Difference between revisions of "OpenSea"
(→History) |
(→History) |
||
| Line 31: | Line 31: | ||
=== Features & Services === | === Features & Services === | ||
| − | OpenSea has added many features since the opening of their marketplace. In '''2018''', OpenSea announced the ability to bid on NFTs. This allowed buyers and sellers a new option to obtain NFTs on OpenSea. OpenSea worked with a team at [https://wyvernprotocol.com/ Wyvern protocol] to create this new marketplace option.<ref> Finzer, D. (2022, November 23). Bid on your favorite crypto collectibles! OpenSea. Retrieved February 17, 2023, from https://opensea.io/blog/articles/bid-on-your-favorite-crypto-collectibles</ref> The team continued working with Wyvern protocol to build many other features: sellers of NFTs could now list their collectables without paying [https://www.investopedia.com/terms/g/gas-ethereum.asp gas fees]. Paying gas is a fee when making transactions over the blockchain. <ref> Finzer, D. (2022, November 23). _Sell your crypto collectibles without paying gas!_ OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/sell-your-crypto-collectibles-without-paying-gas </ref> The introduction of bundles: a requested feature where users have the ability to sell a group of NFTs as a package rather than individual listing. <ref>Finzer, D. (2022, November 23). _Introducing bundles_. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/introducing-bundles</ref> OpenSea acquired Atomic Bazaar to bring real time trading to users of the marketplace. <ref> Finzer, D. (2022, November 23). _We've acquired Atomic Bazaar to bring real-time trading to OpenSea users_. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/atomic-bazaar </ref> January '''2019''', OpenSea announces zero fee private auctions and bulk transfers allowing users to move their collectibles from one wallet to another in one transaction. <ref>Viau, D. (2022, November 23). _OpenSea announces zero-fee private auctions!_ OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/zero-fee-private-auctions</ref> In February '''2019''', OpenSea operates the largest marketplace for digital goods, also maintaining the most comprehensive API's powering the facets of many wallets: Coinbase, Trust, Balance, and many other wallets. <ref> Viau, D. (2022, November 23). Imtoken and OpenSea collaborate on a seamless mobile NFT experience. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/imtoken-and-opensea </ref> They created a service where you could create your own marketplace to sell NFT's you created as the artist. <ref> Finzer, D. (2022, November 23). How to create your own NFT Marketplace on OpenSea in three minutes or less. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/how-to-create-your-own-marketplace-on-opensea-in-three-minutes-or-less </ref> | + | OpenSea has added many features since the opening of their marketplace. In '''2018''', OpenSea announced the ability to bid on NFTs. This allowed buyers and sellers a new option to obtain NFTs on OpenSea. OpenSea worked with a team at [https://wyvernprotocol.com/ Wyvern protocol] to create this new marketplace option.<ref> Finzer, D. (2022, November 23). Bid on your favorite crypto collectibles! OpenSea. Retrieved February 17, 2023, from https://opensea.io/blog/articles/bid-on-your-favorite-crypto-collectibles</ref> The team continued working with Wyvern protocol to build many other features: sellers of NFTs could now list their collectables without paying [https://www.investopedia.com/terms/g/gas-ethereum.asp gas fees]. Paying gas is a fee when making transactions over the blockchain. <ref> Finzer, D. (2022, November 23). _Sell your crypto collectibles without paying gas!_ OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/sell-your-crypto-collectibles-without-paying-gas </ref> The introduction of bundles: a requested feature where users have the ability to sell a group of NFTs as a package rather than individual listing. <ref>Finzer, D. (2022, November 23). _Introducing bundles_. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/introducing-bundles</ref> OpenSea acquired Atomic Bazaar to bring real time trading to users of the marketplace. <ref> Finzer, D. (2022, November 23). _We've acquired Atomic Bazaar to bring real-time trading to OpenSea users_. