What is OpenSea?
Let's find out OpenSea meaning, definition in crypto, what is OpenSea, and all other detailed facts.
OpenSea is one of the biggest platforms where buyers and sellers looking to trade rare digital goods can get together. It’s based on decentralized peer-to-peer (P2P) interactions and runs on Ethereum’s blockchain.
There are over 200 categories of these digital goods including exclusive in-game items, virtual worlds, digital art, trading cards, collectibles, decentralized domain names, or other virtual assets in the form of a non-fungible token (NFT).
It’s important to keep in mind that these rare digital goods listed on OpenSea do not belong to the marketplace itself. The OpenSea marketplace allows its users to buy and sell through the use of smart contracts.
Whenever a trade happens between a buyer and seller, the purchased NFTs are sent straight to the buyer’s wallet of choice.
Moreover, anyone can sell on the OpenSea platform. In situations where the seller also trades on other marketplaces, OpenSea allows the seller to continue to trade on its platform only if the digital goods are in their wallet.
The platform accepts over 200 different payment options, although the default payment options are Ether (ETH), USD Coin (USDC), and Dai (DAI).
Additionally, the OpenSea platform allegedly takes the lowest fee on the market at the moment which is 2.5% of every purchase.
Cryptopunks, Axie Infinity, CryptoKitties, Bored Ape Yacht Club, and many other well-established NFT projects are available on the OpenSea marketplace.
The native token of Fantom (FTM) is used in the network for staking, <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-on-chain-governance/">on-chain governance<\/strong><\/a>, and platform fees.<\/p>\n<p>Lachesis consensus mixes <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-proof-of-stake-pos/">proof-of-stake (PoS)<\/strong><\/a> and<strong> Asynchronous Byzantine Fault Tolerance (aBFT) consensus mechanisms<\/strong> as a way to achieve cheaper and speedier transactions as opposed to other blockchains. It is used by Fantom and also offers a very safe environment.<\/p>\n<p>The Fantom Opera Mainnet is compatible with the<a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-ethereum-virtual-machine-evm/"> Ethereum Virtual Machine (EVM)<\/strong><\/a> and offers <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-smart-contract/">smart contracts<\/strong><\/a> support using <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-solidity/">Solidity./n Furthermore, the issue that made it possible that only two or three requirements might be included in consensus algorithms at the same time, has been solved.<\/p>\n<p>Lachesis was famous for having an Asynchronous Byzantine Fault Tolerance consensus process. Fantom's creators claim to have identified a solution to the scaling issue with blockchains. It is critical that this can be accomplished without jeopardizing other essential network features such as security and decentralization.<\/p>\n<p>The key advantage of Lachesis over Practical Byzantine Fault Tolerant (pBFT) consensus systems is its resilience to <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-denial-of-service-dos-attack/">distributed denial of service attacks (DDoS)<\/strong><\/a>. Furthermore, aBTF systems are intended to be quicker than pBFT-based consensus approaches.<\/p>\n<h2>Fantom’s Architecture<\/h2>\n<p>The Opera Core, Opera Ware, and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-application-layer/">Application Layer<\/strong><\/a> are the three layers that make up the Fantom architecture running on top of each other. Fantom is unique in that it needs a second type of node known as an observer node to validate transactions and uses the dPOS approach to choose validating nodes. In addition, users must have at least 1,000,000 FTM in order to employ a validator.<\/p>\n<p>The Lachesis Protocol's bottom is Opera Core, which is in charge of keeping node consensus. Each transaction is stored on each node.<\/p>\n<p>In the middle, is<strong> Opera Ware<\/strong> and it enabled the protocol to run tasks such as providing incentives and developing Story Data.<\/p>\n<p>On top is the Opera Application which contains <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-api/">APIs that are accessible to the public and enable developers to connect with the Opera Ware layer using their <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-decentralized-applications-dapps/">dApps./n Applications such as supply-chain management need recordings of information from an application that has this function and is developed from its Story Data.<\/p>\n<h2>What is the Fantom Virtual Machine?