Step By Step Beginner’s Guide: How to Acquire NFTs Through the OpenSea Platform

OpenSea is a global, digital marketplace in which users can exchange non-fungible tokens (NFTs). Founded in 2017, the platform has quickly grown to become the largest and most popular NFT marketplace, conducting an estimated $20 billion USD in volume through over half a million users and 2 million + NFT collections.

The following will be a step by step guide on how to open a wallet and acquire an NFT through the OpenSea platform.

Step 1: Creating a Crypto Wallet

OpenSea supports many different wallets in which to choose from. A crypto wallet allows you to buy and store an NFT.

Wallets that OpenSea supports are any of the following:

  • MetaMask
  • Coinbase Wallet
  • WalletConnect
  • Phantom (Solana)
  • Fortmatic
  • Kaikas
  • Bitski
  • Glow
  • Venly
  • Dapper
  • Authereum
  • Torus
  • Portis
  • Trust (mobile only)

For this guide, we will be using MetaMask. To download MetaMask for a browser or mobile extension, go to metamask.io and click on “Download”. Choose your preferred application and install the extension. 

Once MetaMask is downloaded, you can create a new wallet. This will require you to create a password and then generate a seed phrase.

Warning: Like all crypto wallets, if you lose your seed phrase, your wallet cannot be recovered and funds will be lost forever.

This is extremely important – write that entire seed phrase down word for word on a piece of paper and store it somewhere secure, like a safe.

Once you have successfully re-entered your seed phrase on MetaMask, you now have a wallet!

Step 2: Funding Your Crypto Wallet

To purchase NFTs on OpenSea, your new wallet will need some funds. The most common cryptocurrency on OpenSea is Ethereum (ETH). Ethereum can be purchased directly on MetaMask by selecting the “Buy” icon in the wallet:

After selecting Buy, two options appear to purchase ETH directly on MetaMask. One is through Wyre (debit card purchases) and the other is through Transak (credit, debit, bank transfers).

The more common approach is to use exchanges. ETH can be deposited directly into your crypto wallet by first purchasing it at a centralized exchange such as Coinbase, Kraken, or Crypto.com and sending it to your MetaMask wallet.

Once ETH is purchased, it will show in your wallet:

Step 3: Connecting Your Wallet to OpenSea

To connect a wallet to OpenSea and to see which wallets are available, go to the top right corner on OpenSea.io and click the wallet icon. A list will appear of supported wallets.

Click on MetaMask. Your MetaMask will open automatically with a request to connect to OpenSea. Choose your wallet and hit “Next”. After hitting “Next”, a prompt will appear to connect. Hit “Connect”.

Once you have hit Connect, your wallet is now connected to OpenSea!

Step 4: Purchasing an NFT

Now that we have a funded crypto wallet and have connected it to OpenSea, we are ready to buy our first NFT. On OpenSea.io, scrolling down on the main page will bring you to the ability to browse by category or you can just click “Explore at the top of the page.

There are many different types of artists creating different NFTs, including art, photography, collectibles,etc. Once you find an NFT you would like to purchase and have enough ETH in your wallet for both the purchase price and gas fees, click on the NFT and then select “Buy Now”:

After selecting “Buy Now”, a pop up will appear that says Authentication required. This will trigger a Signature Request for your MetaMask wallet. When this appears, click “Sign”. After you sign the Signature Request, you will be able to now checkout and purchase your NFT!

Step 5: Viewing your NFT

You can view your new NFT by going to the top right on OpenSea, selecting your profile icon and selecting “Profile”:

This will take you to your OpenSea profile where you can view the NFTs you have collected, any you have favourited, NFTs you have created, and any other activity related to your profile. Remember, your NFT is stored on your MetaMask wallet.

You have now successfully created a wallet, funded it, and bought an NFT off OpenSea!

