What Is OpenSea? Understanding OpenSea
OpenSea is a decentralized peer-to-peer marketplace for buying, selling and trading rare digital goods, from gaming items to collectibles to art, which are built on non-fungible token (NFT) technology and run on the Ethereum blockchain. In fact, OpenSea brands itself as the largest marketplace for digital goods as it has a broad range of available items in over 200 categories and claims to have the best prices for new items.
OpenSea allows the trading of digital art, decentralized domain names, trading cards, virtual worlds, digital collectibles, sports NFTs, utility NFTs, you name it. It is the go-to platform for some of the most popular NFT projects like Cryptopunks, Axie Infinity, Gods Unchained, CryptoKitties, SuperRare, etc.
Notably, OpenSea allows anyone to trade NFTs in the global market yet takes no custody for any items listed on its marketplace. Instead, the marketplace enables trading through a smart contract while users store their items in their chosen wallet. Furthermore, users are allowed to list their items on OpenSea even if they are also listed in other marketplaces as long as they remain in their wallets.
OpenSea merely provides an open platform for users to trade while taking only 2.5% of the purchase price of every NFT sold, which the platform boasts as the lowest in the space as of April 2021.
Lastly, ETH is the default cryptocurrency used for purchasing, but OpenSea accepts over 200 payment options including DAI, USDC, REVV, SAND, MANA, wBTC, MEME, and many more.
Leave a Reply