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/atomic-bazaar </ref> January '''2019''', OpenSea announces zero fee private auctions and bulk transfers allowing users to move their collectibles from one wallet to another in one transaction. <ref>Viau, D. (2022, November 23). _OpenSea announces zero-fee private auctions!_ OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/zero-fee-private-auctions</ref> In February '''2019''', OpenSea operates the largest marketplace for digital goods, also maintaining the most comprehensive API's powering the facets of many wallets: Coinbase, Trust, Balance, and many other wallets. <ref> Viau, D. (2022, November 23). Imtoken and OpenSea collaborate on a seamless mobile NFT experience. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/imtoken-and-opensea </ref> They created a service where you could create your own marketplace to sell NFT's you created as the artist. <ref> Finzer, D. (2022, November 23). How to create your own NFT Marketplace on OpenSea in three minutes or less. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/how-to-create-your-own-marketplace-on-opensea-in-three-minutes-or-less </ref> |
| + | In '''2021''', with over $14 billion in transactions which was over 600 times the previous year's total, came with introductions to OpenSea's mobile app to make NFT's available to a larger audience. The mobile app allows users to discover and manage their NFTs, check what is popular on the OpenSea rankings page, visit their help center, and many other features, listening to community ideas to improve on their "feature-filled roadmap". <ref>Lindzon, J. (2022, March 30). OpenSea is one of the 2022 time100 most influential companies. Time. Retrieved February 16, 2023, from https://time.com/collection/time100-companies-2022/6159399/opensea/ </ref> <ref>Crew, O. S. (2022, November 23). Introducing the OpenSea Mobile app. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/introducing-the-opensea-mobile-app </ref> Other 2021 features and services include: A way to manage offers to exclude "low-ball" offers on their items which flood their email inboxes, making counter offers as negotiation, set minimum offers accepted, and listing your NFTs within seconds by improving the flow, user interface, and clearer specification on what features do. <ref>Crew, O. S. (2022, November 23). Hello Better Offer Management Features & New Listing Flow. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/hello-better-offer-management-features-new-listing-flow </ref> | ||
| − | + | === Supported Blockchains === | |
| − | + | At launch, OpenSea's marketplace for non-fungible tokens were specifically NFTs on the Ethereum blockchain. Now they support many other blockchains for trading and other uses. [https://polygon.technology/ Polygon], an EVM-compatible (Ethereum Virtual Machine compatibility) blockchain allowing scalability within NFT projects. [https://klaytn.foundation/ Klaytn], an open-source, public blockchain focused on the metaverse, gaming, and creator economy. [https://solana.com/ Solana], a high-speed and low-cost blockchain with low environmental impact. OpenSea released a beta in April 2022 for use of the Solana Blockchain, mentioning "Solana has emerged as one of the fastest growing NFT ecosystems in the world", along with many requested for the blockchain from the OpenSea community.<ref>Crew, O. S. (2022, November 23). Check out Solana - now in beta on OpenSea. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/check-out-solana-in-beta-on-opensea </ref> [https://bridge.arbitrum.io/ Arbitrum], for use of rapid and inexpensive transactions, it's parent chain being Ethereum. [https://www.optimism.io/ Optimism], a EVM equivalent to arbitrum for specific purposes of sending transaction data to Ethereum mainnet in batches. [https://www.avax.network/ Avalanche], an open-source platform for launching decentralized finance applications, using a Proof-of-Stake consensus mechanism to consume minimal energy. [https://www.bnbchain.org/ BNB], stands for build and build, building infrastructures that power the world's parallel virtual ecosystem.<ref> Which blockchains are compatible with OpenSea? (n.d.). Retrieved February 16, 2023, from https://support.opensea.io/hc/en-us/articles/4404027708051-Which-blockchains-are-compatible-with-OpenSea- </ref> | |
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
| − | + | ||
== Social Media == | == Social Media == | ||
Revision as of 23:41, 17 February 2023
