what's up everyone i'm mike and welcome back to top crypto and today we're going to talk
about another high potential project called openc but before we start please notice our disclaimer
since i am not a financial advisor this video is for informational and educational purposes only
so without further ado let's begin to our topic before diving into openc understanding nfts first
saves you from confusion later on a non-fungible token is a token that cannot be fungible
that doesn't tell you much and there's a lot to unpack so let's begin at the beginning a fungible
token is a digital currency such as bitcoin that may be traded interchangeably fungible tokens are
not one-of-a-kind which means that a bitcoin is always equal to any other bitcoin the same is true
for conventional currency because dollar notes are interchangeable neither of you loses anything if
you swap them a non-fungible token on the other hand symbolizes a one-of-a-kind digital good
consider cryptopunk's profile image avatars axi infinity in-game goodies and original digital
artworks as a result if you own a cryptopunk nft and a buddy owns a board ape yc nft they are not
convertible in the same way that currencies are since they are separate digital things
nfts have captivated digital producers of all stripes because they enable proven ownership of
digital assets for the first time furthermore they allow artists and collectors to trade
directly with one another which is what open seas peer-to-peer nft market is all about
openc is the first and largest peer-to-peer marketplace for cryptogoods which include
collectibles gaming items and other virtual goods backed by a blockchain on openc anyone can buy or
sell these items through a smart contract alex itala and devin finzer established openc in new
york city in 2017 shortly after they applied to the renowned y combinator startup incubator
and obtained a 2.7 million dollar investment early on the openc crew had a lot to prove
aside from early fads like cryptokitties nfts were failed to catch on until 2021
however the team's prediction that consumers would eventually value digital things as highly if not
more than real ones began to come true here's some context to help you grasp what openc is
the trading of cryptocurrency tokens laid the groundwork for the present nft boom people all
around the world exchange digital cash and utility tokens 24 hours a day seven days a week they are
at ease with digitally owning objects they cannot see or feel signaling that the digital native era
has arrived interacting with digital items is becoming more common as individuals live their
lives online more and more however although in the early days of the web people tried to bring the
physical into the digital the present phase is all about digital first products like fantastic memes
games and interactive experiences this is also why people are moving away from using selfies
as profile shot avatars on social networking platforms such as instagram twitter and tick tock
instead penguins pixelated punks and cynical apes with laser eyes are taking over as avatars
in a larger sense all of these clues point to the birth of the metaverse a shared virtual realm
that we all construct and control together and in which nfts play an important role
so while it's tempting to think of openc as the ebay of digital goods it's much more than that
when you purchase an nft it is yours in the same manner that groceries are yours after payment but
what if you want to move it sell it or look for others like it what if you want to buy an nft
but want to readily examine its ownership history there was no straightforward method
to do any of these things before openc yes openc is a peer-to-peer nft marketplace
but it is also the user interface layer between the blockchain and regular customers making
nfts accessible to anybody openc now supports many blockchains including ethereum polygon and
clatton this tutorial outlines the distinctions between these several blockchains in a nutshell
ethereum is a 2015 decentralized open source blockchain with smart contract capability
ether is the ethereum blockchain's native coin on the ethereum blockchain eth is used to pay
transaction fees openc has no role in determining gas rates which are decided by supply and demand
and fluctuate based on network usage polygon is a distinct blockchain that enables scalable safe
and quick transactions with ethereum currencies such as eth usdc and dai cryptocurrencies must
be bridged from ethereum's blockchain to polygon as one of the first scaling options for ethereum
consider polygon to be a sister to ethereum the currencies are similar but the two blockchains
differ slightly users will be able to utilize polygon to manufacture purchase and trade nfts
without incurring transaction fees beginning in july 2021 thereby establishing a gas free
marketplace clayton is a blockchain created by cocco a korean internet business users
may purchase and sell clayton nfts on openc by using the kaikas wallet browser extension
on openc you can do a lot of cool stuff of course the most popular acts are trading
selling or purchasing various types of nfts however you may also utilize the site to learn
more about the nft industry and learn about new initiatives without any prior knowledge
openc allows you to design your own nfts to get started you'll need to amass an nft collection
after that you may begin uploading nfts in supported formats let's take a look at openc
twitter page they started their official page back at december 2017 and have 1.2 million followers
and here are the pinned tweet of openc on twitter check out their most recent blog post by xander
itala about listing and delisting your nfts and that's all for openc come visit our channel
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