The rise of nonfungible token (NFT) marketplaces has ushered in a new era, fundamentally reshaping the way we perceive and interact with digital assets. They provide a new medium for artists to showcase their creations and establish a direct and meaningful connection with their audience. OpenSea has taken center stage in this revolution.
What is OpenSea?
OpenSea, the brainchild of Alex Atallah and Devin Finzer, came into existence in 2017. Their mission was clear: to establish an open and user-friendly marketplace for NFTs. Recognizing the transformative potential of these assets, the founders aimed to provide an NFT platform that would enable creators and collectors to actively engage in the emerging digital ownership economy.
As the popularity of nonfungible tokens (NFTs) soared, OpenSea deftly expanded its horizons to encompass a wider array of blockchain networks and standards. This strategic move allowed the platform to welcome the diverse spectrum of NFT projects that were taking shape, ensuring it could cater to an ever-growing audience. OpenSea’s commitment to embracing interoperability and inclusivity further solidified its reputation as a premier NFT marketplace.
How does OpenSea work?
OpenSea operates as a blockchain-based aggregator marketplace designed for buying, selling and trading NFTs. It functions much like well-known e-commerce platforms such as eBay or Etsy but in a decentralized way.
In parallel to these platforms, OpenSea facilitates transactions between individuals, but with a unique twist: It deals solely with NFTs of various kinds, ranging from art, music, collectibles, virtual lands, sports assets and domain names to utility NFTs like membership passes.
The platform’s distinctive feature lies in its non-custodial approach. Transactions occur through self-executing smart contracts, ensuring a fair and secure exchange. Despite the absence of intermediaries, OpenSea collects a 2.5% fee from all secondary sales, which helps cover the operational costs of the platform.
Apart from supporting the Ethereum standards ERC-721 and ERC-1155, OpenSea has seamlessly incorporated protocols for various other blockchains, including Solana and Polygon, among others.
Thus, due to the often exorbitant transaction fees on the Ethereum network, OpenSea incorporates the Polygon blockchain, a layer-2 scaling solution, enabling swifter and more cost-effective transactions. Transitioning between the Polygon and Ethereum networks on OpenSea is a…
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