Forget paint brushes. The new art is zeros and ones.
OpenSea is the largest NFT marketplace, especially for artwork and collectibles. According to Google Trends, searches for OpenSea have increased over time due to the popularity of cryptocurrency.
The increase of searches of OpenSea reveals that cryptocurrency is becoming the next big thing. NFT art is a non-fungible token that gives the person who buys it the assurance that they own that digital art. They are sure they own it because every transaction is encrypted in a blockchain with a hash, a unique code similar to a fingerprint. Only one person can have it.
Unfortunately, that does not mean they own all its rights; they cannot make merchandise and sell it. If that was confusing, think about going to an art gallery or auction to buy a piece of art. Instead of doing that, you can rather purchase it through OpenSea, but in this case, you will have digital art bought with digital currency. Although it is not entirely yours with all the rights, it is enough to boast that you somehow own it.
NTFs can make you scratch your head and wonder why it is popular. It is trending because people are fascinated by digital art ownership, and they put a lot of money on digital art such as CryptoPunks collectibles which are being sold between $350,000 and $500,000.
Most OpenSea searches come from China, and it might be because although crypto is banned, they still want to be part of this new thing. They do not call it Non-Fungible Tokens, but rather “Digital collectibles.” Also, the increase in OpenSea searches in China might be because the NTFs from China’s Blockchain-based Service Network was transferred to OpenSea.
The OpenSea trend brings light to new possibilities with cryptocurrency. The world is slowly becoming digital, where every transaction is done securely online, and we no longer see money on paper repeatedly. Instead, we see only numbers on a website or spreadsheet.
OpenSea might become the next Amazon for Non-Fungible Tokens, but it still needs a lot to improve. Crypto’s volatility brings doubt because its value might rapidly rise or suddenly decline. However, there is no doubt that the popularity of Non-Fungible Tokens is increasing, which might lead people to create unique digital art and more traffic to the OpenSea website.
Simple NFTs such as a tweet by the CEO of Twitter, Jack Dorsey, are enough to make a trend evolve. The tweet which says “just setting up my twttr” was sold for over 2.9 million. Think of all the doors this opens for OpenSea to sell any kind of digital asset.
