Opensea: the world's first and largest NFT marketplace

Opensea: the world's first and largest NFT marketplace

OpenSea is a decentralized marketplace for buying and selling NFTs that is revolutionizing the industry. Non-Fungible Tokens, or NFTs, are unique digital things like in-game assets, avatars, trading cards, and art that can be collected.

OpenSea is highly rated by NFT collectors, artists, investors, and traders, but if you're new to the platform, it can be hard to understand. This OpenSea beginner's guide will walk you through the basics of NFTs, OpenSea, and how to get the most out of it.

Opensea: explained

OpenSea claims to be the first and largest NFT marketplace in the world. To put it another way, OpenSea is like eBay for digital objects and collectibles.

Early on, the OpenSea team had a lot to prove. Aside from early fads like CryptoKitties, there had been no widespread adoption of NFTs prior to the year 2021. However, the team's prediction that digital objects would soon be valued as highly as physical ones began to come true. 

It's becoming more common for people to interact with digital objects as their lives become increasingly online. In the web’s early days, people tried to bring the physical world online, but now the focus is on digital-only creations, such as funny memes, games, and other ways to interact online.

That's also why people are moving away from using selfies as their profile pictures on social media sites like Instagram, Twitter, and TikTok. Instead, penguins, pixelated punks, and laser-eyed apes are taking over.

All of these indicators point to the beginning of the metaverse, a shared virtual space we all create and own, where NFTs play a major role. When you purchase an NFT, it becomes your property in the same way that you own your groceries after you pay for them. However, what happens if you wish to transfer it, sell it, or search for similar items? What if you are planning to purchase an NFT but wish to view its ownership history?

Before OpenSea, none of these tasks could be accomplished easily. OpenSea is a peer-to-peer NFT marketplace, but it is also the user interface layer between the blockchain and ordinary consumers, making it simple for anyone to purchase or access NFTs.

OpenSea features

On OpenSea, you can perform a multitude of useful tasks. Of course, trading, selling, and buying different kinds of NFTs are the most common things to do. But you can also use the platform to find out about new projects or get helpful information about the NFT market.

Creating an NFT

You don't need any experience to make your own NFTs with OpenSea. To get started, you’ll need to create an NFT collection. Once you've done this, you can begin uploading NFTs in the formats that are accepted.

Lastly, you'll want to add information about your NFT project, such as Twitter or Telegram, if it will be shared with the public.

Opensea’s NFTs

On the blockchain, NFTs can represent any kind of object, whether it’s physical or digital. Thankfully, OpenSea has narrowed the scope to useful categories that capture the most popular NFTs today.

Choose from art, domain names, music, trading cards, virtual worlds, sports assets, collectibles, and utility NFTs like membership passes.

Statistics and Analytics

In comparison to decentralized finance and other crypto sectors, the NFT market is relatively new. If you don't know where to look, finding statistics and analytics about specific NFTs and larger NFT trends can be difficult.

To make this process easier, OpenSea has made its marketplace data available for anyone to sort by sales volume and activity.

Currency accepted by Opensea

There are thousands of different cryptocurrencies, making it difficult to know which ones to use when making an NFT purchase. To make things even more confusing, the same NFT is likely to be listed in more than one currency, such as Ethereum (ETH/WETH), SOL, USDC, and DAI.

ETH is the most common currency used to purchase and trade NFTs. On OpenSea, it's also the most widely used form of payment.