OpenSea NFT Marketplace Review 2022

OpenSea is the leading marketplace for non-fungible tokens. The platform lets users buy and sell NFTs on the secondary marketplace and also create their own NFT collections to sell on the primary marketplace. The OpenSea marketplace is easy to navigate, with a filter feature to help you find the NFTs you need.

What Is OpenSea?

OpenSea is a decentralized marketplace that allows users to buy and sell non-fungible tokens. Founded in 2017, the NFT exchange initially began as a market for CryptoKitties but has expanded beyond collectibles. It’s currently a marketplace for a wide variety of digital assets, including art, domain names, game items and music.

OpenSea is built on the Ethereum blockchain, so you should have an Ethereum wallet to buy and sell NFTs on OpenSea. OpenSea supports over a dozen wallets, including MetaMask, Coinbase and TrustWallet. OpenSea also supports several blockchains, including Polygon (MATIC) and Klaytn (KLAY). There are over 200 payment options you can choose from, including stablecoins like USDC, ensuring that anyone can buy and sell items on the platform.

PROS

  • Low fees and gas-free transactions
  • Over 200 payment options
  • Large variety of NFT collectibles

CONS

  • Crypto wallet required
  • Only accepts payments in cryptocurrency

How Does It Work?

As a decentralized marketplace, OpenSea uses smart contracts, designed for buying and selling unique digital assets. Smart contracts allow users to protect the custody of their NFT collectibles in the platform, thus offering security for the creator’s work. OpenSea facilitates the NFT transfers, but you make transactions directly with other users on the blockchain after linking OpenSea to a supported Web3 wallet like MetaMask.

OpenSea makes use of the open-source blockchain Ethereum in addition to ERC721 and ERC1155 to confirm that NFT collectors own the assets they’re listing on the marketplace. What’s more, the company has introduced Polygon blockchains to allow fast, low-cost trading.

Features

The OpenSea NFT marketplace comes with several noteworthy features, including:

NFT Gifting

OpenSea allows its users to send NFTs as a gift to other OpenSea users. If you don’t find your friend’s username on OpenSea, you can send an NFT gift to their ETH address so they receive it directly in their wallet. You can also receive NFT gifts from friends on any platform.

NFT Minting

OpenSea also allows the minting of NFTs. OpenSea doesn’t currently charge a fee for minting NFTs, but you will pay a 2.5% service fee on the final sale.

Cost

It’s entirely free to set up a marketplace on OpenSea, but OpenSea does charge a 2.5% service fee for each sale. Compared to other NFT marketplaces, this fee is relatively moderate.

Supported Wallets

There are various wallets you can use with OpenSea. Here’s a full list of wallets supported by the platform:

  • MetaMask
  • Coinbase Wallet
  • TrustWallet
  • Portis
  • Dapper
  • Bitski
  • Authereum
  • Formatic/Magic
  • Kaikas
  • Torus
  • WalletLink
  • WalletConnect
  • OperaTouch
  • Venly
  • Phantom
  • Glow

How To Use OpenSea

Step-by-Step Guide

  • Visit a currency exchange to purchase the ETH you’ll need to pay for your transactions.
  • Select the “Create” button on OpenSea.io.
  • Select a wallet from among those listed, and follow the prompts to install it.
  • Add ETH to your crypto wallet.
  • Find the NFT you want to buy and click on its thumbnail image or name. You can also search for it using keywords or filtering by categories like rarity, timestamp and owner.
  • Verify the purchase details before clicking “Buy Now” or “Bid.”
  • After submitting your request, you will be prompted with a form where you enter your payment details. Pay close attention to the NFT token address and the amount of ETH you will be charged.
  • Verify the transaction by entering your private key or seed phrase and click “Submit.” As long as the transaction is still pending on the network, you can cancel it and restart it later by clicking “Cancel Transaction.”
  • OpenSea will show your purchased NFTs on your dashboard.
  • If you get stuck at any point, head to the Help Center to search for the information you need or click the “Submit a request” button.

Bottom Line

OpenSea remains one of the biggest decentralized NFT marketplaces. It’s worth using for anyone who wants to buy or sell NFT tokens. Just make sure you know what you’re doing and double-check your transactions to avoid being scammed.

This year, OpenSea has been implementing additional safety features to protect users. For example, the company recently announced that it’s in the process of rolling out a new two-part copy detection system to help find flips, rotations and other variants of authentic NFTs. Additionally, earlier this year, the company announced a verified customer support system to thwart scammers who were posing as OpenSea employees to gain access to users’ cryptocurrency wallets.

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