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The rise of NFTs has led to a surge in blockchain applications and increased mainstream adoption of blockchain technology. NFTs offer provable ownership and rarity, playing a pivotal role in this evolution. NFT marketplaces have played a crucial role in making this possible, much like how exchanges facilitate access to the broader crypto market. OpenSea, a prominent NFT marketplace, has emerged as a key platform for buying, selling, and minting NFTs. In this guide, we'll delve into the workings of OpenSea, highlighting its strengths and weaknesses.
OpenSea was founded by Devin Finzer and Alex Atallah in 2017 as a marketplace for trading non-fungible tokens (NFTs) on the Ethereum blockchain. This coincided with the launch of the ERC721 token standard, a pivotal moment in NFT history that allowed users to truly own in-game assets and digital collectibles.
OpenSea recognized the potential of NFTs early on and adapted to the changing landscape. While initially focused on gaming, OpenSea shifted with market trends, catering to digital art and collectibles. Its ability to evolve quickly and cater to changing demands has contributed to its ongoing success.
One of OpenSea's distinguishing factors is its commitment to decentralization. Users interact with smart contracts on the platform, bypassing intermediaries and enjoying self-sustained infrastructure for NFT trading.
Before using OpenSea, it's important to note:
To create an NFT:
To sell an NFT:
To buy NFTs:
OpenSea charges a 2.5% fee for listing NFTs, and an additional 10% for royalties if applicable. Transaction fees depend on the blockchain and can be avoided using Polygon for gas-free transactions.