For the latest on the metaverse and web3, check out our content on gmw3.com

Women in the Metaverse: Anna Fomenko of Fancy Bears Metaverse

Amid the many NFT projects that have become part of a now-meteoric trend, one that’s currently on the rise is Fancy Bears Metaverse — a project and DAO that’s made artists, top athletes, celebrities and even Nobel prize winners a part of its expanding community. Currently, the estimated value of the assets within the Fancy Bears DAO exceeds $700k USD.

As part of our ongoing series, we recently sat down with Anna Fomenko, Polish-based Project Manager of Fancy Bears Metaverse, to discuss parts of the project’s roadmap, current successes, crowdfunding efforts and plans to create a full-chain model for modifying the appearance of NFTs. We also cover why Anna hopes to be a trailblazer for other women who are entering the Web3 space.

How did things kick off?

Anna mentions how she had a bit of an “old-fashioned, Belle Epoque” approach to education while growing up — learning piano, French, history and art — the last being her favourite subject. About a year ago, she learned about NFTs and her curiosity was piqued. “I knew they were like art, but digital art,” she says.

She says she entered the Web3 space about six months ago, when she officially joined the Fancy Bears project with Fanadise. She was particularly happy that they gave her the opportunity to start working with them because “in Poland, it was a new area — and few companies are trying to jump into the space there.” She kicked off her efforts by managing the project’s Twitter pages, before moving into her current role as Project Manager. “It’s been a great opportunity to meet people from all around the world.”

Anna notes how quickly she’s been able to jump into the Web3 space and ramp up her knowledge about NFTs, highlighting how much she’s adapted to the space in such a short matter of time. “I didn’t have a huge background, but as a lover of art, I loved that NFTs were pieces of art and wanted to get involved.”

About Fancy Bears Metaverse

Anna explains that: “First and foremost, Fancy Bears Metaverse is a community of amazing people from all across the world.” Fancy Bears’ main utilities include organising in-person parties for holders (some of which include prominent celebrities), as well as providing exclusive merchandise and airdrops of the community’s token, $HONEY. NFT holders and brands are also eligible to receive a series of exclusive deals for partnering with the community (past partners include Samsung and L’Oreal).

Legendary American boxer Floyd Mayweather, an NFT holder who has become quite active in the Web3 space, has recently become an honorary member of the Fancy Bears community. Anna elaborates on how even though Fancy Bears “is a Polish project, we wanted to focus on not just Poland, but the entire world.” 

Photo by © A.RICARDO – Shutterstock.com

After starting off with Polish influencers in their roster, they decided to branch out globally. To have a big star as part of the community “seemed like a great idea and Floyd seemed like a great candidate to develop a partnership with” — given that they knew he had a global presence and wide outreach. Mayweather recently donated 20 signed pairs of gloves to the DAO, which were then given to corresponding Fancy Bears holders.

Building the “NFT 2.0”

Now, the Fancy Bears DAO’s main focus is on building and offering Trait Swap — a desktop application that can be accessed when users connect to the interface using their crypto wallets. From here, users can select which Fancy Bear NFT they’d like to make changes to — such as giving their character a new head accessory or fur colour.

How will this work? As every trait (both in Fancy Bears’ original collection and in newer traits) will be an ERC1155 token, every trait swap will mean that each token is being staked in the contract (so long as the trait remains in use). For this reason, the DAO has created a separate trait staking contract. 

“Just like how characters change their wardrobe in the Sims,” Anna describes, “you can try out all of the traits [and figure out] which one will look best on your bear.”

As not all NFT holders were entirely happy about how their bears looked, they’ve started voicing a desire to see something new take place within the project. With Trait Swap, holders are able to make changes to their bears and attach different traits and accessories. In light of this, the DAO is working to apply the same technology to other popular NFT projects — such as Bored Ape Yacht Club, Mutant Ape Yacht Club, Doodles and Cool Cats.

They’re also looking to create partnerships with additional companies, who are also helping them to further develop more NFT traits — even exploring the option for users to carry utilities from other projects. In Anna’s vision, “you can bring every utility [to the project] that you want — whether it’s a ticket to a party or traits from another project.” 