<\/h2>\n<p>Firstly, the Fantom Virtual Machine is utilized on the mainnet of Fantom Opera. It is essentially a Fantom’s software development supply that offers the tools to develop and implement dApps (Decentralized Finance apps).<\/p>\n<p>Opera also supports the Ethereum Virtual Machine (EVM).<\/p>\n<p>It allows developers to move their apps that are Ethereum-based and decentralized to the Fantom network without any complexity. This also guarantees that it will be fitting with the most prominent <strong>smart contract-based platform.<\/strong><\/p>\n<h2>How is Fantom Different?<\/h2>\n<p>Firstly, since the blocks in the Fantom network are self-retained it is more decentralized. All of the decentralized applications that operate on their personal blockchain are connected to the Lachesis consensus.<\/p>\n<p>Like any other proof-of-stake blockchain, Lachesis’ PoS mechanism enables validators to issue new blocks by staking their FTM. The aBFT protocol is the major factor of the Lachesis consensus because it makes it possible for nodes to build blocks individually.<\/p>\n<p>In that regard, nodes are able to come to an agreement on their own by using a two-factor confirmation mechanism as long as they obtain a majority of two-thirds. This removes the requirement of a leader node to create blocks, increasing the speed of the transactions and keeping superior protection.<\/p>\n<p>Furthermore, Bitcoin and Ethereum are first-and second-generation blockchains, correspondingly, and were not designed to scale. Decentralization and security were the most critical considerations.<\/p>\n<p>As a result, network transaction rates drop down, especially if more nodes are added. A transaction on the Bitcoin blockchain network, for example, may take up to 15 minutes. Transactions on the Fantom network, on the other hand, might be executed in a couple of moments.<\/p>\n<p>The Byzantine Fault Tolerance approach enables consensus even when there are faulty or malicious nodes in the network. It could possibly handle up to one-third of the network's faulty or malicious nodes without producing a service disruption.<\/p>\n<p>Also, Fantom is <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-permissionless/">permissionless. Meaning that everyone can operate a node.<\/p>","definition":"An open-source framework that allows anyone to engage in the network through governance and staking refers to Opera Mainnet (Fantom).","status":"published","meta_title":"What is Opera Mainnet (Fantom)? Definition & Meaning | Crypto Wiki","meta_description":"Opera Mainnet (Fantom) meaning: Opera Mainnet (Fantom) - An open-source framework that allows anyone to engage in the network through governance and staking refers to Opera Mainnet (Fantom).","meta_keywords":null}"
:prev-section="{"id":574,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Cryptocurrency","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-12-07T20:31:55.000000Z","slug":"what-is-open-close","title":"What is Open\/Close?","section":"O","keyword":"Open\/Close","content":"<p><strong>Open\/close<\/strong> is a term used to describe the price at which a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptocurrency/">cryptocurrency opens at a specific time period. For instance, it opens at the start of the day and closes at the end of the day. Overall, these terms were more useful in traditional financial markets as there are fixed hours of the day in which trading occurs.<\/p>\n<p>Once implemented, <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-blockchain/">blockchain and its settings are difficult to change. This is because each modification must be consented to by all network <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-node/">nodes and members thus creating consensus, which isn't always simple. As a result, blockchain platforms and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-decentralized-applications-dapps/">decentralized apps (dApps)<\/strong><\/strong><\/a> are often only modifiable via a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hard-fork-blockchain/">hard fork<\/strong><\/a>, which requires establishing a new chain.<\/p>\n<p>Moreover, hard forks are considered to be risky for users as well as inconvenient. In other words, it’s not useful for projects to hard fork every time they require to carry out adjustments and add functionalities. <\/p>\n<p>Therefore, blockchain programming depends mostly on the open\/close concept, which indicates leaving room for increasing abilities without taking drastic measures.<\/p>\n<p>When it comes to software development, open\/close describes the programming approach of extending software portions, without permitting any changes to the source code. <\/p>\n<p>The code itself allows for flexibility while limiting the ability to modify its essential components. <strong>This avoids the need to totally rewrite the software whenever new standards emerge<\/strong>. Bertrand Meyer initially articulated it, and it is part of the SOLID concept of object-oriented programming. Because of the immutability of blockchain and crypto projects, open\/close is very critical in their architecture.<\/p>","definition":"is the price where a cryptocurrency opens at a specific time period.","status":"published","meta_title":"What is Open\/Close? Definition & Meaning | Crypto Wiki","meta_description":"Open\/Close meaning: Open\/Close - is the price where a cryptocurrency opens at a specific time period.","meta_keywords":null}"
