This OpenSea review will explore different features of the NFT marketplace. We will make your decision-making process easy, whether fees, blockchain support, live chat, or drawbacks.
OpenSea is a popular NFT marketplace that offers a user-friendly platform for buying and selling digital assets across multiple networks. It boasts features like lazy minting and multi-wallet support, all while charging competitive fees.
Despite concerns surrounding plagiarism, scams, and limited customer service, OpenSea remains a go-to choice for artists, collectors, and those seeking affordable NFT opportunities.
What is OpenSea?
OpenSea is a decentralized marketplace enabling users to buy and sell non-fungible tokens (NFTs). The platform was initially launched in 2017 for CryptoKitties. However, it has since expanded to provide a primary marketplace for various digital assets. From artwork and domain names to game items and music, OpenSea provides a marketplace for multiple NFTs.
OpenSea operates on the Ethereum blockchain as an Ethereum-based platform, necessitating an Ethereum wallet for transactions. Also, the NFT platform is compatible with numerous wallets, including MetaMask, Coinbase, and Trust Wallet.
Furthermore, it extends support to multiple blockchains, such as Solana (SOL), Avalanche (AVAX), Polygon (MATIC), and Klaytn (KLAY). While OpenSea accepts various cryptocurrencies for transactions, the primary ones include ETH, WETH, SOL, AVAX, USDA, BNB, and DAI.
How does the NFT platform work?
OpenSea is a decentralized marketplace utilizing smart contracts to buy and sell unique digital assets. Using smart contracts, OpenSea ensures that users securely retain custody of their NFT collectibles on the platform, safeguarding creators’ creations.
When transacting on OpenSea, you directly engage with other users on the blockchain, facilitated through the integration of a supported Web3 wallet like MetaMask.
The platform primarily relies on the Ethereum blockchain and employs the ERC721 and ERC1155 standards to verify ownership of the NFTs listed on the marketplace.
On top of that, OpenSea has expanded its compatibility to include blockchains such as Polygon, Solana, and Avalanche. This integration allows swift and cost-effective trading experiences, enhancing accessibility and flexibility for users seeking NFT transactions.
Who’s OpenSea for?
Appealing to a diverse user base, OpenSea is the largest NFT marketplace in terms of 30-day trade volume. It attracts many individuals, including crypto newcomers and seasoned enthusiasts. Here are some key user groups who find value in what OpenSea has to offer:
Pro and amateur artists
OpenSea stands out among other NFT marketplaces by not imposing stringent requirements for accepting new creators.
This means that artists, regardless of their level of experience or recognition. Anyone can join the platform and start minting and selling NFTs. This inclusive approach to the platform fosters a vibrant community of artists who can showcase and monetize their creative works.
Pop culture enthusiasts
From gaming NFTs to captivating artworks, OpenSea’s diverse offerings have something to captivate every pop enthusiast.
With its extensive NFT categories, OpenSea caters to various interests. Whether you’re a music lover, a video game enthusiast, or an art collector, OpenSea is your go-to stop. It provides a platform to discover NFTs that align with your passions and hobbies.
Cost-conscious users
OpenSea operates on the Ethereum blockchain and other networks such as Polygon, Klatyn, and Solana. This multi-chain approach offers users more cost-effective options for buying and selling NFTs.
Using these alternative networks, users can minimize transaction fees associated with minting, buying, and selling NFTs. This aspect makes OpenSea particularly attractive to those prioritizing cost efficiency in their NFT transactions.
Key features of OpenSea
Here are some essential features of OpenSea that make exploring Web 3 world:
User-friendly interface
OpenSea provides various features and options for users to explore and engage with NFTs. With its user-friendly interface, you can easily navigate the platform and find NFTs matching your interests.
OpenSea offers various search options, allowing you to filter NFTs by category, collection, or price. OpenSea is a good platform for beginners with a user-friendly interface and educational resources.
Plus, The platform provides guides and articles to help beginners navigate the world of NFTs, learn about buying and selling, and stay safe from scams. We found it convenient to discover new and exciting digital assets.
Regarding design, many NFT marketplaces can sometimes be a hit or miss. Fortunately, OpenSea shines in this aspect with its well-crafted layout and user-friendly navigation. Upon visiting the home page, you are greeted with an introduction to the marketplace and highlighted pieces that catch your attention.
It takes little time to familiarize yourself with the browsing experience and explore the diverse range of NFTs available on OpenSea. The platform’s intuitive design makes it effortless to navigate and discover the artwork and collectibles that pique your interest.
Affordable NFT platform
OpenSea offers unique features that benefit both buyers and creators. The platform operates on multiple networks, including Ethereum, Klatyn, Solana, and Polygon. Moreover, the advantage of using the Polygon network is that it eliminates the gas fee for buyers when purchasing NFTs.
Selecting Polygon as the payment method and enabling Polygon trading on their wallets, users can enjoy a gas-free experience while acquiring NFTs on this network.
While OpenSea still utilizes the Ethereum main net, selecting Polygon-enabled NFTs allows you to avoid Ethereum network fees.
