NFT surfing the wind and waves, Opensea hit the road

Following in the footsteps of the DeFi industry which has continued to this day over the past half year, NFT aims to complete the revolutionary new development by 2021. NFT represents the future of digital content and is a programmable, tradable DIY medium. and unlicensed designed by Lego for the digital age.

This article examines Opensea, currently the largest leader in the NFT industry, the use of technology, middle market information, and current market issues.

Project description

OpenSea is now the largest decentralized NFT trading platform and is known as NFT's “eBay”.

Opensea takes care of purchasing, sales, marketing, etc. by NFT.All NFTs and many other blockchains on Ethereum can be found on Opensea. Based on this, you can query the history of each NFT including location, retail location, etc.It includes a variety of categories such as graphics, passwords, toys, virtual landscapes, and domain names.

About the project party

OpenSea was created in December 2017 by Devin Finzer and Alex Atallah. CEO Devin is an online serial and blockchain marketer with a background in software engineering from Google and Pinterest. CTO Alex has previous experience and worked at Apple.

The story of the creation of OpenSea

In 2017, CryptoKitties gained popularity and the entire blockchain industry gained popularity. The cost of the chat cost hundreds of thousands of dollars, worrying Devane, and while researching CryptoKitties he continued to dig and found that there was no app on the market that could make chat crypto.

At the time, most applications were for capital developments in the form of ICOs or financial products and exchanges, and were thought to be only at the level of funding and hype. So, I first applied for YCombinator as a WIFI broadband sharing score project using blockchain, but then I joined YC, OpenSea was designed to change that. To build the ecosystem, we started to develop applications around CryptoKitties.

capital office

Source: Sky Eye Check

Examen par Opensea Technology

Operation of the Opensea platform is carried out through smart contracts, and as a joint venture in the NFT industry, all links are placed on the chain and smart contracts as a whole.Next, we analyze the use of OpenSea by the following:

simple protocol

Opensea is developed and used according to Ethereum, and the definition is ERC-721 and ERC-1155.

Note: ERC-721 is a fully heterogeneous token and ERC-1155 is a semi-homogeneous token, the difference being that ERC-721 describes an asset and ERC-1155 describes an asset building. The property under contract ERC-721 includes the drawings, the contract, the house, the vehicle, etc., with two different uses: a single property can be turned into a period. When making a game, you need toys, you need to send multiple items to multiple accounts, and you can change multiple items from the same group at once.

Storage method: IPFS / filecoin system

OpenSea introduces the ability to "edit" NFT metadata, allowing NFT authors to manage NFTs on IPFS and Filecoin.NFT developers can now use OpenSea to generate unmodified NFT metadata through IPFS content addresses and Filecoin data mining and distribution.

IPFS: When NFT writers send data through IPFS, a unique fingerprint of the content itself (called CID: Content-ID) is created. This special thumb can replace existing URLs. Any CID user can request information to find information related to that fingerprint. When using IPFS URL-linked content in NFT metadata, authors can ensure that their content contains a "static connection" to the blockchain.

Filecoin: Fast retrievable content addressing benchmark for NFT metadata is only part of the solution. In addition, the content should be stored permanently and can be retrieved by anyone for a long time.

wallet

After purchasing NFTs using Openea, users can store NFTs in software wallets like Enjin Wallet, Coinbase Wallet, Opera Touch, and Chrome browser plugins like MetaMask.

For NFT wallets click here: CryptoYC Research Week: Best NFT Wallets in 2021 | No. 17

Secondary commercial information (competitive analysis)

Analysis of historical NFT data

Original NFT packaging, location: non-fungible

Original NFT packaging, location: non-fungible

You can check the NFT history data before viewing the data before the second operation. From late 2017 to early 2018, we can see that NFTs have reached the top of the packaging industry dating back to when CryptoKitty went live. In the circle of cryptocurrency enthusiasts. However, after a long lull, we can see the NFT returning from late 2020 to 2021, and the difference is stronger than before. Let's see how the NFT was born this year.

3 years later, NFT has improved

Developed by the same team, Dapper Labs, Flow is back and the NFT NBA Top Shot card game has broken the entire NFT industry. It can be seen that the card game debuted in February and has generated $ 622 million in sales so far.

In fact, for NFT to be truly successful, the out-of-the-circle truth has yet to tie into the reputation and financial impact it has always had. Former Twitter founder Jack Dorsey sold his first personal tweet in 2006 in the online asset competition brand NFT, which ultimately sold for over US $ 2.9 million. Later, Tesla CEO Musk sold the NFT-themed dance music he created on Twitter.

Source: Variety

market value

Above, we've selected the biggest exchanges with top nonprofit brands (Opensea, Rarible, Superrare, KnownOrigin, AsyncArt, Foundation, MakersPlace) for business analysis. Currently, the NFT trading platform with the highest market share is OpenC with 68%. It is by far the largest 4x Rarible trading exchange, the second largest exchange in the market.

