OpenSea Explained: the Marketplace of the Future
Here’s what we know so far: NFTs are a huge trend, setting every industry they enter on fire. There’s no surprise it was named “word of the year” for 2021. And if you read the news, you know that NFTs are the talk of the town, and you probably want at least one.
Each and every story that follows the people getting crazy rich overnight only fuels the hype further while the community thrives. And when the community thrives, so does the marketplace. And what other marketplace to look at than the largest one for digital goods — OpenSea.
How did this platform become the main NFT marketplace, how does it contribute to the trading of NFTs, and what, for God’s sake, are NFTs? The text below explains it all. Read on to find out.
If NFTs are non-fungible tokens, another useful way of looking at them is that they represent things rather than currencies.
OpenSea Mini History
The first-ever decentralized NFT marketplace was, you guessed it, OpenSea. Founded in 2018 by Alex Atallah and Devin Finzer and inspired by CryptoKitties, the ecosystem was created to support the fast-growing NFT expansion.
Big tech names, celebrities, and entrepreneurs took it upon themselves to make endorsements which ultimately fuelled the big NFT hype that’s still going on today. A spark made a tiny flame that turned into a virtual forest fire, and more influencers came along, further expanding the frenzy.
Where It All Began — NFTs and Digital Art
It is definitely an understatement when we say that NFTs have a huge role in the digital art revolution. Some claim that NFT-based digital art is worth somewhere over $100 million.
But hold your horses — research shows that digital art, even though the most popular, takes up only 25% of the NFT marketplace; $62.5 million, to be exact. Regardless of the case, NFTs are on the rise, be it digital art, gaming, or music.
When talking about NFTs, most of us get this association with art, but truth be told, these unique tokens can give virtual value to virtually anything. The more people get in on the action, the more we unveil its potential in multiple industries.
Pioneers — The First NFT Marketplace
The first and largest NFT marketplace — that’s a strong title to hold. OpenSea is the center of attention and activity when it comes to NFT fever. All sorts of digital items can be found on OpenSea besides digital art: game items, collectibles, domain names, master music files, and representations of physical assets, just to name a few.
To simplify, OpenSea is something like eBay for NFTs. Millions of assets and hundreds of categories. It’s only up to you to decide where the trip to the market will take you.
However, if you’re visiting the platform for the first time, it might get a bit overwhelming. The best advice is to go for a simpler search; something like digital art, in-game assets. Don’t complicate things right at the beginning, explore, scroll, and do your research. You’ll get there soon enough.
The Future of OpenSea — Final Thoughts
After a short, but sweet review of the biggest NFT marketplace, it’s safe to say that the market will expand beyond what we could imagine. Use cases are growing each day and serve as proof of the matter.
For now, the spotlight is on art, in-game items, virtual worlds, collectibles, and tokenized real items, but big things are coming for NFTs and OpenSea along with it. If the sector further integrates with DeFi, we will see a world we’ve never seen before. And more integration translates into more asset classes. There’s no doubt about it.
Finally, 2022 will also be an NFT year, with all the attention and new projects pouring into the ecosystem. And if you’re a smart cookie, you know that it’s time to enter the market. If you happen to have trouble with choosing your direction, you know what they say: there’s plenty of fish in the sea. There’s enough virtual space for everyone. It’s up to you how much of it you make yours.