OpenSea is a decentralized peer-to-peer marketplace for buying, selling, and trading NFTs. The platform runs on the Ethereum blockchain. It was founded in 2017 by software engineers Alex Atallah and Devin Finzer and became the first decentralized NFT marketplace.
In fact, OpenSea brands itself as the largest marketplace for digital goods as it has a broad range of available items in over 200 categories and claims to have the best prices for new items. Digital artists and content creators can use the platform to mint NFTs, create custom marketplaces and NFT collections, set fees on their tokens, and create auctions to sell them.
OpenSea’s marketplace is non-custodial, meaning that no central party has control of the transactions on the platform. Instead, transactions are facilitated by self-executing smart contracts that guarantee fair trade between wallets. This way, OpenSea can allow anyone to trade NFTs in the global market yet take no custody for any items listed on its marketplace.
OpenSea merely provides an open platform for users to trade while taking only 2.5% of the purchase price of every NFT sold, which the platform boasts as the lowest in the space as of April 2021.
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