OpenSea, is a online marketplace that allows individuals to buy and sell Non-fungible tokens (NFTs). The founders Devin Finzer (CEO) and Alex Atallah (CTO) launched the OpenSea beta version of the marketplace December 2017, the first open marketplace for any non-fungible token on the Ethereum blockchain.[1] OpenSea is currently among the largest NFT marketplaces today, with popular NFT categories including art, music, photography, trading cards, and virtual worlds.[2] Opensea has charged a fee of 2.5 percent for each transaction since the release in 2017. [2] OpenSea continues to expand it reach to new NFTs across blockchain and keep a straightforward marketplace for users.[2] OpenSea has created a popular marketplace, with everything it has to offer, it is also important to know the concerns regarding to personal privacy, access rights, liabilities, and other ethical issues. [3]
History
Funding
The company OpenSea was founded by Devin Finzer and Alex Atallah December, 2017. Over the next couple of months into 2018, OpenSea raised $2 million during their seed round (first real cash injection a startup receives)to make true digital ownership more accessible. This was from the help of Y Combinator (YC), a technology startup accelerator company. Notable investors include: Coinbase Ventures, Founders Fund, and Chernin Group.[4] Now with OpenSea, there is an option of exchanging digital collectibles between a third party that was originally done between two "untrusted" parties. Over those first months in 2018, OpenSea had over half a million dollars in Ethereum a Cryptocurrency transferred through their smart contract.[5] In March 2021, OpenSea raises $23 million to scale what is known as the largest marketplace for NFTs and a few months later raised $100 million in series B. Documented as Series A funding (a stage of fundraising that a business completes after the seed round). [6] [7] Their last known funding is in January 2022, series C, with $300 million raised, this was led by Paradigm and Coatue along with other new and previous investors. Allowing them to acelerate product development, improve customer support and safety and grow their team. During that time, they were at a $13.3 billion post money valuation. [8]
Features & Services
OpenSea has added many features since the opening of their marketplace. In 2018, OpenSea announced the ability to bid on NFTs. This allowed buyers and sellers a new option to obtain NFTs on OpenSea. OpenSea worked with a team at Wyvern protocol to create this new marketplace option.[9] The team continued working with Wyvern protocol to build many other features: sellers of NFTs could now list their collectables without paying gas fees. Paying gas is a fee when making transactions over the blockchain. [10] The introduction of bundles: a requested feature where users have the ability to sell a group of NFTs as a package rather than individual listing. [11] OpenSea acquired Atomic Bazaar to bring real time trading to users of the marketplace. [12] January 2019, OpenSea announces zero fee private auctions and bulk transfers allowing users to move their collectibles from one wallet to another in one transaction. [13] In February 2019, OpenSea operates the largest marketplace for digital goods, also maintaining the most comprehensive API's powering the facets of many wallets: Coinbase, Trust, Balance, and many other wallets. [14] They created a service where you could create your own marketplace to sell NFT's you created as the artist. [15]
In 2021, with over $14 billion in transactions which was over 600 times the previous year's total, came with introductions to OpenSea's mobile app to make NFT's available to a larger audience. The mobile app allows users to discover and manage their NFTs, check what is popular on the OpenSea rankings page, visit their help center, and many other features, listening to community ideas to improve on their "feature-filled roadmap". [16] [17] Other 2021 features and services include: A way to manage offers to exclude "low-ball" offers on their items which flood their email inboxes, making counter offers as negotiation, set minimum offers accepted, and listing your NFTs within seconds by improving the flow, user interface, and clearer specification on what features do. [18]
Supported Blockchains