New traits can be purchased with the project’s $HONEY token. Recently, the community offered holders an exclusive airdrop of the token, enabling them to purchase new traits and gain limited access to Trait Swap. From there, users could see the changes made to their NFTs reflected on OpenSea.

“Honestly, people have just gone crazy,” Anna says, “as we not only have our original collection, but also these additional traits.” She touches on some of the unique changes that holders can select from, including the much-loved squid head. “I can see that people really like it.”

Anna also highlights the efforts being made to differentiate Fancy Bears from other projects, commenting on how she enjoys the ability to coordinate and communicate with other projects in order to create something new within the space. “It’s a great way for users to change their bear according to the weather, or the [current] holiday, or whatever.”

She continues: “I honestly think [Trait Swap] is a great idea because we can make more utility traits — and it’s a good possibility for other projects, because, let’s be honest — it’s hard to make a good project because there are a lot of them out right now.”

Using NFTs for crowdfunding

We’ve all heard about the current war and Russian invasion currently waging in Ukraine. One notable feature of the crisis is how the country has pioneered a new source of financial support, as people across the globe have donated millions of dollars towards war efforts using cryptocurrency. According to Alex Bornyakov, Ukraine’s deputy minister for digital transformation, “crypto is playing a significant role in Ukraine’s defence.” As of the time of writing, the Ukrainian government has raised over $42 million USD in donations.

As a Ukrainian based in Poland, Anna also breaks down how the Fancy Bears community has joined the cause. They’ve launched a side project that’s focused on raising funds for Ukrainian refugees currently affected by the current crisis — particularly those who have crossed the Polish border to escape the dangers of the war.

“We decided to make these NFTs for Ukraine — not just because I’m Ukrainian, but because other team members are also from Ukraine.” As of the time of interviewing, Anna notes that 2 million Ukrainian refugees have since fled over to Polish soil. “We just saw that people are in need — they need our help and we decided that we can use the metaverse and NFTs to help them.”

From here, the community plans on deciding which organisation they will allocate the money towards.

Seeing new possibilities for women in Web3

“I’m really happy that it’s a new area, so you can try to make even crazy ideas. Because [the Web3 space] is new, you can basically do everything you want.”

Regarding the timing of Web3, Anna also claims that it’s “the perfect space and perfect moment to jump into.” She’s even started encouraging her other female friends to seek out more Web3 projects. “I’m really happy that I jumped into it at this moment because everyone is learning and trying,” she also says, before also noting that there is “no big difference” between which positions are being held by either men or women. “It’s only about your skills,” she asserts.

Anna cites 3 Cups of Tea — a book about an American man who, when travelling to Afghanistan to build schools, made note of the number of female students that weren’t given the opportunity to have an education. Taking inspiration from this novel, Anna says she’s made it a personal goal to work in an area “that’s helpful for other women.”

“There is no difference if I am a man or a woman,” she comments. “It’s just about my skills, my possibilities and my knowledge about my project and the metaverse.”

She also notes how Web3 has become a “helpful area for everyone” — not just for women, but for “each person” across the world. In the metaverse, she believes that people can have experiences that in previous times, “people couldn’t even imagine.” “I have only positive feedback in this area as a woman,” she concludes, “so I’m really glad that I’m here.”

Her advice to other women entering the space? “Just try, honestly,” she says simply. “Because it’s a new area, it’s really easy to get into it. So all girls have to do is to try and to learn. There is no difference if you are a man or a woman.”

Future visions for Web3 and the metaverse

Overall, Anna notes how she is excited to see where the expansiveness of the metaverse can go — mentioning how as an art lover, she particularly enjoyed visiting virtual galleries during the COVID-19 pandemic and how she would love to see this concept become more user-friendly and immersive. At some point in time, she says that this experience will be “really amazing” and “almost like how things are in real life” — especially if it will enable people from various physical locations to meet together inside a virtual space. “You can meet your friends, even if they’re far away — one day you can just put on some glasses and you’ll all be there.”

