Blockchain: OpenSea & NFT
Financial technologies are undergoing huge transformations.
Some of the big forces behind the changes are (1) the growth of the web and related technologies and (2) the emerging blockchain, cryptocurrencies, and their related technologies.
As a maker, this presents lots of opportunities to tinker and make useful and interesting things.
We will explore some of these technologies here in this newsletter and in the money club for makers.
Writing this article took me 5 times less to write than previous ones because I used an AI tool to write a lot of it. I note below where that section starts.
Today we start with an emerging blockchain technology called OpenSea.
I recently discovered OpenSea and the tools it offers developers for making software that incorporate their products.
As I explore them, I will share some of what I find with you.
OpenSea is a platform that makes it easy to manage, buy and sell non-fungible tokens.
In other words, it is a marketplace for unique digital items.
People sell all kinds of digital assets. You can visit their website and browse through their listing.
As a developer, you also can use the OpenSea API and other tools to make your own software that incorporates and builds upon the OpenSea data and functionality.
Read more to learn about NFTs, OpenSea, and one of their code samples that developers can use as a starting point
Most of the text below is written using AI and only lightly edited by me
OpenSea and NFTs
Non-fungible tokens are a new type of blockchain token that is tailored for the digital collectibles market. With this interesting new invention, collectors will be able to trade unique and one of a kind items with other players in the game or in real life.
OpenSea is one of the biggest players in this emerging space. If you want to be where the NFT action is, check them out.
Learn more about what this new technology is, OpenSea, and what it could mean for your future today!
What are Non-Fungible Tokens?
Non-fungible tokens are a new form of digital asset that's the same as owning an object. The tokens represent the object and make it possible to assign unique identifiers, store data, create new versions of it in the future. It's also possible to transfer ownership of these tokens, making them liquid. A non-fungible token doesn't need to share its underlying code with other tokens and it doesn't have to be divisible into smaller units
Non-Fungible tokens are tokens that are unique in some way. They are given a unique identifier when they are created, and you can use this ID to determine the value of the token. This is particularly useful for digital collectibles or assets, but it could also be used for other purposes as well.
What are ERC721 tokens?
Non-fungible tokens are digital assets that cannot be reduced to a set or subset of other assets. These tokens must be unique in order to generate a unique ID, which is required for ownership. The most well-known example of this token is Cryptokitties.
In other words, they cannot be replaced by another similar object. The most well known example of a non fungible token is a CryptoKitty and there are many others examples as well: Etheremon, Decentraland, Cryptocollectibles.
What is the OpenSea Platform?
The OpenSea Platform is a decentralized marketplace for NFTs that makes it easy to manage, buy and sell non-fungible tokens. Unlike typical cryptocurrency exchanges, the OpenSea Platform allows you to create your own storefront and sell digital goods. You can even charge transaction fees in order to make money from your items!
It connects users with cryptocurrency investing, peer-to-peer trading and cryptocurrency discovery. The primary goal of the company is to build a safe ecosystem where people can trade and buy digital items like skins, digital art, crypto pets, or collectible cards securely.
Where are the OpenSea developer tools?
OpenSea has a GitHub repository with code starter templates and examples.
One of the examples is a custom-built marketplace that uses the OpenSea data and functionality.
Non-fungible tokens can be used for tying digital assets to real-world items like art, cars, and even people.
The most popular use of this application is in the gaming industry where players can own rare and unique virtual items that are tied to their identity.
Ok, that is it for this newsletter.
What are you working on? What tools do you need that we can make?