OpenBiSea – Even Grandmas can sell NFTs with EPNS

The year 2021 was the year of NFTs. The boom related to NFTs was absolutely mind-blowing. Even 12 years olds with a little knowledge of coding ended up making millions through NFTs.

Even if you were someone who lived under a rock you too must have heard the words NFT, most of us just knew something like NFT has taken the crypto market by storm but hardly knew what an NFT was.

Let me quickly explain what are NFTs.

NFTs stand for Non-Fungible tokens. Wow! that’s it, right? Just three words but believe me those three words are more than just three simple words.

I am sure every time you ask someone what an NFT is they might give the example of the Mona Lisa. The example being, imagine there was an original digital Mona Lisa artwork and you paid a huge amount in crypto or other assets to own it but you could only own the digital artwork’s code on the Blockchain.

Undoubtedly the world of NFT has provided artists with a great way of making a business out of creating digital artworks but the meaning of non-fungible tokens is not limited to just digital artwork or gaming.

Behind every quirky digital artwork, there is a unique and non-interchangeable unit of data stored in the digital ledger in the Blocks of the Blockchain which establish the proof of ownership. Making the ownership record immutable. The blockchain technology that is leveraged to maintain the uniqueness of Bitcoin and Ether is applied to guarantee the uniqueness of each NFT and act as solid proof as to who owns the NFT.

But owing to the non-fungibility of NFTs, no NFT can be exchanged like-for-like as each and every NFT is unique unlike in the case of Bitcoins that can be exchanged for another Bitcoin. For eg, you can give up the painting of Mona Lisa for the Starry Nights painting but cannot exchange the painting of Mona Lisa with another painting of Mona Lisa.

NFTs can be anything like drawings, music, tweets, and literally anything else, it is not limited to just digital art but digital art as NFTs are the hottest trend currently.

Current Problem

But with all the buzz created around NFTs, it is still not safe enough and still complex for even tech-related users as the current solutions do not provide full control of crypto assets. Most of the wallets on the market like Trust or Metamask still do not have a clear and simple way for buying Ethereum or Bitcoin which confuses the users and becomes a hurdle in investing smoothly which discourages the investors from investing.

Top NFT Marketplaces like OpenSea, NBA TopShot, JuggerWORLD, and Treasureland make it difficult for users from listing NFTs or during auctions hide the algorithm. These platforms do not provide safe solutions as several of them still hide the fact that they control the user’s money and can anytime decide to hold the user’s money or list their NFTs.

There is no fair revenue sharing on several NFT Marketplaces as they have billion-dollar valuations but that value is not shared with the buyers and sellers which is simply unfair.

As most of the NFT markets are on the Ethereum Network, the network has an average fee of $50 which makes it completely impossible to mass market sales for NFT priced at a range of $5-$10, where there are huge sales opportunities.

OpenBiSea has brought a solution to the above problems through its all-in-one mobile app and its website.

What is OpenBiSea?

OpenBiSea is an NFT marketplace that offers a platform for an easy way of investing and managing NFTs. The OpenBiSea protocol has a hundred percent decentralized NFT flow and non-custodial flow. Within the OpenBiSea smart contracts and app users can easily sell, buy and list their NFTs. The platform assures that it is as easy and simple as ‘Your grandma can sell NFT’.

BSC does not have a marketplace for creators or investors to sell their own NFTs or NFTs brought from third parties with transparent auction-based on smart contracts. OpenBiSea NFT Marketplace is an all-in-one-mobile app that incorporates smart contracts, iOS, Android, and web UI apps and the main core smart contracts are built over the Binance Smart Chain (BSC) and through bridge contracts deployed on the Ethereum Blockchain hold Ethereum-based NFTs and the same NFTs can be created over Binance Smart Chain (BSC). The NFTs flow to and fro transparently and automatically and are stored in the Blockchain without a single change. This way NFTs can be traded without paying high Ethereum gas fees but with the same proof of ownership value on Ethereum.

The smart contracts on OpenBiSea directly register the interaction on the Blockchain, there is no backend involvement. Auctions on the platform are automated within the smart contracts. Through the front-end solution, investors can use BNB/BUSD to purchase the NFTs. Purchases on the platform can be made in two ways:

A. Auction

B. Direct Sales

After making the purchases investors can freely hold their purchases or sell the NFT by opening their own auction.

The OpenBiSea team gets a 5% reward on the amount of NFT purchases and, subscription fees for overseeing all the wallets within the app.

OBS token of the OpenBiSea platform can be used for :

A. Governance

B. Third-Party Sales

C. Decrease Commissions

D. Investment Rewards

A minimum of 1 OBS will be required in the wallet for creating an auction by the auction creator.

Collaboration between OpenBiSea and EPNS

OpenBiSea is paving a way for creating and managing easily while cutting costs for NFT creators and purchasers. Since the OpenBiSea platform aims to create a simple front-end interface and a frictionless user experience it’s prone to have several NFT creators and investors jump ships and engage with OpenBiSea.

The icing on the cake for the users of OpenBiSea would be to have a decentralized push notification communication channel on the platform that will update the users in real-time about:

A. New NFTs listed.

B. New auction started.

C. Governance proposals.

D. Offers received on their NFTs.

E. NFTs successfully sold.

The collaboration will eliminate the need for all centralized communications solutions and send users direct push notifications to their linked digital wallets. Users of OpenBiSea can receive notifications through EPNS’ web app, decentralized app, and mobile app.

Sign up on CoinDCX now, the leading Indian Crypto Exchange.

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