Opensea Clone script: An Ultimate Guide to Entering the NFT Marketplace

• By Arun Andiselvam
• 26-04-2023
• Artificial Intelligence

NFT has become the greatest sensation in the thriving Blockchain industry. NFTs are highly regarded as valuable assets and for this reason today we can see hundreds of NFT marketplaces were launched to facilitate NFT trading.

The demand for NFT marketplace development companies is increasing as many aspiring entrepreneurs are attracted to NFT marketplace development. They seek assistance in building a successful marketplace that can get them a good reputation and profit.

Before starting an NFT marketplace, you need to get a proper understanding of the platform and its working pattern. For this, you need to study any existing, successfully functioning NFT marketplace like Opensea and should learn its success formula to survive in this market.

Understanding about Opensea NFT marketplace

Opensea is the first and the world’s largest platform for NFTs and crypto collectibles. The platform was launched in 2017 as a startup with just a $ 2 million investment and it has reached up to $23 million in April 2021.

The Opensea platform operates simply. Sellers of NFTs need to pay a 2.5% commission on each sale they make through the platform. Sellers need to create an online wallet, upload their digital collectibles, post them for sale, and collect payment through their wallets.

The platform authorizes both the seller and the buyer to have a safe deal and the contract is held on the P2P Ethereum Blockchain. More than 200 cryptocurrencies allowed sellers to accept payment through the platform.

How popular is Opensea in the NFT market?

• Opensea has collected more than $1.8 billion as a commission fee in the year 2022. (Source-Token Terminal)
• Opensea is valued to be $13 billion as of 2022 which is 7.8X times of the previous year. (Source – NewYork Times)
• Opensea has raised a funding of $427 million in 2022 with 67 investors over 4 years. (source – CrunchBase)
• The NFT platform owns a total of 54 investors and 7 lead investors in a single year. (Source – CrunchBase)
• From 2018 to 2022, Opensea acquired 3 companies, which are, gem.xyz, Dharma Labs, and Atomic Bazaar. (Source – CrunchBase)
• The major earnings of Opensea are from a commission which 2.5% on each transaction that is made within the platform. (Source – Four Week MBA)
• As of Oct 2022, the company has more than 66% of the market share in the NFT industry. (Source – Coin Gecko)
• The NFT platform has more than 800 employees as of July 2022. (Source – LinkedIn)

What is an Opensea Clone script?

An Opensea Clone script is pre-built software that replicates the Opensea NFT marketplace that supports users to launch their NFT marketplace just like Opensea within 10 to 15 days. The entire design and functioning of the opensea clone script are developed with the Ethereum Blockchain network.

The features of the platform, its style and theme, wallet support, and all other functionalities will be a replica of the Opensea platform. All necessary plugins will be added to the clean code and users if needed can add a few more features that will support their business operations.

The Opensea clone script will be developed by strictly following all security protocols that will assure to have risk-free trading. Many entrepreneurs and NFT enthusiasts agree that using a reliable opensea clone script can be the best alternative for the original opensea NFT platform.

How does the Opensea clone work?

Without comprehending the internal architecture of an NFT marketplace like Opensea, it is not possible to develop the same. Let us have a brief analysis of the working pattern of the Opensea clone platform.

1. Registration

NFT buyers as well as sellers need to register themselves first with the Opensea clone platform. The admin will validate users and approve their registration. Only after getting approval, the user can proceed with buying or selling.

2. Create a wallet

The wallet is essential for all users as they need to store their NFTs or other cryptocurrencies. So soon after they register themselves with the platform they need to create a wallet or should integrate their current wallet into the platform.

3. NFT minting process

If the seller is the admin of the platform then he needs to mint the NFT of the platform before they post their collectibles for selling. Once the NFT is prepared it will be available in the marketplace catalog.

4. Setting the price

After the minting process, the seller should set a price for each NFT collectible and can then post them on the platform through an auction or as an open bid. Now the NFT product is open to bid and buy.

5. Buying the NFT

As the NFTs are available for bidding, buyers can enter the platform by registering themselves and then they can start searching for NFTs of their choice. After finding out the NFT, they can either bid or can buy for a fixed price.

6. Payment transaction

This is the final stage of the NFT selling and buying process in any opensea clone platform. Buyers can transfer the cryptocurrency payment to the platform. The admin will deduct the service fee or the commission fee and will transfer the rest to the seller’s wallet. The buyer will receive the NFT in his wallet.

Benefits of using Opensea clone script

Before deciding to buy an opensea clone script it is very important to understand the business benefits of using the clone script to build your NFT marketplace like Opensea.

