Interesting Facts About the Largest NFT Marketplace

The OpenSea marketplace was founded in 2017 by Devin Finzer and is headquartered in New York City.
On the 17 of December 2021, OpenSea released an app for Android and IOS

The OpenSea market is a game-changing decentralized marketplace that allows users to buy and sell Non-fungible tokens (NFT). The marketplace was founded in 2017 by Devin Finzer, it is headquartered in New York City. OpenSea is the world’s first and largest marketplace for NFTs before it used to sell crypto kitties.

Cryptokitties is a game centered around breedable collectible and oh-so-adorable creatures. The crypto kitties are unique, each with a different set of “genes” to determine their appearance which can be passed to the offspring by “breeding” the crypto kitties with one another.

On the 17 of December 2021, OpenSea released an app for Android and IOS. The app only allows users to browse but buying and selling are prohibited. Through OpenSea’s mobile app it is easier to keep track of your NFT collection and discover new assets.

In April 2022 OpenSea gave users the ability to buy and sell Solana NFTs on Solana beta. In January 2022 open sea decided to limit the number of NFTs a user can create using the free minting tool.

The average cost of minting NFTs ranges from $1-$1,000. Users can mint NFTs for free if they decide to mint their non-fungible tokens through a polygon blockchain. The costs in OpenSea vary, especially now when users can also mint Solana NFTs on OpenSea.

OpenSea had earlier announced that NFTs do not need to be verified to be listed but they later criticized their decision as NFT plagiarism on the platform increased massively.

An NFT can be stolen when one accidentally clicks on a bad link or exposes their secret phrase or password. A hacker will only steal an NFT after gaining access to an unprotected wallet. OpenSea penalizes any user that buys stolen NFTs. When a stolen NFT is reported, the NFT is banned from the marketplace unless it is returned. This means that an innocent person might be punished for buying a stolen NFT.

In case an individual loses the secret phrase to the wallet owned, there is no recovery. The NFTs will remain in the blockchain but they aren’t under the custody of OpenSea. OpenSea cannot recover lost funds or Non-fungible tokens that have been transferred out of a wallet.

On February 19, 2022, OpenSea revealed an attack that had taken place on the platform. Users complained that some of their NFTs had disappeared. It was later reported that 1.7million had been stolen from the phishing attack. In June 2022 former OpenSea manager Nathaniel Chastain was charged with wire fraud and money laundering.