artists?
The OpenSea platform has some iconic NFTs. It comprises collections like Art Blocks Curated, Art Blocks Factory, Bored Ape Yacht Club, CryptoPunks, and My Curio Cards. Accordingly, hard-working artists require royalty as fair compensation for their assets.
Currently, content creators on OpenSea get around 10% royalty when their work gets resold on other platforms. However, techpreneurs have full freedom to modify the royalty % based on the financial situation and market conditions. Indeed, talented creators, especially photographers, sculptors, and sketchers will regularly list their NFTs if they receive royalty consistently.
Consequently, owners of an NFT marketplace like OpenSea should apply royalties for percentage sales and distribute the specific amount across a few weeks or months. Entrepreneurs have to transfer royalties to the right wallet address since all crypto-based transactions are irreversible. Artists also benefit from real-time access to information (completed payouts and pending payouts).
Alex Atallah and Devin Fizner dared to dream and they have changed the world forever. If you are wondering who they are? Atallah and Fizner are none other than the co-founders of the OpenSea NFT marketplace.
The Gross Merchandise Value (GMV) of the online trading platform has increased from $1 million to $2 billion in just 12 months. Cryptopreneurs targeting explosive growth and multi-million-dollar sales can move forward now. They can create NFT marketplace like OpenSea and monetize any kind of asset swiftly.
Jennifer Atkinson is a content writer at Appdupe. Having worked with tech experts, she has gotten lucky to author in-depth guides that teach entrepreneurs, ways to build, grow and scale their business in the on-demand apps and crypto industry. Learning new tech news and jotting them down to a plan for people is her favourite pastime.