Anna would also love to see Web3 become a helpful and more expansive space, with more gaming and PFP projects “doing great things for people”. She’s also hoping to see bigger, better and more innovative possibilities come out of Fancy Bears — especially the Trait Swap app, which she hopes to see add more capabilities to future NFT projects and appeal to greater communities and enthusiasts alike.

“Everyone is really happy that you are into it and that you’re trying to learn. You don’t need anything else — I didn’t have any technical background at all. It’s just about fast learning.”

Anna’s ideal vision of a future metaverse is, in her words, “a safe place where it doesn’t matter if you are a man or a woman, which skin colour you have or which nationality you are. Just a safe place where you can be whatever you want.”

Learn more about Fancy Bears Metaverse

To learn more about the Fancy Bears Metaverse DAO and NFT collection, be sure to check out their official website and collection on OpenSea. You can also learn more about the community by visiting their Twitter and Instagram pages or by joining their Discord.

To learn more about the #NFTforUkraine efforts and make a donation, you can also visit their page here.

Top 10 NFT Marketplaces

When it comes to buying and selling NFTs, you have a pretty extensive choice of marketplaces to do so – as befits the inherently decentralised nature of Web3. To prevent that choice from becoming overwhelming, we’ve prepared a list of the top NFT marketplaces on offer and the benefits each individual offering provides. 

We’ll start by taking a look at the marketplaces with the broadest ranges of NFTs on offer, followed by more artist-focused and specialised marketplaces. And if you find you need to brush up on your Web3 jargon while reading, take a look at our Web3 glossary.

Generalist NFT Marketplaces

OpenSea

As one of the oldest NFT marketplaces (opening in 2017), OpenSea comes replete with a broad collection of NFTs, as well as the largest user base among its peers. From virtual land to music, photographs, art and trading cards, NFTs of all types are tradeable via the OpenSea marketplace.

On the creator side of the equation, OpenSea allows artists to create NFTs for free and ensure that they receive royalties after every sale. The marketplace has also introduced a gas-free NFT marketplace on the Polygon blockchain, which it says will allow creators to “earn their way” into crypto.

Rarible

Operating on the Ethereum, Flow and Tezos blockchains, Rarible allows creators to choose which blockchain to use when minting, allowing them to balance the popularity of each chain with the gas fees incurred upon it.

The community-owned platform is operated by a DAO, with a governance token known as $RARI conferring the ability to vote on changes to the platform.

Cryptopunks - NFTs
Editorial credit: mundissima / Shutterstock.com

Binance NFT 

The Binance NFT exchange is part of the broader Binance cryptocurrency exchange – one of the largest of its kind. It offers all kinds of NFTs on both Ethereum and its own Binance Smart Chain (BSC).

The exchange also prominently showcases “mystery boxes” made in partnership with figures such as Toni Kroos and Mike Tyson, which entitle users to a randomised NFT.

Nifty Gateway

Owned by Cryptocurrency exchange Gemini, Nifty Gateway makes use of its parent company’s technology to store NFTs in a secure, custodial wallet, allowing collectors to move NFTs onto the platform without gas fees. The platform also supports fiat purchases and offers curated as well as verified NFTs.

The platform was founded by twin brothers Duncan and Griffin Cock Foster, and in a weird piece of cosmic synchronicity, was later acquired by the Winklevoss twins, Cameron and Tyler, of Facebook lawsuit fame.

Artist-Focused NFT Marketplaces

Foundation

Opening in 2021, Foundation differentiates itself from the rest by virtue of being artist-run and community-led. Creators access the Ethereum NFT marketplace via an invite from an already established member of the community, while buying NFTs via auction or offers is available to anyone.

That exclusive community of creators leads to an overall higher base quality compared to other competitors. The marketplace says its creators have earned over 57,000 ETH total at the time of writing, or around $200mn.