Additionally, OpenSea provides a feature called lazy minting, which benefits creators. With lazy minting, creators can generate NFTs on the OpenSea platform without immediately incurring expensive upfront gas fees.
The NFTs are fully minted on the blockchain once purchased for the first time. Interestingly, this approach empowers creators to save on initial costs until their NFTs are successfully sold.
Multiple Blockchain support
OpenSea supports multiple blockchains, including Ethereum, Polygon, Klatyn, and Solana. Ethereum remains the most widely used blockchain for NFTs, providing a robust and established ecosystem.
However, including other blockchains offers creators and collectors more opportunities and advantages. Each blockchain brings unique benefits, like lower fees, allowing users to choose the platform that suits their preferences.
With various features, a user-friendly interface, and multi-chain support, it is a versatile and accessible marketplace. Ideal for buying, minting, and selling NFTs, it is a one-stop shop for Web 3 enthusiasts.
Easy NFT minting
OpenSea provides a user-friendly minting process for creating NFTs. It simplifies the journey of transforming your digital art creations into NFTs.
Moreover, the platform’s wide recognition and extensive user base can attract more attention to your NFT collections. You can use it to effectively increase your creative work’s visibility and exposure to potential buyers.
OpenSea offers a convenient OpenSea Collection Manager. for those aiming to minimize fees. With this tool, you can mint an NFT collection without incurring any upfront gas costs. Besides that, this feature lets you create and showcase your NFTs without worrying about immediate expenses.
Additionally, OpenSea allows you to set a creator fee of up to 10%. This means that whenever an NFT you have created is sold, you receive a percentage of the NFT’s sale price as a reward for your creativity and efforts. It empowers artists and creators by allowing them to earn ongoing royalties from their NFTs.
Trusted Partners
5
Fees
0.1 – 0.5%
Tradable Coins
600+
Payment Options
+ 3
4.7
Fees
0.01 – 0.10 %
Tradable Coins
100+
Payment Options
4.3
Fees
0.04% – 0.10%
Tradable Coins
145 +
Payment Options
Supported wallets and payment methods
When it comes to using OpenSea, you have various options for wallets that are supported on the platform. Some of the wallets you can use include:
- Metamask
- Coinbase Wallet
- Trust Wallet
- Portis
- Fortmatic/Magic
- Venly
- Bitski
- Dapper
- Kaikas
- OperaTouch
- Phantom
- Glow
Additionally, if you prefer the WalletConnect protocol, you can connect any NFT wallet supported by WalletConnect.
In terms of payment methods, OpenSea exclusively accepts cryptocurrency for transactions. The primary cryptocurrencies accepted on the platform include Ethereum, WETH, Solana, USD Coin, and Dai. Unfortunately, OpenSea does not support payments made with fiat currencies, such as the U.S. dollar.
While OpenSea offers the option to buy cryptocurrency using a credit or debit card payment through MoonPay, it’s worth considering that fees on MoonPay can be expensive. Alternatively, we recommend purchasing cryptocurrency on one of the top crypto exchanges for a more cost-effective approach.
Getting started with OpenSea
Thanks to its user-friendly interface, getting started with OpenSea is hassle-free.
More details
OpenSea, celebrated as the largest NFT marketplace, stands out with diverse collections for various enthusiasts and a gas-free operation on Polygon. Noted for its fair fees and easy accessibility, it serves as an attractive hub for creators and collectors alike.
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Competitive service fees.
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No gas fees for most transactions.
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The most extensive collection of NFTs.
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Easy artist account creation.
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10% royalty cap.
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Limited customer service.
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Vulnerable to scams.
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History of insider trading.
Step 1: Visit the website
First off, visit the OpenSea website using your phone or desktop. Once you are at the main landing page, you will see the [Connect Wallet] button on the top right.
Step 2: Select your wallet
After clicking that, you will see a wallet pop-up on your screen. Select any wallet you prefer; we will go for [MetaMask] for this guide, so select it.
Step 3: Sign the pop-up
A signature request will appear on your screen after clicking the wallet option. Click [Accept and Sign] to complete the process.
Congratulations! You are now all set to explore the NFT space.
Check out our in-depth guide here to better understand how to buy and sell NFTs.
What makes OpenSea better than its competitors?
OpenSea offers several benefits that make it a preferred choice for many individuals interested in NFTs:
An established NFT marketplace
In the crypto space, reputation holds immense significance. It is a valuable asset that is challenging to establish and even harder to reclaim once tarnished. With the decentralized and anonymous nature of the space, building a reputable name for a brand is no easy feat.
When delving into user reviews of OpenSea and exploring the platform’s selling process, one quickly realizes its reputation precedes it. This initial impression serves as a telltale sign that OpenSea is a prominent player in the industry.
As the pioneer NFT marketplace, OpenSea enjoys certain advantages. From its inception, it has diligently cultivated its name and reputation as a leading marketplace, firmly establishing itself as the unrivaled leader in Ethereum-based NFT token trading.
While this advantage may not be quantifiable, it remains essential to consider when seeking the ideal NFT marketplace. OpenSea is a reliable choice that rarely disappoints, provided its platform features align with your requirements.
