What is OpenSea? The eBay of NFTs

Tiempo de lectura: 3 minutos

Only a few decades ago, the main method of commerce for art was to travel to a market to sell our creations.

If that didn’t work, you had to create products that were good enough to be accepted by the public and gain access to high-traffic sites.

In short, you had to be recognized. Other than that, if you were an artist, musician, collector, etcetera, your chances of growing and making a living were almost nil. 

Thanks to the internet and the growth of digital art and e-commerce platforms, it has become easier and more democratic to reach a mass audience.

But this still presented some problems. For example, the difficulty in proving the authorship of a work or in collecting royalties, or the difficulty in avoiding digital duplications of the same work.

This is when the NFT (non-fungible token) arrived to completely revolutionize the market and, hand in hand with it, the largest and most recognized marketplace of all: OpenSea.

Today we will dive into the vast waters of OpenSea, the platform that allows you to trade whatever you want, without leaving your home.

What is OpenSea?

OpenSea is a decentralized P2P marketplace for buying and selling cryptographic collectibles and non-fungible tokens (NFTs).

In other words, it is a platform for buying, selling and exchanging digital assets backed by blockchain technology, where trading is done through a smart contract.

All of the above is executed within the Ethereum blockchain.

It was founded in January 2018 by Alex Atallah and Devin Finzer and is recognized for being the first and largest NFT digital marketplace.

In it, you can find very famous projects such as Cryptopunks, Axie Infinity, Gods Unchained, CryptoKitties, SuperRare, etc.

¿Qué es OpenSea? El eBay de los NFT

What kind of articles can I find in OpenSea?

OpenSea calls itself the largest marketplace for digital goods, as it has more than 200 categories with items available at very good prices. Among its many categories, we can highlight seven:

    • Art: You can find a large number of digital artworks. Among them, a collection of 16 thousand digital portraits created by more than 70 artists. 
    • Virtual worlds: You can exchange digital assets in a virtual “realm”, where you can also display your NFT or exchange spaces to store your NFT.

With the above description, we can highlight Decentraland and Somnium Space.

    • Collectibles: You can find various collectibles, CryptoKitties and games such as Axie Infinity. 
    • Sports: There are several sports NFTs for different sports such as golf, racing, soccer, among others. One of them is the famous Sorare tokens.
    • Utility: There are numerous games or projects such as POAP, Urbit ID and Polyient that offer utility tokens. This category is intended to help fund developers’ ideas. 
    • Collectible cards: You can find cards that are sold at a fixed price or auctioned. Among them, you can find Gods Unchained cards.
    • Domain names:  You can buy domain names, such as the Ethereum Name Service (ENS).

Indeed, OpenSea is a completely open platform. Therefore, from the items in the above categories, it only takes 2.5% as commission from the price of each NFT sold. 

¿Qué es OpenSea? El eBay de los NFT

How can I purchase the products offered at OpenSea?

Within the site, the main cryptocurrencies to buy in Open Sea are:

  • Ether (ETH)
  • Wrapped Ethereum (wETH)
  • DAI
  • USDC

Likewise, there are more than 150 different payment tokens available. What you cannot do is buy with currencies such as the dollar or the euro because they are only allowed to trade with cryptocurrencies.

In such a case, what you can do is to buy ETH or buy DAI beforehand by card, transfer or cash at Bitnovo, and then use it at Open Sea.

Captain, we have ascended! We conclude our submarine journey through the depths of OpenSea, what did you think?

If you liked it and want more, you can continue exploring our blog. In it, weekly you will find all kinds of content about cryptos, tokens, blockchains and spectacular projects that will blow your mind and let you know much more about this interesting universe.

If you have any questions or concerns, do not hesitate to write to us through our social networks. That’s all for now, see you in the next article!

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