Analyze millions of NFT sales on OpenSea using PostgreSQL and TimescaleDB

It is the premier destination to browse, buy and sell NFTs including music, collectibles, art, and gaming items. OpenSea is dedicated to empowering creators and entrepreneurs by transforming the way the world understands digital ownership and helping to build the open, digital economy of the future. The OpenSea leadership team comes from Google, Palantir, Lyft, Uber, Stanford and Berkeley.

A seller sets the price for an item artificially high at the start of the auction, and lets it decline with time. On NFT marketplaces like market indicators and advanced forex trading OpenSea’s, they function like items/objects, not currency. For example, individuals may use a cryptocurrency like Bitcoin to buy NFTs.

Cons of Using OpenSea

The site initially relied solely on Ethereum-based NFTs and Ethereum’s blockchain for its business, which meant users sometimes had to pay high fees, especially during times of heavy congestion. It has relieved this problem somewhat with the introduction of cross-chain support via Polygon. However, it hasn’t eliminated the original network or Ethereum NFTs entirely. Ethereum is taking steps to address issues of cost and energy efficiency with a second iteration of the blockchain. OpenSea’s site supports over a dozen wallets, including the most popular ones, such as those offered by MetaMask and Coinbase.

• In June 2022, former OpenSea product manager Nathaniel Chastain was charged with wire fraud and money laundering in connection with an insider trading scheme of digital assets.
• This will give you the ability to set the price of your NFT and schedule your listing.
• Finzer and Atallah were inspired by the successful Ethereum game Cryptokitties, and conceived of a market that would allow users to buy and sell Ethereum NFTs like those in the game.
• However, it hasn’t eliminated the original network or Ethereum NFTs entirely.
• The properties are characteristics of the NFT you’re looking at in the artist’s collection.

This feature is made possible by both the discrete quality of NFTs and OpenSea’s technology, which tracks each digital item’s entire sale history. It’s a boon to artists and other digital creators, allowing them to make the kind of compounding gains off their work that otherwise usually eludes them in the digital realm. On 30 June 2022 OpenSea reported a massive email data breach after a Customer.io staff member misused his employee access to download new to bitcoin read this first 2020 and share email addresses of OpenSea’s users. In December 2020, OpenSea announced that any user can mint NFTs on its platform for free. Later, in March 2021, OpenSea announced NFT collections would not need to be approved to be listed; this decision was later criticized for allowing rampant NFT plagiarism on the platform. Go back to your collection, click on the artwork you want to sell, and at the top there is a big blue Sell button.

How to Use OpenSea

With the network’s Merge completed last Thursday, Ethereum’s improvement may reduce the need for roll-ups such as Arbitrum to increase speed and reduce costs. In mid February, 2022, The Verge reported that hundreds of NFTs were stolen from OpenSea users causing a huge panic among the platform community. The estimated value of the stolen tokens is more than $1.7 million. The feature will not be automatically applied to all NFT collections.

A study from Pew Research Center last week found that 46% of Americans who had put money into crypto said their investments had fallen short of their expectations. Transaction volume on OpenSea declined 99% since May 1, according to data compiled by DappRadar. Get the 5-minute newsletter keeping 75K+ crypto innovators in the loop.

Moonrunners NFT: What is it All About?

Brooklyn-based David Henry Nobody Jr. has recorded his absurd performance art since the 1990s. He jumped on blockchain tech as a how defi services will replace banking applications way to actually sell his footage. In July, the platform also laid off 20 percent of its staff, leaving 230 employees remaining.

Digital artists and content creators can use the platform to mint NFTs, create custom marketplaces and NFT collections, set fees on their tokens, and create auctions to sell them. Being one of the original marketplaces for non-fungible tokens , OpenSea has been an integral part of the decentralized ecosystem. NFTs are tokens that give proof of ownership to a digital asset, whether these are artworks, video game items or digital real estate. If you own the NFT on a blockchain, and can verify its ownership with a private key, the technology makes the artwork uniquely yours. Moreover, the company also announced on Tuesday that the NFT marketplace will soon support the layer two protocol Arbitrum. Even Snoop Dogg revealed himself as an avid NFT collector under the pseudonym Cozomo de’ Medici!

