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OpenSea the Peer to Peer Marketplace for Crypto Collectables


The demand for crypto collectibles has increased more than ever with people looking to buy digital assets that they can flip on different marketplaces. There are many marketplaces made for Crypto Collectables, but not all of them are created equally. 


OpenSea is a great peer to peer marketplace for crypto collectibles with a ton of amazing features. There are many great sellers with beautiful and rare digital asset collections. Before we learn more about OpenSea, let’s have an introduction into what crypto-collectibles are.


What are Crypto Collectibles?


Crypto Collectibles are non-fungible and special digital assets. They have become highly collectible and sought after just like real-life collectible items such as stamps, cards, and comic books. Non-fungible items are a new class of unique digital collectibles that are coveted for their rarity and can be bought, sold, or traded on marketplaces such as Open sea.

In real life, we have collectible items like stamps, coins, cards, balls, and much more. Now, everything is digital, and people love to play online games. Online games feature many valuable assets that can be bought or resold. Many popular games such as Overwatch, Fortnite, and World of Warcraft are full of such digital assets. They have premium tradable skins, moves, guns, and many other things that can be sold as a digital asset. 


What is ERC-721?

ERC-271 is a contract on which all these crypto-collectibles are based. It is different from ERC-20 that most of the people already know. In the ERC-20 contract, every type of collectible, such as money, is the same. For example, a hundred-dollar bill is considered the same as any other hundred-dollar bill, and they both hold equal value, but the ERC-721 contract is something different. Here every item has its own unique identity, and these items are called crypto collectibles. They can be from any game, or they can crypto kitties that proved very popular collectibles back in 2017.


Why should you buy these collectibles?

One of the main reasons that people buy these collectibles is its rareness. All collectibles are unique, and they all hold their value. Some of them are even worth millions, while others are cheap. There are three factors that decide the value of an asset, whether it’s a digital asset or any real-life asset. These factors are:

  • Age of asset

  • Rarity

  • Demand

Age is an important factor because old things tend to have higher values just like in real life. This is the same case with digital assets, the older and well-known assets are sold at higher prices. The rarity factor is also considered because rare things are always pricey.


There are many collectors who love to buy rare things at any cost. The demand for an item or digital asset can also make it really rare. When the demand for an object increases, then its value automatically arises to a large extent. 

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Why is OpenSea best for your Digital assets?

OpenSea has a range of products, items, and tons of digital collectibles that are rare and unique. It is one of the largest digital marketplaces where people come to sell and buy digital assets. They have many categories for each type of digital asset. They have Gods Unchained, CryptoKitties, Decentraland, CryptoPunks, Ethereum Name Service, Avatars, Vegas City, Pixel Chain, and many other crypto collectible items such as virtual real-estate that any passionate collector would love to buy.

The best thing about OpenSea is that it’s an extremely large marketplace with different types of collectibles. OpenSea is not just limited to cards, skins, or kitties, but they offer you a range of collectible items. The sellers and buyers in this market place are rising day by day, making it a great place to invest in your fun digital assets. 

You will find all types of collections, including games, cards, paintings, kitties, and anything you can imagine in the digital asset world.


For the latest NFTs, check out:

MinedHash's Decentraland Marketplace

MinedHash's GodsUnchained Marketplace

MinedHash' CryptoKitties Marketplace


OpenSea for Developers


Developers can also start working with OpenSea to earn good revenues. OpenSea is easy and powerful for developers and designers to make customizations in their own marketplace. Developers can create their own marketplace for trading ERC721 or ERC1155 assets. It’s absolutely free for developers, and they can establish their marketplace within OpenSea. 


You can pull the market’s data from the digital assets API of OpenSea and they also offer an affiliate program to monetize your user base. OpenSea Studios are very helpful and they are there for you to collaborate with on your game projects should you wish to.


Conclusion


Digital collectibles have a bright future, and the OpenSea marketplace is already growing at a rapid pace. There are more than 10,000,000 digital assets available on OpenSea, and they fully support ERC721 or ERC1155 standards. More than 70,000 ETH transactions have been made on OpenSea since 2018 and there are 300+ types of assets available in the marketplace. Art collections, game collections, and dozens of other types of assets are waiting for you to roll in and invest in the future world of crypto-collectibles.