OpenSea is the first name that springs to mind for most people when discussing NFT marketplaces, and for good reason. It is, by far, the biggest global platform for creating, buying, and selling NFTs.
OpenSea at a Glance
- It operates on the Ethereum blockchain exclusively.
- No other marketplace comes close to OpenSea in terms of volume and income.
- You can find tokens across almost any category of NFTs, including art, gaming assets, trading cards, and collectibles.
- OpenSea is two marketplaces in one- a primary and secondary market for new mints and resales, respectively.
Commissions and Charges
The standard commission rate for NFT transactions on OpenSea is 2.5%- a competitive figure compared to its biggest rival, Nifty Gateway. However, some video game elements carry higher rates, ranging from 10% to 15%. This rate applies to the buyer and seller.
If you are reselling on the secondary market, there may also be a commission to pay to the original artist, depending on how they set up their token.
There is no charge to create an NFT, but it does not become officially minted until somebody buys it. The reason behind that is how much it costs to mint an NFT on the Ethereum blockchain. It can easily cost $100 or more to get an NFT minted, which is why OpenSea does not do it until a payment comes in. Otherwise, the artist would have to fork out a chunk of money just to bring their token to life, then risk losing money overall.
Opensea works exclusively with Ethereum. The only way to buy, sell, or trade NFTs through Opensea is by connecting a supported Ethereum wallet and crediting it with the cryptocurrency.
There is no option for card payments or bank transfers, nor can you pay through PayPal. No fiat currencies are accepted- only crypto, and only Ethereum.
It would probably be easier to list what categories are not available on Opensea. You can find just about everything on this mammoth platform. To list every possible category would take way too long, but we think you get the idea! That said, here are a few of the highlights and most popular NFT categories available.
Collectible NFTs are a favorite amongst investors. Most of the extremely successful and high-priced tokens fall under this category. Some of the most notable collectible NFTs on Opensea are Bored Apes Yacht Club, Fang Gang, Crypto Cubes, and Plasma Bears.
2. NFT Art
The NFT art world has skyrocketed in 2021 and has even been called the fine art collecting of the future. Digital artists can let their creativity flow and launch many exciting collections through Opensea. The art community on this platform is one of the strongest of any marketplace.
Music clips and files are one of the newer types of NFTs that have been slowly gaining traction. With collections from artists such as the White Stripes and Calvin Harris, Opensea is making a name for itself in this niche.
The final category worth nothing is gaming NFTs. These tokens are valuable because they can be used as part of a game and have some sort of utility. Opensea has an eclectic choice of gaming and virtual utility tokens that is definitely worth a look.
In December 2017 when Opensea first launched, NFTs were still a very niche market with almost no mainstream attention coming their way. In fact, Opensea was the first of its kind. Until co-founders Devin Finzer and Alex Atallah decided to create this platform, there was no open marketplace for public use.
They built it on the Ethereum blockchain, thus marking it as the core cryptocurrency of NFTs- something that is still somewhat valid today. Now, Opensea has more than 600,000 users from around the world and is backed by some pretty impressive enterprises.
As NFTs hurdle towards the mainstream masses, Opensea remains firmly at the center of the industry. Original and best? Arguably, yes.
Opensea is an ideal platform for buying, selling, and creating NFTs. The interface is very user-friendly and easy to navigate from end to end. As a member, you have access to every collection, every auction, and every opportunity to get involved in the NFT movement.
As a potential buyer, you can search NFTs by category to narrow down your search, but you can also filter by trending items, hottest auctions, and the latest drops. Alternatively, scroll through artists and users to refine your search by person if you already have someone or something in mind.
The buying process is simple, but it can go one of two ways. Either a seller lists their NFT for auction, or they add a set price, take it or leave it. Auctions are exciting to be a part of and often lead to the most surprising sales, but a set price is ideal for when you want to make a purchase quickly.
Selling an NFT works much the same, except you are the one who chooses what type of listing you want. If the token is a newly created work of your own, you can set a resale commission value, which means that you get money from any future sales of the NFT. On the other hand, if you are re-selling somebody else’s work, you may have to give part of the profit to them.
Creating with Opensea
Making your own NFT on Opensea is incredibly straightforward. Once you upload the image, all the instructions are laid out clearly with simple terminology and straightforward advice.
Whether or not you have coding experience, you can get your creation onto the Opensea platform. As we said, Opensea is one of the platforms that does not charge artists to create their work but bear in mind that the minting does not happen until it sells.
Once your collection is ready, it appears on your profile. You can then promote and share it using properties and tags- the more details you add, the better! Remember, Opensea has millions of NFTs, so you want yours to be discoverable.
Pros and Cons of Opensea
- The commission rates are very competitive.
- No other marketplace offers the same level of security for every transaction.
- It has the biggest selection of NFT styles of any platform today (around 600).
- Opensea is one of the only marketplaces with a mobile app, which launched in October 2021.
- You need to have an Ethereum digital wallet to use the Opensea platform, and you can only pay using cryptocurrency.
- Minting fees are high, so the buyer must pay more to cover the costs.
A Few Interesting Facts about Opensea
Opensea has two marketplaces: one for newly minted NFTs and a secondary market for reselling and trading.
The most expensive NFT sold on Opensea, so far, is Bored Ape #8585, with a price tag of $2.7 million.
There are more than four million NFTs on the Opensea marketplace at any given time. In total, since 2017, there have been more than 80 million tokens that sailed through Opensea.io.
It is the first and only NFT marketplace to pass the $10 billion mark for total sales. The figure now stands at $10.33 billion.
There is certainly something to be said for staying at the top of the industry that you helped to launch for four whole years. Opensea has been at the center of NFTs since the beginning, and it is still one of the most- if not the most- important marketplaces of all.
If you are breaking into NFTs for the first time, register now with Opensea.io to launch your next crypto adventure!