What's OpenSea (NFT Marketplace) in 1 minute!

How to use OpenSea?

OpenSea is a decentralized non-fungible token (NFT) marketplace for buying, selling and trading NFTs. In order to view, buy, sell or create your NFT, you need to visit the NFT Marketplace and the largest one is OpenSea.

What you can do with OpenSea?

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The OpenSea market is easy to navigate and the filtering feature helps you find the NFTs you need. OpenSea allows users to buy and sell NFTs on the secondary market, as well as create their own NFT collections to sell on the primary market.

The best platform for NFT trading!

Digital artists and content creators can use OpenSea to mint NFTs, create custom markets and NFT collections, set fees for their tokens, and create auctions to sell them. OpenSea is the first and largest NFT marketplace where you can buy and sell all sorts of unique digital items. Thousands of people use OpenSea to find, buy and sell rare digital collectibles. It is a marketplace similar to eBay, Etsy, and Amazon, except that all items listed are unique digital collectibles in the form of NFTs that users can buy, sell, and mint.

An Ethereum tech.

So OpenSea provides a marketplace that allows you to sell non-fungible tokens directly at a fixed price or through an auction based on the Ethereum ERC-721 standard and the Ethereum Polygon Ethereum Level 2 scaling solution. Currently, OpenSea is a marketplace for a wide range of digital assets, including artwork, domain names, game items, and music. OpenSea provides an intuitive user interface for interacting with NFTs, making buying and selling NFTs a simple process.

You can transfer NFTs around the world:

OpenSea provides users with an easy way to transfer NFTs, search for NFTs, view other NFTs, and view the ownership history of a specific NFT. As the heart of the OpenSea NFT marketplace, OpenSea provides a simple centralized service (the ability to view and trade tokens on the blockchain) built on a decentralized blockchain that is much more chaotic. In just 3 years, OpenSea has become the market leader in digital property simplification, making its founders the first NFT billionaires. The founders of OpenSea believe that NFTs are the future, which is why they created the first NFT market, and now the largest in the world, with a market share of 95%.

A big open market of NFTs:

Startups need specialization, but the founders of OpenSeas have managed to create a broadly open marketplace for creating and trading NFTs of all types, be it art, music, or gaming. NFTs allow creators and collectors to go head-to-head against each other, which is the philosophy behind the OpenSeas peer-to-peer NFT marketplace.

The ability to sell freely is one of the main reasons why OpenSea has become the largest decentralized internet marketplace for NFTs. Notably, OpenSea allows anyone to trade NFTs on the global marketplace, but is not responsible for projects listed on that marketplace.

No fees!

Despite OpenSea's high trading volume, OpenSea does not charge a fee for listing or minting NFTs. It is important to note that while OpenSea may remove NFTs from its platform, it cannot prevent these NFTs from being traded directly on the Ethereum blockchain or other NFT marketplaces. If OpenSea is able to address these issues, it could face snub from cryptocurrency hardliners, which has already led to the launch of a rival NFT market openly designed to rob its customers.

Who can bit them?

In October 2021, Coinbase, the largest national cryptocurrency exchange and initial investor in OpenSea, announced that Coinbase would launch its own peer-to-peer NFT marketplace. OpenSea has shown strong growth over the past year, with NFT trading volume in January 2022 at just under $5 billion. NFT market.

As of January 2022, OpenSea was valued at $13.3 billion and considered the dominant non-fungible token market. Some of OpenSea's competing markets include Rarible, Foundation, Art Blocks, and LooksRare. In December 2020, OpenSea announced that everyone would be allowed to "mint" their NFTs on the platform for free; three months later, this was exacerbated by the announcement that NFT collections would no longer need prior approval from OpenSeas to be listed.

To resume :

Essentially, OpenSea is like the eBay of NFTs, organizing millions of assets into hundreds of categories. On OpenSea, you can find artistic NFTs, profile picture (PFP​​) NFT collections, ENS domains, virtual world digital lands, video game elements, and DAO membership NFTs. Users can exchange NFTs for Ethereum (ETH) tokens or other 150 accepted currencies on OpenSea. ``ETH is used to pay gas tariffs and is the default currency in OpenSea.

The OpenSea team is working hard to ensure that OpenSea users are not robbed. Devin Finzer said in an interview that OpenSea will continue to expand beyond Ethereum on other blockchains and increase the category of NFTs it offers.

The OpenSea NFT market is a far cry from the token issuance culture that fueled the recent digital art craze, and many are unsure if there will be an intermediary platform like OpenSea in the decentralized Web3 future.

Currently, NFTs are mostly used for collecting art — think those inevitable monkeys but unlike curated platforms like Rarible or Foundation, OpenSea doesn’t have much of an attachment to the digital art world.