What is OpenSea? OpenSea is the first NFT Marketplace platform built on Ethereum. Let’s find out what is special about this project with Weakhand in this article.
What is OpenSea?
Overview of OpenSea
OpenSea is one of the first NFT Marketplaces built on Ethereum. The platform allows users to buy and sell NFTs Peer to Peer modelwhile also creating their own NFT collections.
Founded in 2017, OpenSea started as a marketplace for CryptoKitties. Currently, OpenSea has been expanded to many different types of digital assets including: Art, Gaming, PFP,… and deployed on many chains such as: Ethereum, Polygon, Solana,…
Recently, OpenSea also launched OpenSea Pro version – a platform NFT Marketplace Aggregator Compiled a list from more than 170 large and small NFT Marketplaces including platforms: LookRare, X2Y2,… to help users have better experiences during the trading process.
OpenSea’s operating mechanism
As a decentralized marketplace, OpenSea uses the Smart Contract designed for buying and selling digital assets. Smart Contract is programmed to ensure there is no fraud on the platform and users can trade NFTs at whatever price they see fit.
OpenSea uses the Ethereum ERC – 721 and ERC – 1155 standards to confirm that NFT collectors own the assets they are listing on the marketplace.
What is the OpenSea difference?
OpenSea has some special features such as:
- NFT Gifting: OpenSea allows users to send NFTs as gifts to other OpenSea users. If you can’t find your friend’s username on OpenSea, you can transfer the NFT gift to their ETH address so they can receive the gift directly in their wallet.
- Buyers can easily browse NFT collections, filterable by price, status, original blockchain, and rarity of each NFT. Conducting an auction, buyers can place a bid, make an offer, or choose to buy immediately and pay the asking price of the NFT. Buyers can also view each NFT’s purchase history including how many times it was sold, who bought it, and its price.
Core Team
Devin Finzer : Co Founder & CEO
- He graduated with a degree in computer science from Brown University.
- He has worked at Pinterest as a Software Engineer since August 2013.
- He moved to work at Claimdog as Co Founder in April 2015.
- In June 2016, he quit his job and moved to Credit Karma as an Engineering Manager.
- Then, he became CEO of OpenSea from December 2017.
Nadav Hollander : CTO
- He graduated with a bachelor’s degree in computer science from Stanford University.
- He briefly worked at Google and Coinbase from 2014 – 2016.
- In April 2017, he became the CEO of Dharma – a cryptocurrency borrowing and lending platform.
- After that, he quit his job and joined OpenSea from January 2022. Currently, he is holding the position of CTO at OpenSea.
Alex Atallah : Co Founder
- He graduated with a bachelor’s degree in computer science from Stanford University.
- He has held the position of Forward Deployed Engineer at Palantir Technologies since May 2012.
- In January 2015, he moved to work as Lead Frontend Engineer at Zugata.
- After that, he moved to work at Whatsgoodly Inc as Chief Technology Officer from February 2016.
- In January 2018, he and Devin Finzer started a business and founded OpenSea.
Investor
May 10, 2018: OpenSea announced a successful call for $2M led by 1confirmation.
November 19, 2019: OpenSea announced a successful call for $2.1M led by gumi Cryptos Capital.
March 18, 2021: OpenSea announced its successful $23M fundraising led by Andreessen Horowitz.
July 20, 2021: OpenSea announced its successful call for $100M led by Andreessen Horowitz.
January 5, 2022: OpenSea announced its successful $300M fundraising led by Coatue and Paradigm.
Currently, OpenSea is valued at $13B.
Tokenomics
Update…
OpenSea Project Information Channel
- Website: https://opensea.io/
- Twitter: https://twitter.com/opensea
- Discord:
summary
OpenSea is the first platform that laid the foundation for the strong development of the NFT Marketplace market at the present time. Hopefully the information I provide in this article has helped people visualize OpenSea.