opensea

OpenSea is a digital marketplace for non-fungible tokens (NFTs) built on blockchain technology. It allows users to buy, sell, and auction ownership of unique digital assets such as artwork, collectibles, in-game items, virtual real estate, and domain names. Acting as a storefront for creators and collectors, OpenSea provides listings, search tools, and wallet integration.

Founded in 2017 by Devin Finzer and Alex Atallah, OpenSea has grown to be one of the largest NFT marketplaces by traded volume. It primarily operates on the Ethereum blockchain and also supports Polygon, enabling gas-free and lower-fee transactions; support for additional networks has been added over time.

Features include creator royalties, which allow original creators to receive a percentage of secondary sales. It supports fixed-price listings, timed auctions, and declining-price auctions. A lazy minting option lets creators mint NFTs only when purchased, reducing upfront gas costs. The platform uses user wallets to manage authentication and payments, with the marketplace acting as an intermediary for listing and settlement.

OpenSea charges a platform fee on sales (historically around 2.5%), with creators retaining royalties as set by their contracts. Participants in the market are exposed to risks inherent to blockchain transactions, such as price volatility and potential scams. OpenSea has implemented tools and moderation practices to address fraud and counterfeit listings.

OpenSea remains a prominent component of the NFT ecosystem, though it continues to face regulatory, market, and governance challenges as the broader space evolves.