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Is OpenSea running on Ethereum (DAPP)

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OpenSea is the most popular dApp on Ethereum and has the highest gas consumption to date. Since late July 2021, the app has been breaking its daily volume records. OpenSea now has a 30-day transaction volume exceeding $1.54 billion, five times higher than the month before.

OpenSea is an excellent dApp market where you can buy and sell products quickly and conveniently. It lets creative individuals concentrate on creating content, designing, and meeting their customers’ demands while having the full functionality of a marketplace for your digital assets.

Is OpenSea Decentralized?

OpenSea is decentralized, which is also a revolutionary marketplace for buying and selling Non-Fungible Tokens (NFTs). NFTs are exclusive digital assets that people collect, including avatars, in-game purchases, trading cards, and art.

In August 2021, OpenSea recorded well over $3.5 billion in NFT trading volume. Considering that OpenSea only posted $21 million volume in the entire year 2020, it’s safe to say that the 12,000% increase in trading activity signals success.

Investors such as Mark Cuban, Kevin Durant, Ashton Kutcher, and the crypto-powered a16z fund have played a key role in boosting OpenSea’s valuation to over $1 billion. NFT artists, collectors, traders, and investors rate OpenSea highly, although you’ll have a bit of a learning curve to become familiar with the platform.

Learn more: Can Anyone Use Opensea?

What Is The Platform OpenSea Built On?

OpenSea is based on NFT technology and built on the Ethereum blockchain. Since it’s a decentralized platform, it supports smart contracts. 

These smart contracts secure underlying digital assets and help you control them from your wallet. Additionally, you can sell products on the OpenSea marketplace, even if you advertised the item elsewhere.

OpenSea gets a 2.5 % commission on every product sold through their platform. 

OpenSea accepts ETH and DAI as its standard cryptocurrencies for exchanges and transactions. In addition to ETH, the platform accepts more than 200 other cryptocurrencies payment options, such as DAI, USDC, SAND, MEM, REVV, MANA.

Read more: Can Opensea Use Solana?

Is OpenSea Open Source?

OpenSea is an open-source platform or a public and uncontrolled environment not subject to interference from anyone. Many decentralized apps (dApps) run on the open-source Ethereum blockchain network.

For instance, a developer can develop a Twitter-like dApp and place it on a blockchain where users can post messages. After the messages are published, nobody, not even the app’s creators, can delete the messages.

OpenSea uses both ERC721 and ERC1155 standards to prove that NFT collectors are the actual owners of the assets they list on the market. 

Learn more: Is NFT A Cryptocurrency?

Is OpenSea a DAPP?

OpenSea is a dApp. In fact, at the time of this writing, OpenSea is the most prominent dApp in the world. It currently has over 12 million active assets on sale on its marketplace, making it a rich source of unique items.

What is DAPP? (With examples)

A Decentralized Application (dApps) is a digital program that runs on a blockchain instead of a conventional centralized database. DApps can’t be controlled or overseen by one authority. You can use dapps for many real-life applications, including finance, insurance, gaming, and even social media.

OpenSea is an excellent example of a dapp. Others include Brave Browser and EOS Dynasty game.

Other examples of dApps include:

  • MakerDAO
  • Uniswap
  • Sushiswap
  • X World Games

Is OpenSea a blockchain?

OpenSea runs on the Ethereum blockchain but isn’t a blockchain itself. You must use an Ethereum wallet to purchase and sell NFTs through OpenSea. OpenSea can also work with many other ETH-based blockchains, including Polygon (MATIC) and Klatyn (KLAY).

Is OpenSea a Smart Contract?

No. OpenSea is not a smart contract. It’s an open-source, decentralized application that supports using smart contracts on your NFTS and other digital assets. 

Learn more: Is Ethereum An NFT?

Who owns OpenSea?

The founders of OpenSea are Alex Atallah, and Devin Finzer. They founded the OpenSea marketplace in 2017 as a place to buy and sell NFTs. 

Can you use Coinbase with OpenSea?

If you have a Coinbase wallet, you can use WalletLink to connect it to OpenSea. That way, you can trade your digital assets efficiently. You don’t need Coinbase, however. 

You can use your Metamask wallet (or any other wallet) to store your digital assets and trade them on OpenSea. 

Do you need Ethereum for OpenSea?

You’ll need ETH to complete your transactions on OpenSea and pay the gas fees associated with the transaction. Besides that, ETH is the best cryptocurrency to bridge to other networks like Polygon (MATIC) and Klaytn (KLAY).

Learn more: Does Litecoin Run On Ethereum?

Is Polygon address the same as Ethereum on OpenSea?

Yes, your Polygon address is the same as your Ethereum address on OpenSea. That’s why it’s also easy to bridge between these two cryptocurrencies in OpenSea.

So, how is that possible?

First, let’s explore the concept of a bridge:

A bridge is a permissionless app that lets you send tokens and arbitrary data between two different but compatible blockchain networks. Using a bridge connection has allowed several competing and complementary networks to capture as much value as possible from the value generated on Ethereum.

For example, bridging your ETH into Polygon (MATIC) allows you to save plenty in gas costs. That’s one reason why Polygon is useful in OpenSea. However, that doesn’t mean that you can’t bridge between two different addresses.

Final thoughts

If you’re looking for a platform to trade your digital assets, then look no further than OpenSea. Some of the world’s most popular NFTs are on sale on this platform. You can also create and sell your new assets on OpenSea.