OpenSea: What is and how does the NFT market work?

The platform offers a variety of non-fungible tokens to sell

This year we are already fully entering the digital world and cryptocurrencies. As we mentioned in previous posts, NFTs and digital currencies have reimagined the landscape for digital consumers. Within this new and unknown world, new businesses have been created around the sale of assets, such as OpenSea.

This platform works as a virtual and decentralized Marketplace, which specializes in the commercialization of NFTs. It was born at the end of 2017 and the idea was created by Devin Finzer and Alex Atallah. Since then, the growth of the tool has been continued. Currently the platform has more than 20 million collectible assets or NFTs for virtual commercialization. Likewise, it has a staff of more than 2 million active users and around 200 different categories to filter its NFTs.

The OpenSea interface has been created with blockhain technology from the virtual currency Ethereum, which has recently positioned itself as the safest of the cryptocurrencies. But the platform not only accepts Ethereum as its currency, but also manages to cover other blockhains such as: Polygon and Klatyn. The platform has around 150 payment tokens, although the main cryptocurrencies: WETH, USDC and DAI.

To buy or sell NFTs in OpenSea , the user must have a digital wallet or wallet. The best known is Metamask and it is widely used connected to OpenSea. The portfolio is personal, that is, you will need to validate your data and identification to be able to leave the platforms connected to achieve commercialization.

To buy an NFT, you need to use the filters to select the categories that the user likes using a search engine . Also, each NFT comes with its descriptions added. It also has information about the creators, collections and characteristics of the NFT.