Everything You Need To Know About OpenSea

Everything You Need To Know About OpenSea

Business 5 Mins Read
published on: 21 April 2023 last updated on: 17 June 2023

Bitcoin, Cryptocurrency, and NFT  are some of the most common terms in today’s time. NFTs, for instance, are very popular, and people are checking out different NFT marketplaces one after another.  These marketplaces let you buy, sell, and also mint NFTs.

There are many NFT marketplaces that you should check out. OpenSea is one of them. It is the largest NFT marketplace with a daily trading volume ranging between millions of US dollars.

So, if you are interested in trading NFTs, then this article might be worth checking out. Here, I have discussed the largest NFT trading platform in the world.

What Is OpenSea?  

What Is OpenSea

OpenSea is a decentralized non-fungible token marketplace for traders to trade, buy, sell, and mint NFTs. This marketplace is built on Ethereum  Blockchain and is the largest marketplace for all sorts of activities related to NFTs. This famous NFT marketplace boasts a 2.4 million active users, and their trading volume is $7.67M million as of April 2023.

This non-custodial platform also allows NFT traders to have full control of their cryptocurrency wallets. OpenSea started as a solution for crypto traders who were looking for a proper marketplace for trading their crypto collectibles and NFTs.

Once you open the platform, you will see two different options. One is about opening a new wallet on this platform, and another is about exploring different NFTs. If you already have a wallet, you can connect it to the OpenSea platform and start trading.

This platform is also for various types of NFTs such as music, collectibles, virtual lands, sports assets, and more. Also, if you are planning to attach a new wallet, you can check out different wallets, such as –

  • MetaMask
  • Coinbase
  • Trust Wallet
  • MyEtherWallet

The platform also supports multiple different blockchains, such as Polygon and KLaytn. This gives you a number of options to use apart from Ethereum. Also, there are more than 200 options for payment, including stablecoins.  

How Does Opensea Work?    

How Does Opensea Work

OpenSea is a beginner-friendly NFT marketplace. It is a non-custodial platform where you have to connect your wallet to the platform. So, when you make a deposit or a payment, it is done from the wallet. When the wallet is connected to the platform, the NFTs that you receive get stored inside the wallet and not on the platform.

This NFT trading platform is platform enables NFT trading using smart contracts. It is a decentralized blockchain-based platform, and the use of smart contracts ensures that no cheating is done on the platform. Also, the creators have complete autonomy over setting the price of their NFTs.

OpenSea uses ERC-1155 and ERC-721 Ethereum standards for NFTs, confirming the ownership of  NFTs and Digital collectibles. This helps ensure that people can claim ownership of their own NFTs.

OpenSea Trading Platform Features  

OpenSea Trading Platform Features

As an NFT marketplace, OpenSea brings various features before you. Here are some examples of what you can do using this platform –

NFT Minting  

NFT Minting

OpenSea is a great NFT minting platform where you can mint and NFT with ease and  set up your NFT collection. No, there is no need for you to have any prior experience with the same; you can do it by following a few very simple steps.

Also, there is no cost associated with minting NFTs on OpenSea; you can mint as many NFT collections as you wish. You can create NFTs of art, music, and domain names, trading cards, collectibles, and more.

NFT Trading   

NFT Trading

NFT platforms are great for selling and buying different digital assets. Here digital artists can sell their creations, and buyers can buy directly from the artists directly using the peer-to-peer trading options.

OpenSea is knowns for the highest sales of NFTs; creators can easily create their own marketplace and start selling their digital collectibles, raise funds, and do more. Not only selling NFTs, but OpenSea also allows users to gift NFTs to different OpenSea users.

Sourcing Different NFT Stats  

Sourcing Different NFT Stats

The platform of OpenSea is also one of the major sources of information about NFTs. if  you are looking for different NFT information,a then OpenSea will be more than happy to offer you NFT stats where you can view compiled data related to NFTs, and these NFTs are ranked according to their sales volume and other activities

OpenSea Pros & Cons   

OpenSea Pros & Cons

Here are some of the pros and cons of the OpenSea NFT trading platform.

Pros  

  • Easy to use and simple.
  • Free for all platforms.
  • Charges considerably low NFT sales fees.
  • You can escape the high fees of Ethereum through multiple blockchain options.

Cons  

  • All the payments are only made using crypto.
  • You don’t get to know about the minting fees until the sales are complete.
  • It does not have complete decentralized governance.

Is OpenSea Safe?  

Is OpenSea Safe

OpenSea has been hacked a few times, and NFT worth more than thousands of dollars were stolen from the platform. However, it still remains the most reliable NFT marketplace of current times. The use of smart contracts makes it safe from manipulation.

But you need to use two-factor authentication to ensure your wallet’s security measures. You also need to be aware of the other security measures to prevent the account from becoming compromised. But, for the decentralized platform, most of the security measures fall upon the users. So, if you are planning to use it, be very tight on the security part.

What Are The Fees Of OpenSea?  

What Are The Fees Of OpenSea

Anyone using the OpenSea marketplace can mint, buy, and sell NFTs. You can also gift or give away your NFTs for free on the platform. However, when you are selling, the platform will charge you 2.5% in fees so that they can run the marketplace. This is a very low fee for an NFT marketplace, and it distinguishes OpenSea as one of the best marketplaces for trading NFTs.

Bottom Line  

Similar to all the other crypto platforms and trading platforms, OpenSea also has some merits and demerits. However, if you are looking for a reliable place for trading NFTs, then you can definitely rely on Opensea. I hope you found the information you were looking for on OpenSea in this article. However, if you need answers to any further questions, please let us know through the comment section.

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how to buy nft on opensea opensea api opensea app opensea nft

Shahnawaz is a passionate and professional Content writer. He loves to read, write, draw and share his knowledge in different niches like Technology, Cryptocurrency, Travel,Social Media, Social Media Marketing, and Healthcare.

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