Today, we are discussing a cryptocurrency project that's running on the Ethereum blockchain for the homework task posted by @gbenga. We're focusing on OpenSea!

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"Building brand new economies powered by true digital ownership."

OpenSea is running on top of the Ethereum platform. It is advertised as a marketplace for digitally-made goods like collectibles, items for gaming, digital artworks, and any other digital assets that will be backed by the blockchain.

This project enables people to buy, sell, and/or trade those items mentioned above with anyone in the entire world. As of the moment, OpenSea is the largest marketplace for these goods, that has over 200 categories, and over 4 million items listed, they may also have the best prices for said items.

Due to OpenSea running on top of the blockchain, that means it's decentralized. Everything happens with the use of smart contrats that wouldn't require any intermediary or authority to handle things. In fact, people have the option to choose their own wallets, they can simply securely connect it to OpenSea. For example, you can connect any ETH-based multichain wallet to it, like MetaMask or Trust Wallet.

Being a marketplace for digital goods, you're able to do transactions on them like buying and selling. Under this big project, there are other projects running on top of it - project that may have their own category.

Projects that are the likes of Axie Infinity, Cryptokitties, SuperRare, Makersplace, games like Gods Unchained - are listed on OpenSea.

It enables you to collect them under your account page and be able to sell those digital goods as well.

A good thing about OpenSea, is since their catalogues is super huge, they offer a powerful searching tools that will help find people what they're looking for exactly.

Most people nowadays call these kinds of items NFT/s, or non-fungible tokens. All those items that you will see if you go to opensea.io are blockchain digital items that are considered as NFTs.

Since NFTs are ran on the blockchain - they can never be duplicated or destroyed. The token itself is a proof of ownership - since the codes in it are unique to only that specific token.

When you're on your desktop computer, and you want to use OpenSea. First, you'll need to install an ETH wallet on your browser, like MetaMask. You simply need need to fund your wallet account with Ether in order to purchase an item on OpenSea, as well as list your own NFTs - for the gas fees.

If in case, you're on your mobile phone, an Ethereum-compatible mobile browser like Coinbase can be used.

When your wallet has been connected to OpenSea already, on the top-right corner of the screen will be your account button, which gives you a menu (above) when you press on it. It enables you to check your account and make some transactions if needed.

The Create button next to it will present you with a different menu, where you can do things like checking your collections (or your shops), and submitting your own NFT.

We all know that ETH-based transaction will cost you gas, as a fee. So, if you're wondering how you can use OpenSea with less gas fees to no gas at all. There's a way that OpenSea made possible.

They recently made auctioning items without paying any gas fees upfront. Instead of listing the NFT the usual way that will automatically ask you to pay gas fees on your wallet before proceeding, they made it possible to list a digital good by just signing a digital message, only when you completely sell it then the fee will be settled by the buyer together with the purchase.

Now for NFT sellers who want to sell a large number of items, they were able to reduce the overall cost of listing items for up to 95%.

They were able to do this by using the Wyvern protocol on the Ethereum blockchain which was sepcifically made to securely trade NFTs off-chain.

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Ethereum is a massive platform for cryptocurrency projects as a whole and it has proved itself a lot of times. Aside from Open Sea, there are a lot of projects that you can check out that are Ethereum-based, just one Google away! Cheers!

Thanks for reading!

Source: Images used were made in Photoshop or gotten from Internet Sources: 1, 1, 3. Information listed here have been gathered from multiple/different sources, like OpenSea and Medium articles. For more information on how to list NFTs for free on OpenSea, click here. Thanking and tagging Professor @yohan2on, @steemitblog, @steemcurator01, & @steemcurator02.