OpenSea is a company that participated in the YC W18 cohort of Y Combinator and raised an estimated $2,120,000.It is a peer-to-peer marketplace where goods such as gaming items, digital art, and other goods backed by a blockchain can be bought and sold.
Users can create their own customizeable marketplace using the OpenSea software and set their own fees for their sales. The projects must be ERC-721 compliant to be sold in the marketplace. Users can create auctions for items with any cryptocurrency of their choice. They must submit a contract on the platform in order to get their auction started. The application programming interface can show users market data with statistics and insights in the form of graphs so that users can see how their digital assets are trending. Users can sell their assets in packs, airdrop rewards to customers if so desired, and create lootboxes.
There are more than three million digital assets on the platform and cryptocurrencies such as Ethereum are used for the exchanges. Sales are conducted through smart contracts on the platform and users can keep their commission after paying a fee to OpenSea.
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- CompanyA company, abbreviated 'co.', is a legal entity made up of an association of people, be they natural, legal, or a mixture of both, for carrying on a commercial or industrial enterprise.
- BlockchainA blockchain is an append-only digital ledger storing a set of time-ordered transactions grouped in blocks that are linked together using cryptographic hashes.