:model="{"id":623,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/OpenSea","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-12-07T20:35:42.000000Z","slug":"what-is-opensea","title":"What is OpenSea?","section":"O","keyword":"OpenSea","content":"<p><strong>OpenSea is one of the biggest platforms where buyers and sellers looking to trade rare digital goods can get together<\/strong>. It’s based on decentralized <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-peer-to-peer-p2p/">peer-to-peer (P2P)<\/strong><\/a> interactions and runs on <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ethereum’s blockchain. <\/p>\n<p>There are over 200 categories of these digital goods including exclusive in-game items, virtual worlds, digital art, trading cards, collectibles, decentralized domain names, or other virtual assets in the form of a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-non-fungible-token-nft/">non-fungible token (NFT)<\/strong><\/a>.<\/p>\n<p>It’s important to keep in mind that these rare digital goods listed on OpenSea do not belong to the marketplace itself. The OpenSea marketplace allows its users to buy and sell through the use of smart contracts. <\/p>\n<p>Whenever a trade happens between a buyer and seller, the purchased NFTs are sent straight to the buyer’s wallet of choice.<\/p>\n<p>Moreover, anyone can sell on the OpenSea platform. In situations where the seller also trades on other marketplaces, OpenSea allows the seller to continue to trade on its platform only if the digital goods are in their wallet.<\/p>\n<p>The platform accepts over 200 different payment options, although the default payment options are Ether (ETH), USD Coin (USDC), and Dai (DAI).<\/p>\n<p>Additionally, the OpenSea platform allegedly takes <strong>the lowest fee on the market at the moment which is 2.5% of every purchase<\/strong>.<\/p>\n<p>Cryptopunks, Axie Infinity, CryptoKitties, Bored Ape Yacht Club, and many other well-established NFT projects are available on the OpenSea marketplace.<\/p>","definition":"is a decentralized marketplace for trading non-fungible tokens (NFTs) based on a peer-to-peer (P2P) network.","status":"published","meta_title":"What is OpenSea? Definition & Meaning | Crypto Wiki","meta_description":"OpenSea meaning: OpenSea - is a decentralized marketplace for trading non-fungible tokens (NFTs) based on a peer-to-peer (P2P) network.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
:chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? The Pros & Cons","status":"published","modified_content":null},{"chapter_id":2,"order":4,"slug":"coin-vs-token","title":"Coin VS Token: How Do They Differ?","status":"published","modified_content":null},{"chapter_id":2,"order":5,"slug":"what-are-stablecoins","title":"What are Stablecoins, Altcoins & Wrapped Coins?","status":"published","modified_content":null},{"chapter_id":2,"order":6,"slug":"what-is-a-bitcoin","title":"Bitcoin: the Pioneer of the Crypto World","status":"published","modified_content":null},{"chapter_id":2,"order":7,"slug":"what-is-ethereum","title":"The Ultimate Blockchain for dApp Creation: Ethereum","status":"published","modified_content":null},{"chapter_id":2,"order":8,"slug":"what-is-cardano-in-crypto","title":"What is Cardano and What is It Used For?","status":"published","modified_content":null},{"chapter_id":2,"order":9,"slug":"what-is-shiba-inu-coin","title":"Shiba Inu: the Dogecoin 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Standards","status":"published","modified_content":null},{"chapter_id":3,"order":5,"slug":"how-to-buy-crypto","title":"From Fiat to Crypto: How to Buy Crypto for the First Time","status":"published","modified_content":null},{"chapter_id":3,"order":6,"slug":"fiat-to-crypto","title":"Taking Profits: Turning Crypto Into Fiat","status":"published","modified_content":null},{"chapter_id":3,"order":7,"slug":"how-to-use-crypto","title":"You\u2019ve Got Crypto: What Can You Do With It?","status":"published","modified_content":null}]},{"id":4,"title":"Crypto Wallets","slug":"crypto-wallets","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-wallets.