How does Opensea Clone Script Work and Make Money?

In this digital era, NFTs are regarded as valuable assets and numerous NFT marketplaces have been launched to facilitate NFT trading.

The NFT marketplaces have created a revolution in digital trading and it is considered the future of trading. 

Among the NFT marketplaces, the Opensea platform is the most popular NFT marketplace which boosted the NFT niche to incredible heights. In fact, Opensea is viewed as an important milestone in the digital world.

The phenomenal growth of the Opensea platform has led to the birth of many Opensea clone scripts.

An Opensea clone script is a white-label NFT marketplace script that comes with basic features of the Opensea NFT marketplace which helps entrepreneurs to launch a feature-rich and budget-friendly NFT marketplace like the Opensea.

The Operations and functioning of an Opensea Clone script are similar to the Opensea NFT marketplace. To buy or sell NFTs, both buyers and sellers have to follow the same procedures as the Opensea NFT platform. 

If you want to get a grasp of the working mechanisms of the Opensea clone script, this blog is a must-read for you!

The working mechanism of the Opensea clone script might look tedious, but, in fact, it is a very simple and beginner-friendly concept.

Let us get a grasp of how the Opensea clone works!

Working Principle of Opensea Clone Script from a Buyer’s Perspective

First, let's get to know the procedure to sign-up as a new user and buy your favourite NFTs.

Sign-up & account creation

As a new user, the first thing you should do is to create an account by signing up with the Opensea clone platform. Next, provide the necessary details and complete your account creation.

Wallet Integration

After creating an account, integrate your NFT wallet (Trust, Coinbase, Metamask, etc.) to buy and store your favourite NFTs. You can also use your NFT wallets to store your public and private keys.

In case you haven’t created your NFT wallet yet, follow the given instructions to create a new wallet and integrate it into the Opensea platform.

Step-by-step instructions to create and integrate an NFT wallet (Metamask) with the NFT marketplace

Wallet Creation

 --> Download the Metamask wallet extension in your browser

 --> Click on “Get Started and then click “Create a wallet”.

 --> Click on “Confirm” after setting a strong password.

 --> Store your private key for NFT transactions.

Wallet Integration

 --> Go to the Opensea website and click on the wallet icon at the top right corner.

 --> Select Metamask from the list of wallets that activates the Metamask extension on your browser.

 --> Next, choose the Metamask account that you want to integrate and click “Connect”.

 --> Once integrated, you can use your wallet to buy and store NFTs and collections.

Browse and Buy NFTs

Finally, search and buy the listed NFTs either by participating in the auction processes or placing an open bid. You can buy your preferred NFTs either using fiat or cryptocurrencies in a decentralized environment. Once the transaction takes place, NFTs will be transferred to your wallet. 

Whenever you buy NFTs, you are entitled to pay some transaction fees (2 to 2.5%) to the platform.

Working Principle of Opensea Clone Script from a Seller’s Perspective

Create an account

Just like a buyer, a seller has to create an account by signing up with the Opensea clone platform and then integrate their NFT wallet. 

Upload the NFT

Next, a seller has to upload their artwork or its collections into the marketplace that need to be minted as NFTs.

Minting the NFT

Once uploaded, a seller can go ahead and mint the NFTs either using ERC-721 (to mint single NFTs) or ERC- 1155 standards (to mint multiple NFTs). For minting an NFT, a seller should pay some minting fees based on the platform.

List the NFT

Next, list the minted NFTs or collections in the relevant category by providing essential information. For example, if your NFT is inspired by a sports personality, then list them under the Sports category. The listing of NFTs can either be free or paid based on the platform.

Remember that NFTs or their collections can be sold once they have been tokenized or minted.

Promote the NFT

Once listed, a seller can promote their NFTs based on promotional packages to improve their visibility and sell them effortlessly.

Sell it via Auction

Once listed, a seller can skip the fifth step and directly sell their NFTs either by participating in an NFT auction process or by allowing the users to bid for the listed NFTs.

At the end of the auction process, a seller can sell their NFTs directly to the favourite or highest biddings after receiving the payment in his wallet.

Summing Up

To wrap up, the Opensea clone script can be thought of as the ready-made solution to create a lucrative NFT marketplace with cross-chain compatibility features and operates exactly like an Opensea marketplace.

Launching an NFT marketplace using a prominent Opensea clone script will benefit NFT artists, buyers, and sellers lucratively.

Moreover, an admin can turn their NFT marketplace into a money-yielding platform with the help of many revenue-generating sources like listing, minting, and trading fees.

If you are keen to launch an NFT marketplace like Opensea, you should approach the industry-leading Opensea clone script development company like Maticz.

Connect with us to launch a highly-rewarding NFT marketplace like Opensea and stay ahead of your competitors.