OpenSea, the largest NFT marketplace
What Is Opensea?
Opensea is the first ever decentralized NFT marketplace built on the Ethereum blockchain and is currently the largest. You can use it to buy or sell NFTs and create your own NFT collections. As complicated as it sounds, OpenSea is actually a simple platform to navigate, and anyone can use it.
The marketplace was initially used as a market for CryptoKitties, which were among the first decentralized applications (DApps) on the Ethereum blockchain. It has now graduated into a marketplace for NFTs, including art, domain names, game items, and music.
The platform has been hacked several times, during which NFTs worth thousands of dollars were stolen. Nevertheless, it remains the most trusted platform for NFT minting and trading.
Since it is based on the Ethereum blockchain, you’ll need an Ethereum wallet to be able to interact with and use OpenSea. Supported wallets include MetaMask, Coinbase, Trust Wallet, MyEtherWallet, and many others.
How Does Opensea Work?
OpenSea is used for buying, selling, and NFTs, using smart contracts since it is a decentralized, blockchain-based platform.
Smart contracts are programmed to ensure that there is no cheating on the platform, and creators can sell their tokens at whatever price they deem fit.
OpenSea uses the ERC-721 and ERC-1155 Ethereum standards for NFTs to confirm ownership of digital collectibles so that users don’t claim ownership of what does not belong to them.
While the marketplace facilitates the transfer of NFTs, the transactions are done directly on the Ethereum network between a seller and a buyer.
What Is OpenSea Used For?
As the transition from a physical to a digital era continues to garner momentum, platforms like OpenSea will be heavily relied upon to create and transfer digital collectibles ownership.
The key use of OpenSea. You can easily mint an NFT and set up an NFT collection. You don’t need any experience to do this, and it takes only a few simple steps.
Perhaps the best part is that NFT minting on OpenSea does not cost anything, and you can mint as many as you wish in your collection. If you’re an iPhone user, here are the best ways to mint NFTs.
The NFTs you create can be anything from art, music, domain names, virtual worlds, trading cards, collectibles, and sports assets. You can even mint NFTs that give you bragging rights, such as proof of attendance NFTs like the one in the picture below, given out to attendees at a Web3 conference.
Marketplace for Buying and Selling NFTs
OpenSea is known primarily as a platform for buying and selling NFTs. This is where creators sell their digital pieces, and buyers can buy directly from them in peer-to-peer trades.
OpenSea accounts for the highest NFT sales, and creators can easily create their marketplaces and start selling NFTs, raise funds and conduct NFT drops for their followers. In addition to trading NFTs on OpenSea, the platform has a feature that lets you gift NFTs to other OpenSea users.