08 Jun 2023

What is Opensea?

OpenSea - Introduction

OpenSea is the world's first and largest marketplace for buying, selling, and renting digital goods on the Ethereum blockchain. OpenSea was founded in early 2017 by Devin Finzer, Alex Atallah, and Peter Kieltyka. We were inspired by the success of the decentralized application (dApp) store Ethreum Play, and set out to build a general-purpose marketplace that could be used for any type of digital asset. In just a few months, OpenSea has become the go-to place for buying, selling, and renting all sorts of digital assets, from in-game items to domain names to digital art. We now have over 250,000 users and $2M in monthly transaction volume. OpenSea is the largest decentralized application (dApp) on the Ethereum blockchain, with over 250,000 monthly active users, $2M in monthly transaction volume, and over $13M worth of digital assets sold. OpenSea is the first and largest marketplace for buying, selling, and renting digital goods on the Ethereum blockchain. We support any type of digital asset, including in-game items, domain names, digital art, and more. If you're looking to buy, sell, or rent digital goods, OpenSea is the place to go!  


How does OpenSea work? 

The operation of OpenSea is based on a set of powerful smart contracts that allow its proper development on Ethereum. Of course, OpenSea also offers smart contracts on the Polygon and Solana networks. The creation of NFTs within OpenSea, as well as user interaction to carry out direct purchasing and selling of these tokens, including the auction, are handled by these smart contracts. Additionally, NFTs compliant with ERC-721 and ERC-1155 standards as well as their equivalents in networks like Polygon and Solana can be used with OpenSea. To persist platform NFT data, OpenSea additionally provides support for decentralized technologies like IPFS. From there, the data can be called up and displayed to interested parties, so that the digital document is always protected and freely and decentralized accessible. 
The entire platform's interaction system is built on Web3 technology, which is present in Ethereum, Polygon, and Solana. In essence, OpenSea functions as a DApp (Decentralized Application) that you can access using a compatible wallet (eg Dappradar). By doing so, you can open a personal account and engage with the DApp and all of the platform's features. Of course, this also gives you the ability to carry out whatever activity you like on this platform by enabling you to send or receive payments using tokens like ETH, MATIC, or SOL. 

Additionally, with a potent API that enables you to utilize all of OpenSea's capabilities to create one-of-a-kind collections that can include films, photographs, 3D assets, music, and any other digital assets you need, OpenSea makes it simple to create NFTs and even entire collections. transform into an NFT. 

For instance, OpenSea has grown into a platform with over 500,000 users and almost 40 million NFTs registered. This demonstrates that it is without a doubt the biggest NFT market in the cryptocurrency space. 


Commissions and royalties within OpenSea 

A commission and royalty structure has been offered to the market by OpenSea. Every time a digital asset is sold through the platform, these fees are paid. 2.5% of the total NFT price at OpenSea is the commission rate. The platform keeps $2.50 if a user sells an NFT for $100. NFT is absolutely free to publish. 

 In contrast, OpenSea also supports "creation fees" or license costs. Up to 10% of a payout tier commission can be specified by creators. Because of this, creators can profit each time their NFT is bought and sold on OpenSea. This compensation rate is subject to change at any time by the author. 

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