SuperRare

SuperRare is another invite-only platform, with the marketplace saying it invites artists based on the proportion of collectors present on the website. SuperRare says it is undertaking a path of increased decentralisation which will expand access in the future, however.

SuperRare focuses exclusively on “art” NFTs and includes curated, gallery-like “spaces” for showcasing NFTs. Having been around since 2018, the platform debuted a curation token in 2021 that confers access to the SuperRare DAO which decides the platform’s future.

MakersPlace

Invite-only MakersPlace has a reputation for partnering with the mainstream art world, including auction house Christie’s. NFTs are digitally signed by artists in categories such as photography, 3D art and animation, which are then released in limited numbers.

The partnership with Christie’s led to the artist Beeple’s Everydays – The First 5,000 Days selling for over $69mn, though some queries were later raised about whether it actually qualified as an NFT.

EVERYDAYS - THE FIRST 5000 DAYS, 2021 by Beeple
Image Credit: EVERYDAYS: THE FIRST 5000 DAYS, 2021 by Beeple

KnownOrigin

KnownOrigin describes itself as artist-driven, and duly features NFTs in a range of formats, from animated 3D pieces to paintings. Artists must be vetted before joining the platform, with art files themselves hosted on distributed storage solution IPFS and given unique provenance identifiers.

It specialises in limited runs of artworks released in periodic timed drops, with the most expensive NFT artworks sold on the platform being The Bull and The Bear by Trevor Jones, sold for 55.55 and 35 eth respectively.

Specialist NFT Marketplaces

Async Art

Async Art is certainly the most differentiated of all the marketplaces on this list, specialising in so-called “programmable” art. The generative artworks offered on the marketplace are able to evolve over time thanks to being split into layers, which can be owned and altered by different people within the parameters set by the original artist.

These can include swappable elements known as “states”, as well as factors such as colour, scale, rotation and transparency.

Async Art
Image Credit: Async Art

Solanart

Unlike the other options we’ve highlighted, Solanart hosts NFTs on the Solana blockchain rather than Ethereum. While Solana supports cryptocurrencies, decentralized applications, smart contacts and NFTs like Ethereum, it supports a higher throughput with improved transactions-per-second thanks to its proof-of-history feature and proof-of-stake consensus mechanism.

The marketplace hosts a curated set of collections, with some of the biggest examples being Degenerate Ape Academy, Aurory and SolPunks.

NFTs: A Fleeting Symbol of Status

With the news that Justin Bieber has paid an obscene amount of money for a Bored Ape Yacht Club ape, adding to the ever-growing list of celebrity owners, many have begun to wonder what the point is. It’s not as if these celebrities are buying for investment, and it’s doubtful that Eminem or Snoop Dogg will rock up at one of BAYC’s exclusive parties. So, why are the apes proving so popular among the elite? 

NFTs have seemingly positioned themselves as a “must-own” commodity, being used as a ‘PFP’ (Profile Picture) for those who have invested their cryptocurrency. They signify two things – wealth and a commitment to blockchain technology. Ultimately, they’re a status item. 

Of course, currently, this is how many see NFTs. With Twitter introducing wallet support, users of the ‘Twitter Blue’ service are now able to pick an NFT for their avatar picture, even changing the shape of the avatar from a circle to a hexagon. The general dislike for the blockchain darling has already spawned software that will automatically mute users with NFT avatars. To say that NFTs are divisive is an understatement. 

The images are a show of status, similar to a Rolex or a Mercedes. In the 1980s, celebrities were wearing gold rope chains; the ’90s came along and everyone was investing in cars; once the millennium turned it was all diamonds and champagne. Now, in 2022 the epitome of public wealth is a picture of an ape or a punk. To give you an idea of the value of a ‘must own’ ape: Ape #232 sold on February 1st for 1080ETH, which at the time of press converts to $2,850,000.

