With the rise of the NFT market, led by some notable projects like NBA Topshop, CyrproPunks, the NFT market has seen a wave of digital collectibles and NFT exchange platforms. Devin Finzer launched an NFT exchange platform in 2017 called ‘OpenSea’, attracting a lot of attention as an early NFT project platform. As a result, the total market sales grew from $8 million in January to $150 million in March 2021. Devin Finzer mentioned that NFT is a unique asset class that has spawned a tech culture.
OpenSea, like NFT eBay
OpenSea claims to be a decentralized NFT exchange platform. Users can buy, sell, auction on OpenSea. In addition, people can find the history transaction, original and sale addresses of any NFT on Ethereum, and other blockchains on OpenSea.
On OpenSea's official website, the homepage says “the largest NFT marketplace”. As one of several top marketplaces on the NFT market today, OpenSea has captured the majority of today's NFT transaction volume. It explored and expand in the NFT market when it was an initial niche when there was a lack of users and talent who are familiar with crypto technology. From the early market sale of only one to two million dollars per month and poor user experience to the gradual acceptance of innovation in the NFT by greater, the number of new users is ever on the rise. OpeanSea seems to be leading the NFT market.
According to CyberMiles Foundation’s research on OpenSea, we know the following:
First, OpenSea uses Ethereum to price all the NFTs. The value changes with the Ethereum token price fluctuating. It means users and artists who publish NFT on the platform are very vulnerable to fluctuation. Their earnings change with the market, resulting in unstable income. Another challenges Ethereum blockchain faces is the high minting and transaction costs of buying NFTs. They can put people off from getting in.
Secondly, the price for each NFT on OpenSea is generally high, limiting access to many regular users who want to join in NFT. Under the unreasonable pricing, 70% - 80% of NFTs did not have any transactions record; Most NFTs’ prices were sold at a high price, which makes us wonder if they are all authentic transactions. There were reports on people fake trading to make illusions of their NFTs being valuable so as to scam others. This could be why many users are not comfortable joining the game. Actually, on NFT marketplaces, including OpeaSea, the deals of NFT largely depend on the popularity of works. It is very likely that the owner buys and sell their NFT many times by themselves to raise the price. However, it is very unfriendly to users who only want to collect digital collectibles (CyberMilesNFT Newsletter series will publish an analysis of the problem in the NFT market, please stay tuned).
Moreover, many people steal other people’s NFT works. It is resulting in what we call “fakes”. To avoid these problems and improve the user experience as much as possible, OpenSea solves this problem by screening the listed NFT and taking the fakes down. This is disputed to be not in the spirit of “decentralization” of the blockchain with the governance model being centralized.
Finally, consumers find it difficult to understand all the steps in owning and trading NFT. Whether to publish, collect, or purchase an NFT, users have to download the digital wallet, collect crypto tokens, and pay the gas fee. It essentially limits the adoption of NFT by more users. We understand that the complicated transaction process will discourage many users and artists who want to publish NFT. Meanwhile, for those who want to collect digital arts, the prerequisite is to realize NFT is more complicated than just buying a physical painting by paying with your cash. But don't be afraid about it. CyberWorld will soon allow users to make transactions with their credit cards. In addition, we will release detailed tutorials with graphics and videos, providing more information for any user.
CyberWorld brings users a better NFT experience
Compare with OpenSea, CyberWorld can be said to be the perfect marketplace for artists. CyberWorld providing a full set of mint, publish, and trade services and now is migrating from BSC to CyberMiles blockchain. The migration of the mainnet also solves the high transaction cost on BSC, as well as TPS restrictions problems. It also charge a very low NFT transaction fees for all trade happens on CyberWorld.
The gas fee in CyberWorld is almost “ZERO”. Thus, it is cheaper and more convenient to use. At the same time, CyberWorld is super easy to use, allowing users to receive NFT airdrops as long as they have an email address, which is very user-friendly. The incoming V2.0 and V3.0 in development are especially advantageous for artists. We are researching and addressing the needs and concerns of niche artists on Patreon, Instagram, and Reddit.
The technology group of CyberWorld has a strong background in blockchain infrastructure. The smart contract and other codes on CyberWorld have been audited and certified by the professional smart contract verification agency Certik to ensure code security and fair transaction, which protects the interests of all parties onboard. “Convenience, low gas fee, and minimum censorship” are fundamental philosophy of CyberWorld.
In a conclusion, CyberWorld has the following advantages: Low mint cost, low transaction cost, less restrictions
NFT market on its way to break limitation
There is excellent potential in crypto art, and the NFT market is destined to have a prosperous future. Although there are many problems now, such as the above-mentioned high gas fee, high market threshold, speculation, fake transactions, etc. But CyberWorld will thrive with the market. We aim to offer a suitable platform to users and artists, enabling young and thriving artists to interact with their supporters and who in turn encourage and incentivize the artist to continue to release new artworks.
CyberWorld wants to help these artists to grown and to be seen. Artists and creators need to survive and get financial support for their creation. NFT may be the best way to maximize their value, so come try it out.