OpenSea Review: The World's Largest NFT Marketplace

The OpenSea NFT Marketplace

The reason for Opensea’s popularity doesn’t fall just on their reputation for being the world's first and largest NFT marketplace but for their continued interest in their community and frequent platform upgrades. From changing their Ethereum-only marketplace to a multi-chain marketplace that now supports Polygon and Klatyn to adding a feature for users to buy NFTs directly with their cards, it’s easy to see why it’s the #1 rated NFT marketplace worldwide. 

Some of the most popular NFT collections including Crypto Punks, Bored Ape Yacht Club, Metaverse, Pudgy Penguins and more were born on the OpenSea marketplace.

‍

OpenSea Fees

As the platform is a multi-chain marketplace, we will take you through the fee’s for all three networks. OpenSea boasts some of the lowest transactions in this space by taking a 2.5% cut of every item (regardless of network) sold on their marketplace.

For the Ethereum network, you will need to pay around $10 - $100USD to cover transaction (gas) fees when purchasing or selling NFT’s. The price of gas fees can vary depending on the time of day. 

For the Polygon network, Opensea offers its users to create, buy and sell NFTs without paying transaction (gas) fees, essentially creating a gas-free marketplace. 

‍

Supported Crypto Wallets

OpenSea has integrated with a multitude of secure crypto wallets, which means you can store NFTs in many different ways. They currently offer 15 different crypto wallets. Some of the wallets supported include:

• MetaMask
• Coinbase Wallet
• TrustWallet
• WalletConnect
• Dapper
• Portis 
• Fortmatic
• Venly
• Authereum + many more

‍

How to Buy an NFT on Opensea?

The best way to buy NFT’s on OpenSea is by following this simple guide:

1. Buy Ethereum from a trusted local exchange like CoinSpot
2. Create a Web3 wallet, we recommend MetaMask
3. Transfer Ethereum from CoinSpot to your MetaMask wallet
4. Connect Metamask to OpenSea by clicking the profile button on the top right
5. Browse NFTs on the Marketplace
6. Approve Ethereum to transact and hit buy!

However, OpenSea recently announced a new feature for newbie investors who don’t own cryptocurrencies yet. They have added an option to purchase NFT’s using your debit or credit card directly on their platform. 

Is OpenSea Safe?

OpenSea is by far the most secure and trusted NFT Marketplace available. Based in the United States, it is backed by some of the most reputable Silicon Valley investors including Sequioa Capital, Andreesen Horowitz, Coinbase Ventures and many others.

The platform is represented by some of the worlds best forward thinking people such as Mark Cuban, Justin Kan, Ben Silberman, Balaji Srinivisan, Ashton Kutcher, Tobie Lütke & Kevin Durant. With a list of extremely successful entrepreneurs like that, it’s no shock that OpenSea is widely regarded as the most safe NFT marketplace worldwide. 

The OpenSea NFT platform is secured by blockchain technology meaning that every transaction made on this platform is recorded and accessible for anyone in the world to see. This means that the NFTs you buy on OpenSea are completely permissionless, immutable and transferrable at any time.