The price of one ETH has fallen from $4,950 in November 2021 to just $1,500 in August 2022. Waning interest in the NFT market following such a huge drop in ETH price has attributed to a 40% drop in NFT trade across the market, according to Footprint Analytics. The report suggests the floor price for popular NFT projects like CryptoPunks and the Bored Ape Yacht Club are reaching new lows. The CryptoPunks floor price has dropped around 20% from its July high of 83.72 ETH.

Attacks on the platform

In June 2022, former OpenSea product manager Nathaniel Chastain was charged with wire fraud and money laundering in connection with an insider trading scheme of digital assets. On September 17, 2021, OpenSea released an app for Android and iOS. The app allows for browsing the marketplace, but not buying or selling NFTs. The same month, OpenSea admitted that an employee engaged in insider trading. OpenSea’s Head of Product hoarded NFTs just before they were featured in the homepage.

In Jan. 2022 users noticed a theft on OpenSea of 332 ETH, worth around US$800,000 at the time of the attack. In Sept. 2021, OpenSea’s head of product was accused of trading NFTs on insider information. The executive was using secret crypto wallets to buy NFT drops before they were listed on the platform’s homepage, to sell them shortly after they were released to the public. OpenSea promptly responded in a blog post that it would “make recommendations on how we can strengthen our existing controls” and accepted the resignation of the unidentified executive. OpenSea’s marketplace is non-custodial, meaning that no central party has control of the transactions on the platform.

The daily trading volume on the OpenSea marketplace reached a record $2.7 billion on May 1, 2022, but four months later had dropped by 99%. We chose Snoop Dogg’s address to analyze his trades, but you can analyze the activity of any address you’re interested in by modifying the WHERE clause to see the trades of your chosen account. Next, you might want to see the activity of African NFT evangelist Daliso Ngoma or even compare trading patterns of multiple collectors. Since NFT transactions are public on the Ethereum blockchain and our database contains seller and buyer columns as well, we can analyze the purchase activity of a specific account if we know their address. Anything can be tokenized, from digital art and music to in-game assets and real-world assets like real estate. These digital assets have skyrocketed into popularity as a solution for artists who want to protect their intellectual property.

As such, it’s necessary to address it as such and take the precautions needed to protect your capital. On OpenSea, bids must be at least 5% higher than the previous one. But for the sake of the example, we’re just going to buy at a fixed price.

Link NFT Collection to Opensea

In the context of NFT marketplaces overall, this charge is relatively low, though not the smallest. Additionally, if you’re interacting through the Ethereum blockchain or trading Ethereum NFTs, you may be subject to additional “gas” fees. Like other NFT marketplaces, OpenSea’s platform includes an optional gifting function. While most of the activity on the site is transactional, it’s also possible for you to send an NFT to another user as a gift. You may do so with their username on the site or their ETH address.

• Being one of the original marketplaces for non-fungible tokens , OpenSea has been an integral part of the decentralized ecosystem.
• This number often comes up in criticisms of OpenSea as compared to some of its competitors with lower fees.
• Below, you’ll find the option “Import Tokens.” Click there and choose “Custom Token.” Paste the address that you copied from the Etherscan page.
• If you scroll down the main page, OpenSea will also greet you with a ton of NFTs.
• Nifty Gateway is the first USD-based, centralized NFT marketplace, owned by Gemini.

This came immediately after OpenSea acknowledged that an employee had been front-running NFT projects that were scheduled to appear on the front page of the NFT marketplace. All sparked by a vigilant user who pointed out some suspicious activity from Chastain’s public Ethereum wallet. To be sure, OpenSea may not be able to remove any NFTs from the blockchain. However, it fully has the power to remove NFTs from its marketplace. And given its dominance and the size of its userbase, this move can be devastating for NFT creators.

Buying and selling NFTs on OpenSea is not as hard as you would think. However, be aware that there are a lot of scammers in this field, and prices can be extremely volatile. Go to your OpenSea profile and click on “Explore.” There, you’ll see the thousands of NFT collections available. If you don’t already have a wallet installed, go to metamask.io and get it as an extension for your web browser and connect it to OpenSea.