OpenSea

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

Related Terms

Token

A Token is a digital asset that operates on a parent blockchain or on another digital asset’s blockchain because it doesn’t have a blockchain of its own. The term “token” also tends to describe almost all other cryptocurrencies other than Bitcoin and Ethereum, the two largest cryptocurrencies in existence today. Tokens have multiple purposes and use cases.

Metaverse

The Metaverse should give you the opportunity to do virtually anything you can do in the “real” world, but online…virtually. Some common characteristics of the metaverse that are discussed today include the use of virtual reality (VR) interfaces (goggles, headsets, etc.), augmented personal avatars that represent you in the digital world, and ownership of digital goods.

Digital Currency

Digital Currency, also called digital cash, digital money, or virtual currency is any form of currency or money-like asset that’s only available in purely digital or electronic form.

Ethereum (ETH)

Ethereum is a decentralized blockchain platform that makes digital money, global payments, and applications possible using open-source software and smart contract functionality. The big difference between the two is that Ethereum is programmable, meaning you can build and use decentralized apps on the network. That means the Ethereum blockchain can be programmed to do virtually anything.

Polkadot (DOT)

Polkadot (DOT) is an open-source blockchain protocol for cryptocurrencies, dubbed the “blockchain of blockchains”, that allows different, incompatible networks to communicate with each other and share data, using a multichain design.