OpenSea is the world’s first and largest decentralized peer-to-peer (P2P) marketplace for buying and selling Non-Fungible Tokens (NFTs).
Non-Fungible Tokens (NFT) are unique, digital objects and collectibles like art, trading cards, avatars you would use on social media, video game in-game assets, and digital pictures of cats.
NFTs can’t be replaced with something else, which makes them rare. There will always be only one, much like a one-of-kind Babe Ruth baseball trading card.
You could trade the Babe Ruth card for another card, but it would be completely different.
OpenSea was founded in 2017, and currently has 2m+ NFT collections made up of more than 80m individual NFTs.
Most NFT collections exist on the Ethereum blockchain, but alternative blockchains are also starting to get involved in the NFT ecosystem.
OpenSea offers cross-blockchain support across the Ethereum, Polygon, Klatyn, and Solana blockchains.
OpenSea also you to create NFTs on your own even if you don’t have any experience.
Owning digital goods, as opposed to owning a physical piece of art to hang on the wall, is still a bit uncomfortable for some.
However, buy and selling NFTs has already gone through a boom, with OpenSea recording over US $3.5b in NFT trading volume in 2021.
NFT collectors have spent millions of dollars on individual NFTs.
Traditional artists are also flocking to the NFT ecosystem to offer digital versions of existing art and new art to the digital marketplace.
The average cost to purchase a NFT on OpenSea in August of 2022 is $297.19