Twitter making this move, and celebs buying in for crazy prices, proves that many believe the functionality of NFTs doesn’t exist beyond a JPEG or PNG file. Owning a BAYC ape has become a point of pride, like owning a Warhol, except this art can be used as a Twitter avatar. The ape craze is so prolific that there are thousands of them scattered around the internet. Of course, only a select few are actually legit.

A cursory browse of OpenSea, the leading NFT marketplace, shows that not only are their copycat accounts and images, but also a general fascination with using apes as the core of the product. Where some define a movement, others look to copy and sweep up the crumbs. There are those blatantly mimicking the BAYC collection, artists putting their spin on the concept and even pixel art apes. Space apes, gambling apes, chibi apes.

The first NFTs which truly paved the way for how we perceive them now were the Cryptopunk series by Larva Labs designers, John Watkinson and Matt Hall; these were later followed by Bored Ape Yacht Club (BAYC) pseudonymous designers Gargamel, Gordon Goner, Emperor Tomato Ketchup and No Sass. Just these two projects have garnered profits of around $2.09 billion and $1.9 billion respectively.

It’s tough to truly pinpoint exactly where the two projects became so huge, but it’s easy to say that the images became a symbol of underground clubs and exclusive access. And this is appealing to many. Given that celebrities such as Steph Curry and Neymar Jr have recently bought BAYC apes, it shows that these images have power and influence. Ultimately, these celebrities are two of the most recognisable people in their fields, so why would they buy apes if not out of simple desire and a want to show influence?

Up to now, mimetic desire has fuelled much of the NFT craze. Coined by philosopher of social science, René Girard, mimetic desire is the philosophy that humans naturally desire what other people desire.

“Man is the creature who does not know what to desire, and he turns to others in order to make up his mind. We desire what others desire because we imitate their desires.”

Mimetic desire has been around as long as humans have. The initial separation of class and status fuelled the desire as those of lower classes began to crave the status of those wealthier. Many of us believe that our desire to own a particular thing is a conscious decision; we wake up one day and decide “I’m going to buy a PlayStation 5”. In the majority of cases, this compulsion comes from those around us showcasing their own PlayStation 5, or it is displayed as a privilege to own one.

This is seen when physical stock runs low and everyone is seemingly trying to get their hands on the product. This drives desire further, much like any limited edition item which can be collected. The rarer the item, the larger the drive of desire.

Image via Shutterstock-mkfilm

We first began to see this concept in modern society with the iPhone. Initial opinions on the Apple product were somewhat negative, few believed that combining a mobile phone with an MP3 player could take the world by storm. Then the App Store and podcasts happened and suddenly everyone wanted one. Your mate down the pub who’d bought in early showed you that game where you flicked paper balls into an office bin, and suddenly you got the itch.

The craze for iPhones came from simple human desire; sure, they were well-designed phones and they looked slightly futuristic for the time, but the phone became a status symbol. An expensive status symbol and one so well recognised. This popularity still continues today, with teenagers and kids desperate for the latest phone in order to fit in with their peers.

Mimetic desire is key to the adoption of Web3. When the first iteration of the internet rolled out, many were indifferent. It was a tool for finding information before it became a way to shop. When Web2 launched, with its social networks and video content, the desire in us ramped up. We didn’t want to be the only one in our friendship group without a Facebook account. And these social apps were perfect for our shiny new iPhones.

But desire can only last so long. There’s always a point where we obtain what we desire and grow out of it. Usually, with any material object, this wouldn’t be much of a problem; you decide to switch from iPhone to a Samsung Galaxy and you can sell on your old phone or trade it for some store credit. There will always be someone who desires what you had, after all. But will that work for NFTs?

Image via Shutterstock-mokjc

Obviously, there is currently a buyers market for NFTs. Many NFTs change hands several times before they find a stable home, but once the market goes quiet or the apes go out of fashion, then what? The floor price drops, the crypto markets tumble and what are you left with?

