New Delhi: A new term, OpenSea, has been trending in the world of cryptocurrencies for the past few days. If you are wondering to understand about it, this is article is going to be the last destination for you.
Before we dive into detail, we must tell you it is not directly connected to cryptocurrencies.
What is OpenSea?
OpenSea is a digital market where you can list items in the form of NFTs or Non-fungible tokens. Users can buy, sell and mint unique digital collectibles. The platform allows users to transact with one another directly in a trustless manner as it is a decentralised and peer-to-peer exchange.
The company claims it to be the world’s first and largest digital marketplace for crypto collectibles and non-fungible tokens (NFTs). Buy, sell and discover exclusive digital items.
OpenSea was founded by Alex Atallah and Devin Finzer in 2017 in New York City. It has now 70 employees and 6 lakh users and 2 million-plus collections and 80 Million NFTs.
What is NFT?
As we understand OpenSea, it is common you ponder over what NFT is. Notably, it has changed the life of digital artists. An NFT helps to represent ownership of any unique asset or items in the digital world.
This token can only have one official owner at a time. They are protected by the Ethereum blockchain, stopping anyone from modifying the record of ownership or creating a fake NFT.
NFT are very unique, provably scarce, tradeable, and usable across multiple applications. They are like physical goods, you can do whatever you want with them. You may gift them to a friend across the world, throw them in the trash, or go sell them on an open marketplace.