Informative content
OpenSea’s blog is a valuable resource for educational content related to NFTs. Whether you’re seeking guidance, tips against scams, or exploring other crucial topics, the blog covers many articles tailored to beginners.
Additionally, the blog features news updates and guest posts from artists representing diverse collections, offering unique insights into the NFT world.
Diverse blockchain and payment options
Unlike some marketplaces that solely operate on a single network, typically the Ethereum blockchain, OpenSea stands out by providing cross-blockchain support.
This means users have the flexibility to buy and sell NFTs across four different blockchains. Moreover, OpenSea embraces various types of cryptocurrencies as payment methods. It effectively broadens the accessibility and convenience for users to engage with the platform.
The widest choice of NFTs
OpenSea boasts various NFTs, catering to different interests and preferences. OpenSea’s NFT selection is awe-inspiring. With millions of NFTs, there’s always something new to discover.
Whether you’re seeking artwork, photography, or domain names, OpenSea has positioned itself as the go-to platform with one of the most diverse collections available. Here are some of the popular categories on the platform:
- Collectibles
- Domain names
- Music
- Sports
- Trading cards
- Virtual worlds
- Utility
Avoid upfront gas fees with lazy minting
Regarding service fees, OpenSea stands out among the best NFT marketplaces with its competitive rate of only 2.5% of the sale price. This fee is lower compared to many other NFT marketplaces.
Moreover, OpenSea provides a convenient option for creating NFTs called lazy minting, eliminating the need to pay high gas fees during minting. However, please note that gas fees will still apply when purchasing NFTs.
Hassle-free account creation
Unlike other NFT marketplaces with stringent vetting procedures for artists and project collaborators, OpenSea prioritizes ease of use and quick access for new creators.
The platform simplifies the account creation process, allowing artists to swiftly mint their NFTs and showcase their work to a global audience.
Opensea Review: What could be improved?
Although the platform is a pioneer in this space, it still lacks in some departments and needs an immediate address for a better user experience.
Plagiarized content
One of the significant challenges plaguing the OpenSea NFT marketplace is the prevalence of stolen content and spam. In January 2022, OpenSea acknowledged that 80% of items created using its free minting tool were plagiarized, fake collections, or spam.
As a response, OpenSea briefly imposed limitations on the free minting tool but later reversed this decision due to user backlash. OpenSea does have mechanisms in place to address the issue. Users can report stolen content, and the platform strives to remove such content promptly.
Consequently, buyers must exercise caution and be more discerning when purchasing on OpenSea compared to platforms.
Frequent scams
As the largest NFT platform, OpenSea has become a prime scam target. Numerous attacks have occurred, one notable instance being a phishing attack in February 2022, resulting in the theft of hundreds of NFTs.
However, any NFTs you purchase or create on OpenSea are stored in your cryptocurrency wallet, minimizing the risk of direct theft from the OpenSea platform itself. Nevertheless, it remains crucial to remain vigilant against phishing scams, as they are prevalent within the NFT community.
Trustworthiness concerns due to insider trading
OpenSea faced a significant scandal in September 2021 when users discovered an inside employee frequently purchased NFTs before they appeared on the front page.
Henceforth, the crypto wallet associated with the individual sold those pieces after their prices had increased. This behavior resembled a form of insider trading with NFTs. While OpenSea has taken steps to address the issue, this incident has left a blemish on its reputation that may take time to rectify.
Opensea Review: Our Verdict
OpenSea is the world’s largest NFT marketplace, offering a diverse collection of NFTs across various networks. It operates on Ethereum and supports blockchains like Polygon, Solana, and Klatyn.
OpenSea has a user-friendly interface, competitive service fees, and features like lazy minting and multiple wallet support. However, it has faced plagiarism, scams, limited customer service, and a history of insider trading.
All in all, OpenSea is famous for artists, collectors, and those seeking affordable NFT transactions. Hence, it is a solid recommendation for our readers.
OpenSea is a decentralized marketplace for buying, selling, and trading NFTs. It operates on the blockchain, allowing users to browse and discover multiple digital assets. Sellers can list their NFTs for sale, and buyers can make offers or purchase them directly using cryptocurrency.
Yes, you can make money on OpenSea. All you need to do is buy NFTs at a lower price and sell them at a profit. Besides, as an artist, you can create and sell your NFTs and earn royalties on subsequent sales.
Yes, it is free to use OpenSea as a buyer or seller. However, transaction fees may be associated with the blockchain network used for the NFT transactions, such as Ethereum gas fees.
Yes, OpenSea is a good platform for beginners with a user-friendly interface and educational resources. Plus, The platform provides guides and articles to help beginners navigate the world of NFTs, learn about buying and selling, and stay safe from scams.
Julia Zakharchuk
This OpenSea review will explore different features of the NFT marketplace. We will make your decision-making process easy, whether fees, blockchain support, live chat, or drawbacks. OpenSea is a popular NFT marketplace that offers a user-friendly platform for buying and selling digital assets across multiple networks. It boasts features like lazy minting and multi-wallet support, all while charging competitive fees. Despite concerns surrounding plagiarism, scams, and limited customer service, OpenSea remains a go-to choice for artists, collectors, and those seeking...