At launch, OpenSea's marketplace for non-fungible tokens were specifically NFTs on the Ethereum blockchain. Now they support many other blockchains for trading and other uses. Polygon, an EVM-compatible (Ethereum Virtual Machine compatibility) blockchain allowing scalability within NFT projects. Klaytn, an open-source, public blockchain focused on the metaverse, gaming, and creator economy. Solana, a high-speed and low-cost blockchain with low environmental impact. OpenSea released a beta in April 2022 for use of the Solana Blockchain, mentioning "Solana has emerged as one of the fastest growing NFT ecosystems in the world", along with many requested for the blockchain from the OpenSea community.[19] Arbitrum, for use of rapid and inexpensive transactions, it's parent chain being Ethereum. Optimism, a EVM equivalent to arbitrum for specific purposes of sending transaction data to Ethereum mainnet in batches. Avalanche, an open-source platform for launching decentralized finance applications, using a Proof-of-Stake consensus mechanism to consume minimal energy. BNB, stands for build and build, building infrastructures that power the world's parallel virtual ecosystem.[20]
Social Media
Competitors
Some other marketplaces include
Ethereum Blockchain
Solana Blockchain
Ethical concerns
Insider Trading
Nathaniel Chastain, a former employee of OpenSea, was responsible for choosing which NFTs would be featured on OpenSea's homepage. Chastain used confidential information of NFT's that was soon to be featured on OpenSea homepage to purchase dozens of the NFTs before they were featured. This occurred for several months before the employee was caught and legally punished. According to the Department of Justice "CHASTAIN, 31, of New York, New York is charged with one count of wire fraud and one count of money laundering, each of which carries a maximum sentence of 20 years in prison."[21] "From at least in or about June 2021 to at least in or about September 2021, CHASTAIN used OpenSea’s confidential business information about what NFTs were going to be featured on its homepage to secretly purchase dozens of NFTs shortly before they were featured." [22]. Chastain was also forced to return any money that was made from these actions.[23] This leads to harmful actions against OpenSea users. [24]
Wash Trading
NFT Marketplace Competitors have little to no trading fees. Causing traders to buy and sell the same NFT repeatedly. This caused manipulation in the trading volume and analytics on OpenSea. [25]
Phishing Attack
Contract Vulnerability
OpenSea was subject to an exploit with the use of Wyvern Protocol, used for most NFT smart contracts. "One explanation (linked by CEO Devin Finzer on Twitter) described the attack in two parts: first, targets signed a partial contract, with a general authorization and large portions left blank. With the signature in place, attackers completed the contract with a call to their own contract, which transferred ownership of the NFTs without payment. In essence, targets of the attack had signed a blank check — and once it was signed, attackers filled in the rest of the check to take their holdings." [26]
OpenSea users move there nfts from one wallet to another for many reasons. The discovery of not desired feature linked to it. If users had an NFT listed on a wallet which they transfered, the new wallet would now have this NFT and with no listing shown to the NFT. If a user was to send the NFT back to the wallet it was listed on, the listing would show back up and allow buyers to purchase. This caused many users to be harmfully affected by this unknown fact. Many collectors of the Bored Ape Yacht Club NFT lost large amounts of money due to this. As the price of an NFT collection raises, users who transferred their NFT to an old wallet where it was listed would soon realize there NFT was purchased under the current value within seconds by bots for such events. [27]
Email Scam
Some OpenSea users reported Wednesday receiving emails from “team@opensea.io”. According to @0xQuit on Twitter, the phishing link redirects users to a scam site that attempts to steal their seed phrase. [28] " A seed phrase is a master key that unlocks access to all your crypto assets. It’s like giving someone your bank account username and password." [29]
Sniping Bots
NFT Copyright
Bugs
References
- ↑ OpenSea. (n.d.). About. OpenSea. Retrieved February 16, 2023, from https://opensea.io/about
- ↑ 2.0 2.1 2.2 Rodeck, D. (2023, February 1). Top NFT marketplaces of February 2023. Forbes. Retrieved February 16, 2023, from https://www.forbes.com/advisor/investing/cryptocurrency/best-nft-marketplaces/