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-wallets-101.jpg","rating":80,"sections":[{"chapter_id":4,"order":1,"slug":"what-is-a-crypto-wallet","title":"What is a Crypto Wallet?","status":"published","modified_content":null},{"chapter_id":4,"order":2,"slug":"hot-wallet-vs-cold-wallet","title":"Hot Wallet VS Cold Wallet: Which One to Pick?","status":"published","modified_content":null},{"chapter_id":4,"order":3,"slug":"non-custodial-wallet","title":"What are Non-Custodial Crypto Wallets?","status":"published","modified_content":null},{"chapter_id":4,"order":4,"slug":"what-is-metamask","title":"Metamask: The Leading Non-Custodial Wallet","status":"published","modified_content":null},{"chapter_id":4,"order":37,"slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","status":"published","modified_content":null}]},{"id":5,"title":"NFTs","slug":"nfts","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-nfts.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/nfts-101.jpg","rating":100,"sections":[{"chapter_id":5,"order":2,"slug":"how-to-trade-nfts","title":"NFT Trading: 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(NFTs)?","status":"published","modified_content":null},{"chapter_id":6,"order":1,"slug":"what-is-defi","title":"What is Decentralized Finance (DeFi)?","status":"published","modified_content":null},{"chapter_id":6,"order":2,"slug":"what-is-defi-2-0","title":"DeFi 2.0: The New Version of Decentralized Finance","status":"published","modified_content":null},{"chapter_id":6,"order":3,"slug":"what-are-dapps-in-crypto","title":"What Are dApps and How Do They Work?","status":"published","modified_content":null},{"chapter_id":6,"order":4,"slug":"defi-dapps","title":"Picking the Right dApps: Dos and Don'ts","status":"published","modified_content":null},{"chapter_id":6,"order":5,"slug":"what-is-web-3-0","title":"Web 3.0: The Future of the Internet","status":"published","modified_content":null},{"chapter_id":6,"order":6,"slug":"what-are-smart-contracts","title":"What is the Core Purpose of Smart Contracts?","status":"published","modified_content":null},{"chapter_id":6,"order":7,"slug":"what-is-a-dao-in-crypto","title":"The Notion of a Decentralized Autonomous Ogranization (DAO)","status":"published","modified_content":null},{"chapter_id":6,"order":8,"slug":"what-is-staking-in-crypto","title":"What is the Goal of Staking Crypto Assets?","status":"published","modified_content":null},{"chapter_id":6,"order":9,"slug":"what-is-liquidity-pool-in-crypto","title":"What is a Liquidity Pool and How Does It Work?","status":"published","modified_content":null},{"chapter_id":6,"order":10,"slug":"what-is-automated-market-maker","title":"Automated Market Maker: the Cornerstone of the Decentralized Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":6,"order":11,"slug":"what-is-yield-farming-in-crypto","title":"The Main Yield Farming 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Cryptocurrencies?","status":"published","modified_content":null},{"chapter_id":7,"order":2,"slug":"how-to-invest-in-crypto","title":"Investing in Crypto: What Investing Options Do You Have?","status":"published","modified_content":null},{"chapter_id":7,"order":3,"slug":"ico-vs-ido","title":"ICO vs IDO vs IEO: Which One is the One?","status":"published","modified_content":null},{"chapter_id":7,"order":4,"slug":"what-is-an-airdrop","title":"What are Crypto Airdrops and How to Get Them?","status":"published","modified_content":null},{"chapter_id":7,"order":5,"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","status":"published","modified_content":null},{"chapter_id":7,"order":6,"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","status":"published","modified_content":null},{"chapter_id":7,"order":7,"slug":"what-is-a-perpetual-contract","title":"Perpetual Contracts: Futures Contracts Without an Expiration 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current-chapter="O"
current-section="what-is-opensea">What is Lachesis?<\/h2>\n<p>Instead of copying the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-proof-of-work-pow/">proof-of-work (PoW)<\/strong><\/a> operations that are utilized in <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin and <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ethereum, Fantom uses its personal consensus strategy named Lachesis. The strategy allows Fantom to operate in a way <strong>faster<\/strong> manner and be more high-performance than previous versions.<\/p>\n<p>The enthusiasts of the network indicate that Lachesis is perfect for applications that, because of its speed, need a big amount of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-throughput/">throughput./n