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Get to know the Open Sea Platform and the 2 Most Commonly Used Currencies


The more popular NFT is, now many are using the Open Sea platform to sell various digital products in the global marketplace.

Compared to other platforms, the Open Sea platform itself is platform the most common and popular and widely used by both collectors and sellers of digital art around the world.

As is well known, the Open Sea platform is a platform that is a market or marketplace for buying and selling NFT with the largest digital money circulation in the world. This platform is an option for buyers, sellers, and NFT creators to transact with a fairly high daily transaction value.

As explained on the official website, Open Sea is a peer-to-peer marketplace platform for NFT (non fungitable tokens). Open Sea also claims its platform is the first and largest in the world as a marketplace NFT.

Based on user data for the Open Sea platform, there are at least more than 300 thousand users with more than 34 million NFT in the Open Sea marketplace. In fact, the volume or value of transactions that take place in the Open Sea is said to have reached more than USD 4 billion.

Currency Used on the Open Sea Platform

In general, every NFT buying and selling transaction that takes place at Open Sea is dominated by a certain currency, namely Ethereum (ETH). However, apart from using ethereum or ETH as the main currency used on their platform, there are other digital currencies that can also be used, including Ethereum (ETH)/WETH, USDC.

In fact, open sea also actually has more than 150 other payment tokens available for use as transactions in its marketplace platform.

Ethereum (ETH)

Basically, Ether or ETH is the original cryptocurrency of the Ethereum blockchain. ETH is used to pay transaction fees (gas fees) on the Ethereum blockchain.

In this case, Open Sea stated that it had no role in determining the gas fee. Because gas fees are determined by supply/demand and fluctuate according to network usage. Oh yes, ETH and WETH have the exact same value.

Both of them can be exchanged directly on your OpenSea profile. Meanwhile, you can also add ETH by going to the wallet icon and pressing “Add Funds.”

USDC

The next digital currency that is also applicable in the Open Sea is USDC. However, even so, this type of currency is considered difficult to convert, especially in each currency value, this is because USDC is not very commonly used.

In addition, the limited access to USDC currency has not been widely accepted by block chains around the world, thus making users tend to be few.

Transaction Fees on the Open Sea Platform

As an NFT marketplace, Open Sea relies on fees collected from successful transactions to make money. Every creator who sells his work on the Open Sea platform, will be charged a 2.5% seller fee.

Based on a report via its official website, Open Sea states that 2.5 percent of each sale will go to the Open Sea as compensation for services provided to creators.

That means, if the user manages to sell 100 ETH worth of NFT works, then the user will only save 97.5 ETH. Meanwhile, the Open Sea platform will get 2.5 ETH from the sale.

Meanwhile for buyers of NFT works, Open Sea does not impose any additional fees or commissions. Just for the record, NFT is a digital certificate of ownership that cannot be duplicated.



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