- ↑ Images, R. R. A. F.-P. G. (2022, February 17). OpenSea's NFT free-for-all. The Wall Street Journal. Retrieved February 16, 2023, from https://www.wsj.com/articles/openseas-nft-free-for-all-11644642042
- ↑ Finzer, D. (2022, November 23). OpenSea raises $2 million to make true digital ownership more accessible. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/opensea-raises-2-million
- ↑ Finzer, D. (2022, November 23). OpenSea raised $2 million to make true digital ownership more accessible. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/opensea-raises-2-million
- ↑ Finzer, D. (2022, November 23). OpenSea raises $23M to scale the largest marketplace for NFTS. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/opensea-raises-23m-to-scale-the-largest-marketplace-for-nfts
- ↑ Finzer, D. (2022, November 23). Announcing our $100m raise, led by A16z. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/announcing-our-100m-raise-led-by-a16z
- ↑ Finzer, D. (2022, November 23). Announcing OpenSea's new funding. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/announcing-openseas-new-funding
- ↑ Finzer, D. (2022, November 23). Bid on your favorite crypto collectibles! OpenSea. Retrieved February 17, 2023, from https://opensea.io/blog/articles/bid-on-your-favorite-crypto-collectibles
- ↑ Finzer, D. (2022, November 23). _Sell your crypto collectibles without paying gas!_ OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/sell-your-crypto-collectibles-without-paying-gas
- ↑ Finzer, D. (2022, November 23). _Introducing bundles_. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/introducing-bundles
- ↑ Finzer, D. (2022, November 23). _We've acquired Atomic Bazaar to bring real-time trading to OpenSea users_. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/atomic-bazaar
- ↑ Viau, D. (2022, November 23). _OpenSea announces zero-fee private auctions!_ OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/zero-fee-private-auctions
- ↑ Viau, D. (2022, November 23). Imtoken and OpenSea collaborate on a seamless mobile NFT experience. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/imtoken-and-opensea
- ↑ Finzer, D. (2022, November 23). How to create your own NFT Marketplace on OpenSea in three minutes or less. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/how-to-create-your-own-marketplace-on-opensea-in-three-minutes-or-less
- ↑ Lindzon, J. (2022, March 30). OpenSea is one of the 2022 time100 most influential companies. Time. Retrieved February 16, 2023, from https://time.com/collection/time100-companies-2022/6159399/opensea/
- ↑ Crew, O. S. (2022, November 23). Introducing the OpenSea Mobile app. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/introducing-the-opensea-mobile-app
- ↑ Crew, O. S. (2022, November 23). Hello Better Offer Management Features & New Listing Flow. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/hello-better-offer-management-features-new-listing-flow
- ↑ Crew, O. S. (2022, November 23). Check out Solana - now in beta on OpenSea. OpenSea. Retrieved February 16, 2023, from https://opensea.io/blog/articles/check-out-solana-in-beta-on-opensea
- ↑ Which blockchains are compatible with OpenSea? (n.d.). Retrieved February 16, 2023, from https://support.opensea.io/hc/en-us/articles/4404027708051-Which-blockchains-are-compatible-with-OpenSea-
- ↑ https://www.justice.gov/usao-sdny/pr/former-employee-nft-marketplace-charged-first-ever-digital-asset-insider-trading-scheme
- ↑ https://www.justice.gov/usao-sdny/pr/former-employee-nft-marketplace-charged-first-ever-digital-asset-insider-trading-scheme
- ↑ https://www.theverge.com/2022/6/1/23150429/opensea-insider-trading-nathaniel-chastain-arrested-homepage-nfts
- ↑ https://www.cnbc.com/2022/06/01/former-opensea-employee-charged-in-first-ever-nft-insider-trading-case.html
- ↑ https://thedefiant.io/nft-wash-trading-2022
- ↑ https://www.theverge.com/2021/10/13/22723092/opensea-nft-vulnerability-gift-security-researchers-wallet-hack
- ↑ https://www.forbes.com/sites/davidbirch/2022/02/20/nfts-new-fraud-targets/?sh=814ff304f377
- ↑ https://www.nftgators.com/opensea-users-warned-about-a-new-email-phishing-scam/
- ↑ https://www.forbes.com/sites/forbestechcouncil/2022/04/27/four-crypto-and-blockchain-phishing-scams-to-be-aware-of-before-you-get-excited-about-web3/?sh=4a820ba125c5
