OpenSea is the best place to buy and sell non-fungible tokens (NFTs) in the world.
Over the course of 2021, the OpenSea marketplace saw enormous expansion. Its highest monthly trading volume ever was $5 billion in January 2022.
This OpenSea review tells you more about the platform. Find out how it works and if it’s still the best choice for people who make, buy, and sell NFTs.
What’s OpenSea?
OpenSea is the first and biggest marketplace for non-fungible tokens (NFTs). In addition to well-known investors like Mark Cuban and Tim Ferriss, OpenSea has the backing of celebrities like Kevin Durant, Tim Ferriss, and actor Ashton Kutcher.
OpenSea was started in 2017 in New York City and has more than 600,000 users. More than 80 million NFTs are part of the more than two million collections on the platform.
In terms of technology, OpenSea makes use of Ethereum and the open protocols ERC-721 and ERC-1155. Since it is a decentralized marketplace, OpenSea is always a work in progress, including contributions from the community.
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OpenSea works with more than one blockchain and has the most NFT categories and the best prices for this new type of asset.
The average user rating for OpenSea is 4.8 stars on the App Store and 4.1 stars out of 5 on Google Play, respectively.
What Are NFTs, Anyway?
OpenSea and NFT marketplaces operate best when you know what NFTs are and what they’re used for.
An NFT is a unique piece of information about a digital asset that is stored on a blockchain. Investing in a specific NFT may be attractive to an individual because they believe it has the potential to rise in value.
Each NFT has a unique code that lets you know it’s either a one-of-a-kind item or one of only a few in a series. Even though most NFTs are copies of artwork, they can also be songs, clothes, or even tweets.
OpenSea is an online market for NFTs. It is a place where people can come to make, sell, and buy NFTs. Imagine it as the eBay of NFTs.
What Can You Get From OpenSea?
Participants in OpenSea have the power to develop, purchase, and trade digital goods. It’s a one-stop shop for NFTs as a result.
Participants can produce, acquire, and sell digital art, collectibles, domain names, music, photography, sports memorabilia, trading cards, and other products using the platform. It is possible to follow the trading history of each asset that is traded on the platform back to when it was first produced.
You can produce new digital assets for free as a creator. The platform is intended for those who are unfamiliar with NFTs; assets can be generated without any technical knowledge or even understanding of how the blockchain works.
When your digital asset is sold, you can earn royalties, which is one of the benefits of being a creator. Compensation in the creative industries, such as music and film productions, works similarly. When a movie or song is sold or performed in a public location, actors and artists can continue to make money. NFT creators may now do the same thing.
What Is the Process of Using OpenSea?
Anyone can utilize OpenSea as an online digital asset marketplace.
On the site, creators can develop digital assets and open accounts. Those things can then be sold on the platform marketplace once they’ve been made.
By tapping the “Create” button on the site’s top bar, you can create a page for yourself as an author. Your NFT item will then appear on this page where you may give a name and description to it. You can then personalize your NFT by adding attributes, levels, metrics, and even unlocking stuff to an existing collection.
You will be able to choose which blockchain to create your NFT on using the platform. You’ll be able to choose between three blockchains:
- Ethereum
- Polygon
- Klatyn
Sellers who are not makers can also use OpenSea to sell their NFTs. You’ll have the option of selling individual NFTs or creating and selling digital asset bundles.
On OpenSea, buyers can buy digital assets from the Ethereum or Polygon blockchains. This is accomplished by making a buy offer on a specific digital asset, then paying the full price on a fixed-price item or bidding on an auction item.
Main Characteristics
There is no requirement for a minimum investment.
OpenSea is for makers, sellers, and buyers of digital assets.
Only non-fungible tokens (NFTs) are available for investing.
Ethereum (ETH)/WETH, USDC, and DAI are the main currencies accepted. There are around 150 additional cryptocurrencies that can be used.
Digital assets that are readily available include works of art, collectibles, domain domains, photographs, works of photography, sports, trading cards, utilities, and virtual worlds. Redeemable awards, membership NFTs, and other emerging digital assets are examples of utility.
Limits and Fees
To develop digital materials, creators can use OpenSea for free and pay no costs.
OpenSea has a straightforward cost structure in which every transaction on the platform is charged a 2.5 percent fee. The seller is responsible for paying the fee after the sale is completed. The platform does not impose a fee to the buyer.
A creator earnings amount of up to 10% of the NFT value can be established by creators. That means the seller will be paid a commission each time the digital asset is sold.
For Whom Is OpenSea Intended?
OpenSea, the world’s largest NFT marketplace, is for everyone interested in digital assets. This includes the creation, sale, purchase, and even collection of NFTs.
The advantage of OpenSea is that it allows you to construct NFTs as well as trade and invest in them. Because OpeanSea is a mobile app, you can buy, sell, and trade while on the road.
What is the procedure for establishing a new account?
On the website or the mobile app, you can create an account. However, in order to pay any fees or make purchases, you’ll need to buy Ether (ETH). Popular cryptocurrency exchanges such as Coinbase and Gemini can be used to purchase cryptocurrencies.
Whether you join OpenSea as a creator, vendor, or buyer, you’ll need a crypto wallet to transfer payments in and out of your account. The wallet will also store your digital assets in addition to sending payments. This can be accomplished with either a software or a hardware wallet.
OpenSea does not take fiat currency such as the US dollar. Only cryptographic transactions are allowed.
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Is OpenSea a secure platform?
OpenSea is the world’s most popular NFT marketplace, as well as one of the safest and most secure. However, hacks and stolen NFTs have plagued OpenSea since its start, as they have many other NFT marketplaces and crypto exchanges.
In fact, consumers who had rare NFTs stolen and sold from their accounts have filed multiple OpenSea cases. Many inventors are also angry that OpenSea isn’t doing a better job of monitoring new NFT mints on the market, and that their NFTs being plagiarized.
For the vast majority of clients, OpenSea is a secure marketplace. However, there are several horror stories of hacking and disappearing NFTs. If you have really valuable NFTs on OpenSea, make sure you protect your login credentials to the best of your ability, or consider shifting your NFT to your own wallet.
Benefits and drawbacks
Alternatives to OpenSea that are better than OpenSea
While OpenSea is the most well-known NFT marketplace, it is far from the only one. Other possibilities include:
Rarible
Rarible is a comparable NFT marketplace where you may make digital assets without having any technological knowledge. It also allows authors to earn royalty on future sales of various digital works, just like OpenSea does. Rarible also charges both the buyer and the seller a 2.5 percent transaction fee on all sales.
Inventive Gateway
Gemini, a cryptocurrency exchange, owns Nifty Gateway. It takes credit cards, debit cards, and bitcoin as well as other payment methods.
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Nifty Gateway allows users to produce, purchase, and sell digital assets on the Ethereum blockchain while paying nearly no gas expenses. They levy a 5% fee on secondary transactions.
NFT ShowRoom is a venue for the National Film Theatre.
The HIVE blockchain is used by NFT ShowRoom, a smaller NFT marketplace. They have the advantage of accepting both credit cards and PayPal, rather than limiting transactions to cryptocurrency alone. NFT ShowRoom, on the other hand, charges a 10% commission on all transactions, which is significantly greater than other platforms.
Check out our analysis of the best NFT marketplaces in 2022 for even more OpenSea alternatives.
Final Thoughts
As the world’s largest NFT marketplace, it’s apparent that digital asset investors favor OpenSea. This is significant since NFTs and their marketplaces are both novel phenomena.
We continue to advise against considering NFTs as “investments,” as their value is completely determined by demand (just like gold).
