Crypto Terms: Letter O

What is OpenSea?

OpenSea MEANING:
OpenSea - is a decentralized marketplace for trading non-fungible tokens (NFTs) based on a peer-to-peer (P2P) network.
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Let's find out OpenSea meaning, definition in crypto, what is OpenSea, and all other detailed facts.

OpenSea is one of the biggest platforms where buyers and sellers looking to trade rare digital goods can get together. It’s based on decentralized peer-to-peer (P2P) interactions and runs on Ethereum’s blockchain. 

There are over 200 categories of these digital goods including exclusive in-game items, virtual worlds, digital art, trading cards, collectibles, decentralized domain names, or other virtual assets in the form of a non-fungible token (NFT).

It’s important to keep in mind that these rare digital goods listed on OpenSea do not belong to the marketplace itself. The OpenSea marketplace allows its users to buy and sell through the use of smart contracts. 

Whenever a trade happens between a buyer and seller, the purchased NFTs are sent straight to the buyer’s wallet of choice.

Moreover, anyone can sell on the OpenSea platform. In situations where the seller also trades on other marketplaces, OpenSea allows the seller to continue to trade on its platform only if the digital goods are in their wallet.

The platform accepts over 200 different payment options, although the default payment options are Ether (ETH), USD Coin (USDC), and Dai (DAI).

Additionally, the OpenSea platform allegedly takes the lowest fee on the market at the moment which is 2.5% of every purchase.

Cryptopunks, Axie Infinity, CryptoKitties, Bored Ape Yacht Club, and many other well-established NFT projects are available on the OpenSea marketplace.