OpenSea NFT Marketplace

OpenSea NFT recorded well over $3.5 billion in NFT trading volume in August 2021 alone. Given that it only had $21 million in importance for the entire year of 2020, the 12,000% increase in trading activity indicates success.

Investors such as Mark Cuban, Kevin Durant, Ashton Kutcher, and crypto powerhouse a16z have helped push OpenSea’s valuation to over $1 billion, seemingly overnight elevating the young OpenSea NFT platform to unicorn status.

NFT collectors, artists, investors, and traders praise OpenSea, but it can be challenging to navigate if you’re new to the platform. This OpenSea beginner’s guide provides a straightforward explanation of NFTs, what OpenSea is, and how to use it, as well as some of the best NFTs on the market.

First of all: What is an NFT?

Understanding NFTs before diving into OpenSea will save you time and confusion later. NFT stands for Non-Fungible Token. That doesn’t tell you much, and there’s a lot to unpack, so let’s begin at the beginning.

A fungible token is a digital coin, such as Bitcoin, that can be traded interchangeably. Because fungible tokens are not unique, a Bitcoin is always equal to another Bitcoin. The same is true for traditional currency. For example, because dollar bills are interchangeable, neither of you loses anything if you trade them.

Representation of the Bitcoin.

A non-fungible token, on the other hand, represents a one-of-a-kind digital good. For example, consider CryptoPunks profile pic avatars, Axie Infinity in-game collectibles, and original digital artworks. As a result, if you own a OpenSea NFT and a friend also owns a CryptoPunks NFT, they are not interchangeable in the same way that currencies are because they are different digital objects.