What is OpenSea? | CryptoWallet.com

What is OpenSea?

OpenSea is a decentralized peer-to-peer digital marketplace for trading digital collectibles and non-fungible tokens (NFTs). Built on the Ethereum blockchain, the platform facilitates trading in the digital goods economy through smart contracts. It boasts the largest marketplace for digital goods, content, and a wide range of non-fungible tokens.

Non-fungible tokens(NFTs) are blockchain-based tokens created and stored with added information that guarantees immutable digital ownership of that token. This added information allows the tokens to take various digital forms such as art, gaming items, music, videos, etc., that can be bought and sold on any available NFT marketplace. 

What has sold on OpenSea?

With 98% of Ethereum-based NFT sales happening on its platform, OpenSea has made some of the most popular NFT sales and digital items in the history of the cryptocurrency industry. OpenSea recently announced a transaction volume of over $1 billion weekly sales, its highest since the platform’s inception in 2017. It has sold individual items ranging from digital versions of collectibles, arts, tweets, etc., to sports NFTs. 

How does OpenSea make money?

OpenSea takes about 2.5% of every NFT sale made on the platform and accepts ether – Ethereum’s token as the default payment option.