What Is OpenSea?
OpenSea is a decentralized peer-to-peer marketplace that facilitates the buying, selling, and trading of rare digital goods.
It operates on the Ethereum blockchain and leverages non-fungible token (NFT) technology.
OpenSea positions itself as the largest marketplace for digital goods, offering a wide range of items across more than 200 categories and claiming to have competitive prices for new items.
OpenSea is a platform for trading various digital assets, including digital art, decentralized domain names, trading cards, virtual worlds, digital collectibles, sports NFTs, utility NFTs, and more.
You can check out a more detailed review about Opensea here.
More details
OpenSea, celebrated as the largest NFT marketplace, stands out with diverse collections for various enthusiasts and a gas-free operation on Polygon. Noted for its fair fees and easy accessibility, it serves as an attractive hub for creators and collectors alike.
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Competitive service fees.
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No gas fees for most transactions.
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The most extensive collection of NFTs.
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Easy artist account creation.
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10% royalty cap.
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Limited customer service.
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Vulnerable to scams.
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History of insider trading.
OpenSea’s Unique Approach
One distinctive feature of OpenSea is that it does not take custody of the items listed on its marketplace.
Instead, users store their items in their chosen wallets, and the marketplace facilitates trading through smart contracts.
Additionally, users can list their items on OpenSea even if they are also listed on other marketplaces, as long as the items remain in their wallets.
While Ether (ETH) is the default cryptocurrency for purchasing items on OpenSea, the platform accepts over 200 payment options.