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What Is OpenSea? Understanding The World’s Biggest NFT Marketplace

By June 4, 2022NFTs

What is OpenSea - AIO BotOne of the very first destinations you come across at the beginning of your NFT journey is OpenSea. And, unless you have extensive knowledge of NFTs, then you’ll probably be wondering: WHAT is OpenSea?

GFX _Opensea - AIO BotNot just that, you’ll want to know how it works, how you can benefit from it, and more. It is basically the core of your entire experience with non-fungibles. So, pretty big! But, you shouldn’t let that scare you into venturing further into NFTs. Start minting, buying, and selling NFTs. So, keep reading to find out everything you need to know about OpenSea.

Also, speaking of extensive knowledge on NFTs, that’s actually a lot more attainable than you think. We’ve actually got a too-good-to-be-true kinda offer for you. A FREE hub of all the information you need to become a non-fungible master. EVERYTHING there is to know and so much more – all in one place. Click on the button below to join now!

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WHAT IS OPENSEA?

Ticket_NFTs - AIO BotSo, if you visit OpenSea’s website, it says “Discover, collect, and sell extraordinary NFTs”. But, we need more context! What IS OpenSea?

OpenSea is a decentralized, peer-to-peer marketplace for minting, buying, and selling non-fungible tokens. This includes collectibles, gaming items, music, and all kinds of digital assets. If you want a better example, you can think of it as Amazon or eBay in the retail industry. Or, pretty much like StockX in the sneaker industry! 

Founders
Alex Atallah, Barrick Rothchild, Catherine Sison-Pariño, Devin Finzer

Founded
Dec 20th, 2017

Headquarters
Greater New York Area, East Coast, Northeastern US
Hub
Unicorn

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What is OpenSea? It is the very first and largest NFT marketplace that started out as a market for CryptoKitties. The premier destination for checking out all kinds of non-fungible tokens and building a digital economy. 

What is OpenSea? OpenSea is built on the Ethereum blockchain but supports other blockchains that include Solana, Klaytn, and Polygon. and most recently Solana. As for the wallets, it supports over a dozen wallets that include:

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– MetaMask
– Coinbase
– TrustWallet

It is a non-custodial marketplace which means that there is no central party controlling the transaction on the platform. And, there’s no intermediary between the buyer and seller – no middleman. But, the platform still has to make some kind of profit, right! 

OpenSea Features:

Gem 2 - OpenSea_ - AIO Bot– Multichain support
– 2.5% fee on every NFT sale
– Statistics and analysis of top NFTs
– Free marketplace infrastructure for users
– Easily create NFTs and set up your collection
– Supports many types of NFTs including music NFTs
– Ability to receive a royalty payment for every secondary-market sale

GFX 2 Opensea_ - AIO BotIn January of 2022, OpenSea closed a $300 MILLION Series C funding led by Paradigm and Coatue. This ultimately raised the platform’s value to 13.3 BILLION dollars. It is thus the leading NFT marketplace and despite the competition, it still comes out on top. 

So, this pretty much sums up everything about what is OpenSea. You can further explore the marketplace yourself, or check out other places! However, if you’re going for something that’s pretty trustworthy and reliable, this is the marketplace for you!

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