What is Opensea NFT that makes Ghozali suddenly rich


Non-Fungible Tokens or NFTs are now increasingly popular and the demand for them is increasing and growing. In fact, some of these digital transactions have received funds of up to fantastic value.

Currently, most of the buying and selling transactions occur at Opensea, which is the largest NFT marketplace in the world today.

As is currently being viral, namely the figure of Ghozali Everyday. Ghozali sells photos of himself on OpenSea. The item being sold is a collection of selfies taken every day from the age of 18 to 22 years, in the range of 2017 to 2021.

Unexpectedly, the collection of selfies that he sells at Opensea is in great demand by buyers. The cheapest Ghozali Everyday NFT collection is sold for 0.28 ETH or around Rp. 13.5 million. With a total of 933 collections, the valuation of Ghozali's NFT is almost Rp 12.6 billion.

What is Opensea?

OpenSea itself is an NFT buying and selling market with the largest money turnover. This platform is an option for buyers, sellers, and NFT creators to transact.

Quoting from the official website, OpenSea is a peer-to-peer marketplace for NFT. OpenSea also claims its platform is the first and largest in the world as an NFT marketplace.

It is recorded that there are already more than 300 thousand users with more than 34 million NFT in the OpenSea marketplace. In fact, the transaction volume on OpenSea reaches more than USD 4 billion.

The digital currency used by Opensea

It is known that NFT buying and selling transactions at OpenSea mostly use Ethereum (ETH). However, OpenSea mentions the core currencies on their platform include Ethereum (ETH)/WETH, USDC, and DAI.

In fact, they have more than 150 other payment tokens available such as $UNI and $WHALE. However, it is still impossible for OpenSea to use non-crypto currencies like USD and Euros.

Basically, Ether or ETH is the original cryptocurrency of the Ethereum blockchain. ETH is used to pay transaction fees (gas fees) on the Ethereum blockchain.

In this case, OpenSea stated that it had no role in determining the gas fee. Because gas fees are determined by supply/demand and fluctuate according to network usage. Oh yes, ETH and WETH are exactly the same value.

Both of them can be exchanged directly on your OpenSea profile. Meanwhile, you can also add ETH by going to the wallet icon and pressing "Add Funds."

Opensea Advantage

As an NFT marketplace, OpenSea relies on fees collected from successful transactions to make money. Every creator who sells his work on OpenSea, will be charged a 2.5% seller fee.

On its official website, OpenSea states that 2.5 percent of each sale will go to OpenSea as compensation for services provided to creators.

That means, if the user manages to sell 100 ETH worth of NFT works, then the user will only save 97.5 ETH. Meanwhile, OpenSea will get 2.5 ETH from the sale.

Meanwhile, for buyers of NFT works, OpenSea does not impose any additional fees or commissions. Just for the record, NFT is a digital certificate of ownership that cannot be duplicated.

So, if you buy someone's NFT work, you only own the digital ownership rights, not the entire work.

Previous Post Next Post