OpenSea is a decentralized marketplace for various types of digital assets on the Ethereum blockchain. Launched in 2017, it became one of the largest platforms for buying, selling, and trading NFTs (Non-Fungible Tokens).
NFTs can represent ownership over digital or physical assets like digital art, virtual real estate, music, domain names, and more. Each NFT is unique (or “non-fungible”) and is stored on the blockchain, which verifies its authenticity and ownership.
OpenSea provides an interface that makes it easy for people to interact with these NFTs. The marketplace handles a wide array of token standards beyond the basic ERC721 standard, including ERC1155 and others. It also supports various blockchain networks in addition to Ethereum, though Ethereum remains the most widely used on the platform.
OpenSea has become a dominant marketplace in the NFT space, facilitating millions of dollars in transactions each day. It’s been central to the growth of the digital art scene, with artists directly minting and selling their art as NFTs on the platform.