update 3 September 2021

Open Sea – A Pioneer in the NFT World

Open Sea is one of the most reputable NFT marketplaces in existence. The network enables users to

buy, sell, and explore collectibles, game items, Art NFTs, and various other digital goods. Notably,

Open Sea was the first NFT marketplace to enter the market. This pioneering spirit enabled the platform

to establish and maintain a dominant position in the market.

 

Today, Open Sea still operates as the largest NFT marketplace in terms of the daily trading volume. The

network has +4 million assets and +135 collections currently available to collectors. Notably, the market

averages around 150,000 ETH in monthly volume. Additionally, Open Sea secured +$127.2 million in

funding since its launch.

History of the Open Sea

Open Sea was ahead of the curve when it debuted in December 2017. The firm operates as a for-profit

corporation based out of New York. The Open Sea concept is an innovation of its co-founders,

Alex Atallah and Devin Finzer.

The goal behind Open Sea was to enable NFT collectors and creators to meet in a secure manner and

conduct transactions securely. Notably, the firm acquired Atomic Bazaar on Dec 13, 2018, as part of its

expansion strategy.

What Advantages Does Open Sea Bring to the Market?

Open Sea provides a host of benefits to the market. For one, it’s a peer-to-peer decentralized market.

The platform operates using only code with no human intervention. There are no centralized groups or

executives to censor transactions. As such, the market provides a truly open and global experience to

users that is both efficient and censorship-resistant.

Secure

The main concern of Open Sea was to ensure that all digital assets were secure. To that extent, the

developers constructed the protocol in a manner that adds user safety protocols. For example, the

network is non-custodial.

You don’t have to relinquish control of your NFTs to trade on the Open Sea NFT exchange. This

designation is a bonus because non-custodial exchanges are less likely to get hacked because they don’t

hold large sums of crypto in hot wallets like centralized exchanges. Additionally, you never lose control

over your crypto during updates or network outages.

Massive selection

Open Sea has an excellent selection of NFTs and crypto collectibles. You can find a variety of exclusive

digital assets that are not available anywhere else. There are in-game NFTs, Memorabilia NFTs, ART

NFTs, and much more.

 

Users can use the dashboard to organize and explore the market’s options. Open Sea makes it easy to

view assets filtered by collection, type, or belonging to a particular wallet address. You can even

leverage powerful statistics to gain insight into what collectibles are trending and the true scarcity of

select collectibles. There is access to vital info such as sales, listings, bids, transfers, and more.

Developer Friendly

Another cool feature that makes Open Sea future-proof is its developer network support. The platform

operates as a first-in-class developer platform consisting of a powerful API, SDK, and developer tutorials.

Additionally, the community promotes and invites new projects that leverage Open Sea’s powerful

smart contracts.

Users can create their own custom marketplaces and host them on their own web pages. Developers

can also power their in-app economies with OpenSea.js. As part of this strategy, you can set your fees

on the secondary sales of items on the Open Sea marketplace.

This approach helps to ensure that the user experience is consistently improving over time. It also

provides developers with a way to secure passive rewards via commissions on NFT sales in the future, as

well as, improves the positioning of the market over time.

Multi-chain Support

The NFT world now spans across a variety of networks. Recognizing the growing value of DeFi

communities outside of Ethereum, Open Sea expanded its protocol to encompass more blockchain

ecosystems. The team added both Polygon and Klaytn as part of this maneuver. This multi-blockchain

the approach improves liquidity across the market and provides users with more selection.

Open Sea Features

Open Sea has a set of features that aim to take you into the core of the NFT revolution. The

interface should allow new users to find all the most important features in seconds. You can buy,

sell, and trade NFTs directly from your wallet using this dashboard.

Best of all, the getting started section walks you through the entire account setup. This section provides

information on all the features of the platform as well. You can see everything from connecting your

wallet, all the way to creating advanced NFT collections, and selling them on the marketplace.

Create an NFT

Open Sea continues to drive NFT adoption upwards thanks to its simplistic design. Anyone can design

and create an NFT using streamlined network processes. You connect your wallet, upload your NFT data,

and set supply quantities. No coding is required to accomplish this task.

Profile

Every user gets a personalized profile. Here you can keep track of all your account details. You can see

vital information regarding your collection. There is a section where you can add your favorite NFTs and

more. This feature is nice because it helps users to organize and obtain a broader overview of their

investment strategy.

Host a Crowd Sale

Open Sea provides users with a way to host crowd sales for their collectibles. Content creators can now

use this feature to provide exclusive offerings to early adopters. You can also sell your item as a token

and you can sell packs of items such as in-game NFT assets.

 

Wisely, this feature supports advanced community options such as Airdrops and loot boxes. Airdrops are

a great way to improve your fan base rewards and Lootboxes add fun to the equation by improving

community engagement.

Open Sea – A Driving Force for NFT Adoption

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Open Sea played a vital role in the rise of the NFT market. Today, this platform continues to hold extreme value for those seeking a secure, reliable, and well-established NFT market.

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