• Customization – though users may get inspired by Opensea features, all functions may not be needed or even some businesses may need a few more functions to be added. In this case, going for a customizable opensea clone script is a wise decision that will let users get a perfect platform that will suit their business goals.
• Enterprise-grade security – as users will deal with every transaction through cryptocurrency payment, it is very essential to have a military-grade security system. You can get a high level of security when you choose the best opensea clone script in the market.
• Easy deployment – if you plan to build an Opensea clone from scratch then it may take months to deploy the platform and start operating the NFT. Since you prefer the Opensea clone script, you can have a quick launch within a few days and can start making a profit easily.
• Affordable solution – when we talk about NFT marketplace development some may think it will cost more as the terms are new. But the real fact is when you go for an opensea clone script it is very cost-effective when compared to building the same from scratch.

Essential features that are mandatory in an Opensea clone script

Users may get confused to choose the best opensea clone script as there are numerous providers available in the market. We are here to clear your confusion by letting you know the essential features that are to be present in any reliable opensea clone script.

• Better UI and UX – this is the basic feature that any user expects to enter the platform. Around 60% of the bounce rate of any platform happens mainly because of poor UI and UX. Before you decide on buying the opensea clone script check its user interface and make sure that the script is device compatible.
• Simplified bidding – the NFT marketplace is all about bidding and buying NFTs. The bidding process needs to be simple which will let any user understand the process easily. There should be an option for the seller either to bid on his product or to directly sell to the buyer with fixed pricing.
• Filtering and search function – this function is very essential for buyers as they cannot check each NFT one by one. They should be offered an advanced search feature that will let them easily identify the required NFT just by using the keywords in the search and the filtering option.
• Push notification – each update should be informed to both buyers and sellers of the platform and this has to be done in real-time. A proper opensea clone script will have a push notification that will let users be informed about each activity that is happening within the platform.
• Cryptocurrency compatibility – the wallet that is supported by the opensea clone script should accept all types of cryptocurrencies. We cannot expect users to use any particular popular cryptocurrency alone. They may use multiple cryptocurrencies and your platform need to support all.
• Multiple language support – if you are planning to get a global audience to your NFT marketplace then it is very essential to offer multiple language support that will help users to use their convenient language to have seamless NFT trading. Make sure the opensea clone script supports multiple languages.
• Seamless API integration – your opensea clone script should let you integrate API easily. There are several APIs involved in running an online marketplace like opensea. API integration is essential to simplify all business operations.
• Security features – more attention is needed while checking for this feature. The platform you run with international users needs to be more secure and should be away from malware attacks. The platform should have end-to-end encryption with SSL security and API security.

How can the Opensea clone make money?

The good thing about building an opensea clone is, users can find multiple revenue streams that will get them a good profit. Let us identify all possible ways of making money through the opensea clone platform.

• NFT minting – to sell in an NFT marketplace the seller needs to convert his assets into digital assets which will be in form of NFTs. Only then selling is possible for any seller. To transform all assets into digital assets they need NFT marketplace support. The admin of the opensea clone platform can charge sellers for NFT minting.
• Listing fees – every NFT marketplace platform will have thousands of sellers who may have assets under the same category. All of them may list their assets and few will get the sale done. In this case, sellers can feature their listing on top of the searches which will get them better visibility. Sellers can pay the listing fee to the admin to get their product listed on the top of the page.
• Transaction fees – sellers post their asset for auction and buyers will start bidding on the asset. At one point when the seller gets the highest bid, he will close the sale. The buyer will pay the seller through the platform. The admin can deduct the transaction fee on each sale and transfer the balance to the concerned seller. The transaction fee can be 2% to 2.5% on each sale value.
• Subscription fees – this is not so common revenue model for the NFT marketplace but still, it can be utilized to make extra money. The platform can make users to subscribe the platform so that they can get access to add-on services and advanced features that will benefit their NFT trading.

How much will it cost to get an opensea clone script?

Opensea clone scripts are ready-to-deploy software that can be very cost-effective and highly recommended for startups and SMEs. If users are ready to buy the opensea clone script as it is then it may charge somewhere between 5K USD to 15K USD.

But many businesses may not be satisfied with the existing features alone. According to their business operations, they may need to customize. Users may need to change the theme, add features, have scalability, and many more. As per their requirement, the price varies.

Conclusion

By understanding the popularity of the NFT marketplace, every entrepreneur desires to step into this industry by all means. As the competition is fierce, you cannot take much time in the NFT marketplace development process. You should instantly start your NFT business so that you can compete with others and can start getting a profit. Going for an opensea clone script is the right option that will make you stand ahead of your competitors.