OpenSea is a decentralized marketplace for buying, selling, and trading non-fungible tokens (NFTs). Indeed, OpenSea markets itself as the largest digital goods marketplace. OpenSea presents an interesting opportunity to trade NFTs, so it is worth looking closer at the platform. Also included is an explanation of what NFTs are, as well as how to use OpenSea. Tokens that are fungible differ from tokens that are non-fungible in that they have unique features and identifiers. NFTs can also be viewed as representing products, not currencies.
In January 2018, OpenSea became the first decentralized NFT marketplace. As you can see, NFT markets are quite new. Based on their experience with CryptoKitties, Alex Atallah and Devin Finzer decided that this ecosystem was ready for a NFT marketplace.
OpenSea has grown significantly since then, and NFTs generally have as well. The space has recently been eyed by big names like Mark Cuban, Gary Vaynerchuk, and Chamath Palihapitiya. The NFT, which netted Paul over $3.5 million, was announced by Logan Paul on Twitter.
The influencers’ endorsements only fired up a fire that burned bright before they arrived.
Opensea launches an iOS and Android mobile app
The market volume for Opensea is the highest of any NFT market, according to dappradar.com. According to Opensea’s historical statistics, there have been 625,620 traders and $6.53 billion in trade volume. While Axie Infinity has seen $2.11 billion in volume and Cryptopunks has raked in $1.31 billion, they both fall short of Opensea’s volume.
In recent months, Polygon (MATIC) support has been added to Opensea, and toward the end of July, 100 million dollars in capital was raised by the leading market. On September 15, Opensea announced that an employee had traded using insider information. The company has continued to see record sales.
During promotion by Opensea, Opensea’s management stated that Opensea employees could not buy or sell from collections or creators. Furthermore, “Opensea team members are prohibited from using confidential information to purchase or sell any NFTs, whether available on the Opensea platform or not,” the team detailed last week.
The Leading NFT Marketplace Has a Great Deal of Competition, Opensea says it saw significant demand for a mobile app
Opensea announced two days later the launch of its iOS and Android mobile applications.
We have been hard at work making an Opensea mobile app, as the demands for it have grown. “Making NFTs more available to all is one of our core missions here at OpenSea, and we believe this is a big step in an exciting direction. NFTs in the palm of your hand.”
There are many marketplaces out there and OpenSea isn’t the only one. In addition to OpenSea’s volume, markets that sell NFT regularly include Rarible, Superrare, Makersplace, Foundation, Mintable, Atomicwallet, and many others. Avalanche, Solana, and Tezos, among others, support NFT markets as well.
In 2021, some of these marketplaces also raised capital. In addition to expanding its reach, OpenSea’s mobile application will be improved over time, according to the company.
Is it a good idea for OpenSea to release a mobile app for its NFT marketplace? Use our comment section below to share your thoughts on this subject.