Art will always have a place in the NFT space, especially as established artists enter the field and emulate what Beeple achieved with his $69 million auction with Christie’s. Even Damien Hirst has entered the fray. However this field will shrink and morph into something completely different as desire, or in this instance, hype, dies down.

This is where NFTs need to begin showing utility to owners. An NFT can’t just be an NFT, it must attach something to it. That might be membership to a club, or rewards for keeping the NFT in your crypto wallet, it might be a small keepsake from that convention you attended. Because really, NFTs can be a lot more than art or imagery.

Utility NFTs can aid in everything from city governance to insurance and weather forecasting. The future of NFTs will look very different from today. They may still be images, but those images will feature smart contracts for physical items or businesses, giving the owner more for their investment.

This is where the argument about digital ownership needs to become more vocal. It’s fine owning a piece of art, but physical art keeps its value because of appreciation and prestige. What will NFT holders do if their art devalues rapidly or loses its hosting? Without prestige, collectibility or utility, it really is just a JPEG.

Somnium Space Enters New Blockchain Partnerships for Upcoming Land Sales This October

While the reality of Ready Player One’s ‘The Oasis’ may still be a long way off, companies are already making headway when it comes to social virtual reality (VR) universes. One of those is Somnium Space, an open-world launched for PC VR headsets in 2018, designed so that users can not only create but also own thanks to the power of blockchain. Today,  Somnium Space has announced two new partnerships to improve that blockchain integration as well as prepping for an upcoming Initial Land Offering (ILO) in October. 

Somnium Space

The platform has partnered with Loom Network and OpenSea to help create a safe crypto-collectables marketplace where users can purchase items that they’ll actually own, as well as being able to sell them to other people. Using the Ethereum blockchain network for its transactions, Somnium Space’s in-game assets (land parcels, avatars, wearables, collectables,    etc.) are fully controlled by the users that own them, with Somnium Space completely decoupled from ownership of the in-game database.

Explaining who this works the Somnium Space team say: “Once users have put their Somnium creations and in-world items on to the blockchain, there sparks an instant need for a trusted, secure, and widely used marketplace. After all, users need to be able to buy and sell those items. That is where OpenSea fits into the puzzle. OpenSea is the world’s largest digital marketplace for crypto-collectables with more than 4,000,000+ digital assets currently traded and over 20,000 ETH in transaction volume. Somnium citizens will be able to instantly place their creations or belongings on the OpenSea marketplace directly from Somnium PC client.”

This isn’t just about trading cool jackets or building a car collection, in Somnium Space you can actually buy land to build whatever you like. Somnium Space has previously sold ‘Land Parcels’ on crowd-funding platforms like Indiegogo. From 6th – 13th October it’ll begin an Initial Land Offering (ILO) auction where you can bid for particular areas of land within the virtual world. Just like in our real world, the land inside cities is expected to reach a far higher price than in the middle of nowhere.

Somnium Space

“We have partnered with Loom and OpenSea – recognizable leaders in the blockchain industry to make sure that our process of ILO (Initial Land Offering auction) and blockchain integration is well designed, programmed, and executed,” says Artur Sychov, Founder and CEO Somnium Space in a statement. “We are dedicated to delivering a long-lasting and decentralized in-game economy with an ability for everyone to start monetizing their experiences and creations from day one.”

“Somnium has proven itself a pioneer in social VR, and blockchain tech will now help catapult them to the next level. Users will soon get the ability for true and absolute ownership of their digital items, paving the way for completely new kinds of virtual economies and experiences that were never possible before. Loom is excited to provide the scalability and UX layers necessary for Somnium to deploy high-performance blockchain applications that can still maintain stunning immersive experiences,” adds Matthew Campbell, CEO and Co-Founder of Loom Network.

Ahead of the auction, you can check out Somnium Space now by downloading it for free via Steam Early Access, supporting HTC Vive, Oculus Rift, Valve Index and Windows Mixed Reality headsets. Oculus Go and Oculus Quest versions are also in the works. For further updates, keep reading VRFocus.