OpenBiSea is an NFT marketplace that offers a step-by-step guided solution to the existing challenges associated with existing NFT platforms through smart contracts. It comes with an easy-to-use iOS, Android, and web UI app. OpenBiSea allows users to buy, sell, make auctions, and participate in NFT Art Competitions. This platform is based on the need to have an all-in-one platform where you can buy and sell NFTs as well as receive comprehensive reports. OpenBiSea was launched in the second quarter of 2021 by Oleksii Vinogradov, the Founder, and CEO. He works closely with Andriy Mykhailyshyn (CTO) and Oksana Tsibka (CFO) to ensure the success of the whole marketplace project.
OpenBiSea allows creators to mint NFTs through auctions and direct sales. Buyers can purchase their preferred NFTs with USD/BNB/BUSD. Buyers can decide to keep their collections or re-sell their collectibles through new auctions. 5% of the total amount of the purchase and subscription fees goes to the OpenBiSea team as a reward for monitoring wallets within their platform. Buyers can also validate NFT valuations from blockchain directly as well as access investment reports on the OpenBiSea application.
In case you are wondering what makes OpenBiSea unique, here is the catch:
OpenBiSea’s smart contracts are built on Polygon (exMATIC) and Binance Smart Chain (BSC) with an Ethereum bridge for NFT assets. Through the Ethereum Bridge, smart contracts can hold Ethereum-based NFTs and still create the same NFTs on BSC. The process is reversible, and all NFT assets transactions are transparent, and the records are accessible on the blockchain. OpenBiSea has made it possible to trade NFTs with an ownership value on the Ethereum blockchain without the high Ethereum gas fees. The NFT assets can be ERC-721, ERC-20, or 1155 Non-fungible tokens.
OpenBiSea is open to any NFT enthusiast who wants to list, market, and sell NFT assets. Users enjoy similar features on smart contracts and apps. You don’t require any referral or admin approval to list, buy, or sell NFTs. You can also create or participate in the auctions, which are automated courtesy of smart contracts.
On the OpenBiSea platform; these are the key sections:
- NFT Auction/Market – This section allows creators to create new auctions and investors to access a list of NFT assets on auction and available for direct sales.
- NFT Art Competition – This section gives all creators a chance to participate and stand a chance to win 1 BNB or $1,000 if their artworks meet the competition theme of “Uniqueness.”
OpenBiSea is a decentralized and community-owned platform. It doesn’t belong to any entity or company. To participate in governance proposals, you should have OBS tokens in your account. Besides, the OBS token allows OpenBiSea members to sell to third parties, decrease commissions, and add value to investment rewards. Although the price of NFT assets is set in BNB or USD, transactions are done through the OBS token. Before creating an auction, a creator must have a minimum of 1 OBS as the wallet balance. This requirement is subject to OpenBiSea team adjustment, and the conversion rate stands at 0.0888BNB, equivalent to 1 OBS token. Investors make a profit through OBS purchases by creators to meet the minimum wallet balance requirement.