OpenSea, a decentralized marketplace, has revolutionized the way we buy and sell NFTs. These tokens, which stand for Non-Fungible Tokens, are unique digital items ranging from in-game assets and avatars to collectible cards and artwork. In August 2021, OpenSea’s trading volume increased to more than $3.5 billion, a significant increase from 2020’s total of $21 million, representing a 12,000% increase in trading activity. Big-name investors like Mark Cuban, Kevin Durant, Ashton Kutcher, and crypto giant a16z have helped OpenSea grow rapidly, raising its valuation to more than $1 billion and achieving unicorn status.
What is OpenSea NFT Marketplace?
OpenSea, often as the eBay of digital objects or the Web3 version of Amazon, has made a name for itself as a pioneer in the NFT world. in December 2017 by software whatsapp lead engineers Alex Atallah and Devin Finzer in New York City, the platform was by early NFT projects like CryptoKitties, which showcased the potential of NFTs for true digital ownership.
The company’s vision is by the new ERC-721 Ethereum standard, which paves the way for NFTs, creating unique digital assets. This vision is as OpenSea aims to be a one-stop shop for NFTs, as opposed to project-specific marketplaces like the one for CryptoKitties.
OpenSea NFT Marketplace Features
OpenSea has a lot of exciting activities to explore. It is basically a hub for buying, selling, or trading NFTs. Apart from these transactions, the platform also serves as the people who provide the support service are able a valuable resource for insights into the NFT market and discovering new projects.
Create your own NFT and build a collection
OpenSea offers a user-friendly way to create NFTs without any prior experience. You start by setting up an NFT collection, then to upload your NFTs in a format. You can also provide details about your NFT project, including social links like Twitter or Telegram, especially if it’s to be public.
Supports a wide range of NFT categories
NFTs on OpenSea can be in a variety of formats, both digital and physical. OpenSea makes this easy by categorizing the most popular types of NFTs today. You can choose beb directory from categories such as Art, Music, Domain Names, Virtual Worlds, Trading Cards, Collectibles, Sports Properties, and Utility NFTs including Loyalty Cards.
A marketplace for consumers and developers
OpenSea has the largest collection of NFTs for sale worldwide, making it a primary marketplace for retail NFT buyers and a key platform for developers. Developers can efficiently create custom NFT marketplaces on OpenSea, catering to a variety of , such as selling in-game items, crowdfunding, creating airdrops, and more.
Supports multiple networks including Polygon and Ethereum
Ethereum is the leading blockchain for NFTs, as is its role in finance. However, Ethereum’s scalability issues lead to high transaction costs, especially for selling and transferring NFTs.
To address these challenges, OpenSea has Polygon. A blockchain that enhances the performance of Ethereum tokens. Including NFTs, making transfers faster and more cost-effective. Ethereum founder Vitalik Buterin has also migrating NFT projects to Polygon. On OpenSea, switching between the Ethereum and Polygon networks is a straightforward process, adding a level of user-friendliness that is especially helpful for newcomers.
NFT Market Statistics and Analytics
Since the NFT sector is relatively new. Especially to other crypto domains like finance. Accessing comprehensive statistics and analytics can be difficult. OpenSea makes this easier by sorting and presenting market data, allowing users to sort and view data by ranking. Sales volume, and recent sales activity, giving them a clearer picture of the NFT market.