Then, we select the key operations and special functions to become secondary companies with Opensea.

the price changes

NFT trading platform packed by CryptoYC

NFT trading platform packed by CryptoYC

By comparing the monthly volume and the market volume of the top 5 NFT trading platforms, we find that:Opensea is at the forefront of other platforms.. In the image above Opensea appears in the timeline and the trading platform volume also shows the same. Due to the development of the construction industry, Opensea consolidates its customers and increases its packaging activities.

Due to the huge differences between other trading platforms and Opensea, I will not go into a more in-depth analysis here. can seeRarible is the rising star of many trading platforms.. Following the announcement of the Rarible in 2020, the short crossing period of the Opensea in August-December 2020 is due to the rapid rise of the Raribles by announcing its own token, Rari, on July 15 of the same year.

But soon after, Rarible soon passed through Opensea. Because on January 21,Opensea announced the latest technology to support NFT forging at no cost.it isThe first NFT designed completely free,And now it works all over the Ethereum blockchain..

active users

Frequent monthly users of associated NFT trading platforms in CryptoYC

Monthly Customer Growth Rate of Surveillance NFT Trading Platforms in CryptoYC

In reality,Equally significant is the difference in the number of users from each major industry.By mid-2020, the number of active NFT users gradually increased. The NFT market has entered another period of development to strengthen, and as the knowledge of the NFT market has increased, so has the number of users of the platform. And Opensea with the early development of the NFT industry, the group has a better history and better value for manufacturers and buyers at exchange rates. For specific comparisons of large companies, click here. Research ua Brilliant Industry Preliminary Research, NFT

Monthly active users of Openea, source: Dune

The monthly users of OpenSea have continued to grow.

Monthly users have increased since Opensea last year, compiled by CryptoYC

It has been above 100% for more than 3 months last year, and the growth in the number of users has achieved this astonishing result.If you compare the number of new Opensea users last year, you can see that over half of the user growth is good. Here, the 394.76% growth in September 2020 of the two period period is due to the booming NFT market, and the other is that the growth of February and March 2021 is high between 184% and 241.46 %.

community activities

Comparing the strong communities above, the number of followers of Openea is still far beyond any other industry, butPoor performance on other platforms. The main reason is that Openea is an NFT aggregator. Artists and fans from other platforms were working on their own lectures, which led to the exchange of Openea and other consoles of change.

Team success, product support

Source : Opensea Twitter

Tezos is the second blockchain platform developed by NFT Exchange OpenC after Ethereum.The FA2 model, released by Tezos in February this year, is similar to Ethereum's ERC-1155 model, and community interest has increased.

Current challenges of the NFT market

1. High cost

Weekly NFT Oil Prices, Source: Dune

Opensea solves the problem of high prices,Opensea will also improve the high costs of the market..

NFT Business OpenSea plans to integrate Ethereum solutions. Immutable X is Ethereum's owner of the two-layer NFT blockchain protocol which uses ZK stacking technology for mint and swap NFTs. Immutable X brings Ethereum value for money, immediate business, and potential improvements for games, digital art, merchandising, marketing, and more.

Unlimited exchange protocol X immutable 정보The future of the real estate industry must be digital. ImmutableX enables trading of NFTs on the Ethereum open distributed ecosystem.

Zero gas costs for the P2P industry

Set your own exchange rates

No storage risk and users keep their keys private.

High scalability up to 9000 TPS

Non-centralized sidechain

Support for ERC-20 and ERC-721

Protect yourself with Ethereum

2. There is a TVN problem, an abuse of work.

The CEO of OpenC said that in the future, using smart technology, it will be possible to differentiate previously stolen jobs and compare similarities. However, if the work on the shelf and the sale is complete, the user can only announce it, and OpenC will cancel the work on the shelf, and there is currently no way to roll over or roll over.

Three.The benefits of Openesa work differently.

It's hard to stand out on the high seas unless it's already well-known, performing well, or not having a particular crack.

concludes

Based on the above information,Opensea is now a market leader in the industry.; Rarely, the second largest trading platform, is still a long way from Openea and it will be difficult to outperform it in the short term. With the development of the industry still in its infancy, it is difficult to guarantee that the status quo will be brought under control in the future.

OpenSea is positioned as an NFT aggregator.or it can be its own moat. Currently, most of the NFT operations are connected to OpenSea and the NFT related files on the platform still store the API data of that platform.

Opensea is now the largest NFT trading platform, has the widest audience, is very friendly with its developers and has no access interference.. The only start-up is the need to hold virtual rewards, which is not a good friend for the uninitiated.

Now the NFT market is the same as other markets.the law of the cycle of lifeThat is, when the market is optimistic about the craze for NFT by product release, increases, increases, decreases, the number and popularity of the NFT market will increase accordingly.

Opensea will attract more users as Immutable X and Ethereum scaling solutions are released to address the issue of high operating costs.