OpenSea is a decentralized, open-source, and free software for the development of smart contracts on the Ethereum blockchain.
It is an implementation of the OpenSea protocol that allows users to create their tokens using the ERC20 standard. The platform offers several tools such as a graphical interface, a token exchange, and an integrated wallet.
The project was started by Vitalik Buterin in 2016 and has been maintained since then by his team at Ethereum Foundation.
What Is An OpenSea Smart Contract?
OpenSea Smart Contracts are the protocols or business logic that defines how all the transactions will work on Blockchain technology.
The major reason for which a smart contract is created is to fulfil the contractual needs like allowing it to create its token. With these smart contracts, the future calculations on these tokens are carried out.
Smart contracts are written in solidity programming language. It is then compiled into JSON. In the end, they are deployed on the blockchain server on a particular address.
Seems confusing? Well, sit back and relax. We are going to explain to you the whole process in detail in this article. So, keep reading.
What Is Solidity?
Solidity is a programming language which is somewhat like javascript. This language is designed to construct a smart contract on Ethereum.
If you are going to write a new smart contract, we hope that you are aware of coding. Now, the compiler will convert this contract to EVM code which is then sent to the Ethereum network. This works as a deployment transaction.
Features Of OpenSea Contract
1. Smart Contract Creation
Users can create their own tokens using OpenSea’s graphical interface or through the command line. Additionally, they can use the web3js library to interact with the contract directly.
Moreover, users can also integrate other blockchains into their contracts. These include Bitcoin (BTC), Litecoin (LTC), and Ether (ETH). With this, users can easily transfer their funds between these networks.
2. Token Exchange
All ERC20 compliant tokens are supported by the platform. Moreover, users can trade them against each other or any other asset on the market.
3. Wallet Integration
Users can manage their tokens within the same interface where they created them. They can send transactions, check balances, receive payments, and more.
4. Graphical Interface
A user-friendly graphical interface makes it easy for anyone to create tokens.
Does OpenSea Have Smart Contracts?
Yes. The OpenSea smart contracts allow you to build your tokens and add functionality to existing ones. With the Smart contacts, there is no need to pay anything to start building your tokens.
It is completely open source. Anyone can view its code and contribute to its improvement.
It is compatible with every ERC20 token. This means that you can use it to create new tokens based on popular cryptocurrencies like ETH, BTC, LTC, etc.
Also Read: NFT Smart Contracts Explained
How To Integrate OpenSea Smart Contract?
So, now you know enough about the OpenSea smart contract. We have discussed what it is, what the features are, and what is solidity. Now, let’s begin with the main part of the article. Here, we will talk about how to integrate OpenSea smart contracts. Make sure to go through all the steps carefully to avoid any issues.
Step 1: Create A MetaMask Wallet
First, you will have to install the Meta Mask extension to your chrome and then enable it to use it.
After installing it, you will have to tap on the icon and then a new window will open on the screen.
On the page, choose the option to create a wallet. You will then have to read and agree to the terms and conditions.
Choose your password. When confirmation will be asked, type your password again. It will now provide you with abackup key that you can use if you lose your account.
safety code that you can recover when you will lose the account.
Moreover, you may need to save it on an external hard drive or write it on a piece of paper so no one else can find it.
Next, you will have to make sure that you are present in the main Ethereum network. If the checkbox is marked on the Main ethereum network, you are going right.
Step 2: Choose TestNetwork
In your metamask wallet, you will get options for different wallets. Choose the one that you wish to use. For OpenSea, you need to choose the Rinkeby Test network.
One thing that you have to keep in mind is all these networks are available for testing purposes only. They do not have any real value.
Step 3: Add Ethers To The Wallet
If you wish to try out the smart contract, you will have to add some ethers to the wallet.
Now, for OpenSea, you will have to use the Rinkeby network and then choose it. The initial balance in your account will be 0 ETH.
After this, choose the deposit option and then choose the get Ether option present in the test Faucet.
Choose the option to request one ether from the faucet.
When it will be added to the wallet, you will have to begin drafting the smart contract.
Step 4: Draft Your Smart Contract
Now, you need to begin writing the code in solid language.
Most people prefer using Remix Browser IDE.
It can be used to write small size contracts.
Step 5: Create A File Extension
Now, you will have to start the remix platform on the system.
On the page, you will have to hover to the plus icon and then tap on it.
Choose the extension as .sol.
Step 6: Use A Sample Contract Code To Create Token
ERC20.sol is the template which is usually used to create ERC20 and tokensERC20.sol is the template to create ERC20 tokens.
You will now have to choose the compiler version to compile the smart code.
Step 7: Deploy The Contract
Now, after creating the code, you will have to tap on the option for deployment. It will be present at the right-hand side of the window.
Wait for the transaction to complete.
When it is complete, you can see the smart contract’s address on the right side of the window.
You will then see that the tokens will be present in the wallet of the person who deployed the contract.
If you wish to check tokens, you can also open the metamask window and then tap on the add option. Type the address of the smart contract and then it will display the number of available tokens. Check the number there.
Also Read: How To Promote NFT On OpenSea?
Conclusion
OpenSea is a great tool for those looking to create their own tokens. Its simplicity allows anyone to create their own tokens in just a couple of minutes.
Moreover, it has all the features needed to support the most common types of tokens. In addition, it is completely free.
Therefore, if you are looking for an easy way to create your own tokens, OpenSea should be at the top of your list.
