“First be the best and then be first”. This is a perfect way to describe the success of OpenSea. Undoubtedly, it is the leader of the NFT phenomenon. The 24-hour trading volume of the Ethereum-based platform is $75.39 million according to data from DAppRadar. The New York City-based marketplace is now the hub of exclusive drops and trending collections. Entrepreneurs can also boost their wealth by launching an OpenSea clone.
What is an OpenSea Clone?
It is a ready-to-use NFT marketplace containing features similar to OpenSea. An experienced development company will use the Ethereum blockchain and the Polygon sidechain for establishing this buying and selling platform. Digipreneurs can also add their brand name and logo to customize their business.
Moreover, a clone of OpenSea can be deployed in just a few days. This will give a humongous advantage for techpreneurs when compared to their rivals. They can monitor the number of auctions, bids, peer-to-peer (P2P) transactions, and sales on a real-time basis.
The advantages of setting up an NFT Marketplace like OpenSea
Fully decentralized –
This is one of the biggest benefits of an OpenSea like platform. There is no interference from centralized authorities. This gives artists 100% control over their funds.
Further, regulatory bodies will not embezzle the holdings of investors and users. Decentralization gives them full freedom over deciding the cost, promotional strategy, and the type of auction (Dutch and English style).
Greater activity by artists and investors –
For instance, OpenSea has an exclusive drops section. Famous artists can integrate their assets with the distributed ledger held on the Ethereum blockchain.
They must include details like date and time till the sale ends, reserve price in Ethereum (ETH), Wrapped Ether (WETH), and US Dollar (USD), token ID, token standard, and a short description of their collectible. Interested buyers can check out the difference in floor price, changes in prices of the NFT (daily, weekly, and monthly), and the number of views.
Multiple revenue streams –
Starting an NFT trading avenue similar to OpenSea is highly lucrative. Entrepreneurs will pocket auction charges from artists, bidding fees from buyers, gas fees, listing charges, minting fees, and, transaction processing charges.
Moreover, they can tie up with leading artists, brands, and celebrities across the globe for minting, listing and selling their exclusive collections. Techpreneurs can also impose a certain fee from content creators to give them a spot in the featured section.
Numerous security measures –
September 2021 has been an exciting time for OpenSea. Its trading volume has surpassed $2.4 billion. Overall 257,070 users executed 2.29 million P2P transactions in the past 30 days. Cryptopreneurs can capture the trust of content creators, retail, and institutional investors with security steps.
It comprises measures like anti-DDoS protection, creation of firewalls, end-to-end encryption, HTTPS authentication, password protection, and two-factor authentication (2FA). Users can safeguard their precious Non-Fungible Tokens (NFTs) by using software wallets. Besides that, they should use private keys to protect their collectibles.
The major features of an OpenSea Clone
Analytical Dashboard –
Entrepreneurs can increase the credibility of the NFT trading platform like OpenSea by sharing stats. Rankings will be given to various collectibles based on the trading volume (daily and weekly), floor price, the number of assets, investors, and owners.
Moreover, the numbers can be split according to the kind of blockchain and the type of asset. Hence, this ensures that buyers can make the right decision based on the market conditions.
Category-based segregation of collectibles –
“All in one” is apt to express the assets listed on an NFT trading platform. As a result, content creators across industries can list their art pieces, domain names, musical pieces, sports goods, trading cards, utility assets, etc.
Search and filter mechanism –
Investors who wish to get hold of collectibles can find out their preferred one. They can choose individual items, multiple collections, and profiles of artists and celebrities.
Sharing real-time updates –
Users will receive instant notifications about the list of top buyers and sellers, new collections, popular bids, trending auctions, and upcoming drops. They can link their email address and social media accounts for staying informed.
Help Centre –
Entrepreneurs must recruit a support team for offering 24×7 technical assistance to users. NFT enthusiasts across the globe can solve issues concerning deposit and withdrawal of funds, gas fees, password recovery, processing of P2P transactions, the usage of cryptocurrencies, wrapped tokens, and stablecoins. They will receive instant support via email, live chat, and phone.
Seamless sync with software wallets –
NFTs can be stored securely on digital wallets. Artists and investors can choose software wallets as per their requirements. They can choose hot wallets like Authereum, Bitski, Dapper, Coinbase Wallet, MetaMask, Portis, Torus, Trust Wallet, WalletLink, and the WalletConnect open-source protocol. Moreover, users can connect their digital wallets with their browsers, email addresses, and social media accounts.
Status panel –
With millions of crypto-collectibles being listed on the OpenSea marketplace every day, clarity is important. The Status dashboard has 4 parts. Investors can check out panels like buy now, on auction, newly listed collectibles, and has offers. Buyers can also view the price by tapping buttons such as minimum or maximum.
The cost of developing an OpenSea like NFT platform
Countless aspects go behind the creation of an NFT marketplace like OpenSea. An NFT enterprise service provider will follow several steps to establish the platform.
It relies on numerous factors such as
● A duration took to create the frontend and backend of the NFT marketplace.
● Multi-chain compatibility. Nature of the user interface (UI).
● Level of customization needed by entrepreneurs.
● Kind of features integrated into the NFT trading platform.
● The type of blockchain network and sidechain.
● Wages paid out to the blockchain, crypto, and NFT specialists.
Wrapping Up
Above all, OpenSea has enabled artists to monetize their work by listing them on a global platform. Moreover, it also released Android and iOS mobile apps recently. Users can view all the NFTs available for sale from their smartphones. The American platform’s integration with the Polygon sidechain has boosted its scalability significantly.
New features like bundle selling, multiplayer collections, secondary payments due, along with zero minting have helped the popular NFT marketplace immensely.
Entrepreneurs can also maximize traction from the metaverse by owning a Whitelabel OpenSea clone. They can experience a surge in primary and secondary sales of collectible
