In the vast ocean of the internet, Opensea is like a lighthouse that illuminates the way for those seeking to navigate the world of NFTs (non-fungible tokens). Just as a lighthouse provides a guiding light for sailors, Opensea serves as a digital marketplace that connects creators and collectors from all over the world.
In this comprehensive guide, we will explore Opensea's features, fees, and how to use it to buy and sell NFTs. Whether you're a seasoned collector or a curious newcomer, this guide will help you navigate the waters of Opensea and make the most of this exciting new marketplace.
OpenSea is a leading decentralized p2p NFT marketplace that caters to the needs of both NFT enthusiasts and creators. It's the perfect platform for those who want a single marketplace where they can buy any type of digital asset and for creators who want to showcase their content to a wider audience.
Review: What is Opensea?
As the first and biggest NFT marketplace, OpenSea is the ideal destination for NFT enthusiasts and creators alike. It offers a diverse selection of NFT categories such as digital art, collectibles, sports, web domains and virtual worlds. You can seamlessly browse collections and purchase NFTs, or create and sell your own.
OpenSea was founded in 2017 by Devin Finzer and Alex Atallah, with the goal of creating a decentralized marketplace for non-fungible tokens (NFTs). The platform gained popularity during the 2017 crypto boom, and has since become one of the go-to destinations for buying, selling, and discovering NFTs.
In 2021, OpenSea raised $100 million in a Series B funding round, which it plans to use to expand its team and further develop its platform. Today, the platform supports cross-blockchain trading on Ethereum, Polygon, Klatyn, and Solana, and offers a gas-free option for buying, selling, and creating NFTs, making it an affordable and accessible marketplace for all.
Pros of OpenSea
Cross blockchain support and payment options
While some marketplaces only use one network (most often the Ethereum blockchain), OpenSea has cross-blockchain support, giving you the opportunity so you can buy and sell on four different blockchains. It also accepts multiple types of cryptocurrency as payment.
OpenSea maintains a simple fee structure by charging sellers a 2.5% commission on every sale. This is comparable to, or better than, fees charged by many other leading NFT marketplaces, some of which charge fees of 5% or more.
OpenSea boasts an easy-to-use interface that makes navigating the marketplace a breeze. With a clean and attractive design, the platform is user-friendly and a pleasure to explore. Whether you're a seasoned NFT collector or a newcomer, OpenSea's layout is intuitive and easy to understand.
Wide range of NFT categories
OpenSea offers a diverse range of NFT categories, including digital art, collectibles, sports, domains and virtual worlds. This provides a wide range of options for creators and collectors, and allows them to explore different types of NFTs.
Large user base
OpenSea is the largest NFT marketplace in existence, with a large user base of collectors, creators, and enthusiasts. This provides a significant audience for creators to showcase their work and for collectors to discover new and unique NFTs.
Cons of OpenSea
Large amount of plagiarized content and spam
One of the major challenges facing OpenSea is the prevalence of spam and stolen content on its platform. Although the marketplace allows you to report such content and tries to remove it as soon as possible, the high level of popularity enjoyed by the platform has also attracted scammers.
This issue highlights the need for buyers to be extra careful when purchasing NFTs on OpenSea, particularly since the platform features a large selection of items that are not as carefully curated as those found on other marketplaces.
As the biggest NFT marketplace, OpenSea has become a frequent target for scammers. There have been several attacks on the platform, including a phishing attack in February 2022 that resulted in the loss of hundreds of NFTs. While NFTs are kept in your wallet and not on the OpenSea platform itself, it's important to be wary of phishing scams, which are common in the NFT space
Lack of trustworthiness due to insider trading
In September 2021, OpenSea faced a major scandal when users discovered that the product head, Nathaniel Chastain, had purchased NFTs from a wallet he owned before those pieces were featured on the platform's front page. He would then sell them after the price increased, leading to accusations of insider trading.
Chastain resigned, and OpenSea implemented new policies to prevent insider trading, such as prohibiting employees from using privileged information to trade NFTs. While OpenSea has taken steps to address the issue, the scandal has damaged its reputation, and it may take some time for it to recover.
OpenSea is a marketplace that provides a platform for creators to launch digital works and for consumers to trade NFTs. Below are the details of how the platform operates.
OpenSea allows you to buy, sell, and mint NFTs. The marketplace offers several search options, such as filtering by category, collection, or price. Additionally, you can create NFTs, mint NFTs without gas fees, and set creator fees to earn a percentage of revenue each time their NFT is sold.
OpenSea supports multiple blockchains, including Ethereum, Polygon, Klatyn, and Solana. While Ethereum is the most widely used blockchain for NFTs, each blockchain has its own unique advantages, giving creators multiple options.
OpenSea supports various NFT wallets, such as Metamask, Coinbase Wallet, Trust Wallet, Portis, Fortmatic/Magic, Venly, Authereum, Bitski, Dapper, Kaikas, OperaTouch, Phantom, and Glow. Additionally, the platform allows you to connect any NFT wallet supported by WalletConnect.
OpenSea only accepts payments in cryptocurrency, including Ethereum, WETH, Solana, USD Coin, and Dai. The platform does not support fiat currencies. However, you can buy cryptocurrency using card payment through MoonPay. It's recommended to buy on a top crypto exchange since fees on MoonPay are expensive.
OpenSea has a transparent fee model, charging 2.5% of every transaction. The fee is deducted from the NFT's sale price. You can also set creator fees of up to 10% when you create an NFT on OpenSea and receive your creator fee on every sale of that NFT. The creator fee percentage can be changed at any time.
Alternatives to consider
If you want to browse curated collections and verified NFTs: Nifty Gateway helps you avoid the risk of buying a plagiarized piece. It offers curated drops, which are hand-selected collections by popular digital artists. This marketplace also has verified drops, which aren't curated but are verified by the Nifty Gateway team to ensure they're not stolen.
If you're looking for a more exclusive digital art platform: Foundation is a platform designed to connect creators and collectors of digital art. Creators must receive an invitation from the community first to mint and sell NFTs. That makes Foundation more selective than your typical marketplace and results in a higher quality standard.
OpenSea is largest NFT marketplace, it is built on the Ethereum blockchain and uses smart contracts to ensure transparent and secure transactions. OpenSea is best platform you because it gives you a fast and easy NFT minting experience.
Frequently Asked Questions
1. What is OpenSea Pro?
OpenSea Pro is a platform designed for professional NFT traders to buy and sell NFTs with instant insights, real-time price updates, and other advanced tools. The platform was launched by OpenSea to compete with other NFT marketplaces like Blur. You can join official discord of OpenSea Pro, where you can connect and chat with other professional NFT traders.
2. How do I know either NFT is authentic or not?
Each NFT has a distinctive identification associated with its blockchain address and transaction history. The legitimacy of an NFT can be verified by examining its blockchain address and transaction history using a blockchain explorer, like Etherscan, which is specific to the Ethereum blockchain.
3. Can I transfer my NFTs to another wallet or platform?
NFTs are transferable to any wallet or platform that is compatible with the same blockchain used by your NFT. Nonetheless, it's important to consider that some platforms may have their own regulations and limitations regarding NFT transfers.
4. Are there any legal or regulatory concerns related to NFTs?
Not yet, legal and regulatory environment for NFTs is still evolving and there may be risks and uncertainties regarding their utilization and ownership. It's crucial to seek advice from legal and financial professionals and remain updated on any alterations or developments in the regulatory framework.