OpenSea Review

What is OpenSea?

OpenSea is a digital marketplace for crypto collectibles and non-fungible tokens (NFTs), which are unique digital items that users can buy, sell, or trade. Established in 2017, it has become a leading platform in the NFT space, known for its wide variety of digital assets, including art, domain names, in-game items, crypto collectables, virtual world items, and more. It was founded in early 2017 by Devin Finzer and Alex Atallah and is headquartered in San Francisco, CA.

One of the key features of OpenSea is its accessibility and user-friendly interface, making it easy for both beginners and experienced users to navigate the world of NFTs. The platform supports various networks, primarily Ethereum, which is widely recognized for its robust and secure framework. This blockchain integration ensures that every item on OpenSea is authentic and ownership is easily verifiable. It operates on a decentralized model, meaning that the transactions occur directly between users without an intermediary. 

This peer-to-peer interaction is a cornerstone of the blockchain ethos, promoting transparency and security. The platform earns revenue by charging a transaction fee on sales made through its marketplace, which is a standard practice in the industry. The marketplace offers a range of tools and features that enhance the user experience. These include the ability to create and mint your own NFTs, set up custom auctions, and browse an extensive collection of digital assets. 

OpenSea also provides a platform for artists and creators to showcase and monetize their digital creations, democratizing access to the art market. As NFTs continue to gain popularity, it is positioned as a key player in this evolving digital landscape. It's not just a marketplace but a gateway to the expanding universe of digital collectibles, offering a unique blend of technology, art, and commerce. The platform's commitment to user accessibility, security, and a wide array of offerings makes it the go-to marketplace for NFTs.

What NFTs are on OpenSea?

OpenSea has the world's widest variety of NFTs listed on its online marketplace. This is because the platform is available on multiple chains which include popular Layer 1 blockchains like Ethereum, Solana and Klaytn, as well as Layer 2 networks like Polygon and Arbitrum. It is estimated that OpenSea currently has over 100 million tradable NFTs cross-chain. This includes popular collections like CryptoPunks, Bored Ape Yacht Club, Azuki's, Moonbirds, DeGods, y00ts, Pudgy Penguins and many others. 

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Mobile Application

Another reason for OpenSea's growing popularity among traders, collectors and speculators is its intuitive iOS & Android App. The OpenSea app allows users to easily connect to their Web 3 wallet to buy, sell, trade, collect and discover the full range of NFTs available on the platform. It is the only NFT marketplace in the world with a fully built out mobile app. It is currently rated 4.8 stars on the Apple App Store and 3.7 stars on the Google Play Store, with a majority of the reviews being positive.

Fee Schedule

The marketplace offers a simple and transparent fee structure, with a 2.5% charge of the sale price of any NFT on the platform. Outside of this fee, users are also charged a 'network fee', which is essentially the price to execute a trade on a blockchain. This fee will vary depending on the network you use. For example, Ethereum fees are generally between $5 - $10 per transaction because block space on that network is more expensive. Solana on the other hand is a little more friendly with block fees and averages at around 5 cents.

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Supported Crypto Wallets

OpenSea has integrated with a variety of secure crypto wallets, which means you can store NFTs in many different ways. The platform does not solely support EVM-compatible wallets but also provides support for Solana and other non-EVM networks. They currently offer 13 different crypto wallets, which include:

• MetaMask
• Coinbase Wallet
• TrustWallet
• Phantom
• Glow
• WalletConnect
• Solflare
• OperaTouch
• BitKeep
• Kaikas
• Core
• Fortmatic
• Bitski

Is OpenSea Safe?

OpenSea is one of the most popular and well known NFT marketplaces in the space and is generally considered to be a safe place to buy, sell and trade NFTs. One key reason for this is that it does not custody any user funds or tokens. This means that you always maintain full control over your private keys and can never lose your NFTs due to a hack. OpenSea has also implemented a number of security features to help protect users from fraud. These include 2FA (2 Factor Authentication), IP Whitelisting, Fraud Alerts and more.

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Available Blockchains

OpenSea is one of the few large NFT Marketplaces that have deployed across multiple Layer 1 and Layer 2 blockchains. These include Ethereum, Solana, Avalanche, Polygon, Arbitrum, Optimism, BNB Chain, Zora, Base and Klaytn.

OpenSea API

OpenSea offers a powerful API that enables developers to seamlessly interact with its extensive marketplace. This API is designed for efficiency and ease of integration, allowing for the retrieval of detailed NFT data, including asset metadata, ownership history, and pricing information. It supports various functionalities such as searching and filtering through the vast array of unique digital items available on OpenSea, thus facilitating the creation of dynamic, user-focused applications that leverage the rich ecosystem of NFTs. 

The OpenSea API is particularly useful for developers looking to build applications or services that require real-time access to NFT data or for those aiming to integrate NFT marketplace features into existing platforms, thereby bridging the gap between blockchain technology and mainstream digital experiences. The OpenSea API is RESTful and returns data in JSON format, you can find the documentation here.

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‍How to Buy an NFT on OpenSea

The process to buy an NFT is incredibly simple thanks to OpenSea's simple and straightforward user interface. If you are a complete beginner looking to get started, you can follow our simple guide to buy your first NFT on the marketplace:

1. Visit Opensea.io and select the wallet icon to connect your web 3 wallet.
2. Select the 'Add Funds' button on screen that appears after connecting your wallet.
3. Deposit ETH, SOL or add new funds with a credit or debit card deposit.
4. Find the NFT you want to buy on the platform and select 'Buy now' to complete your purchase.

Final Thoughts

In conclusion, OpenSea is the world's largest and most trusted NFT marketplace, offering a vast variety of digital assets and collectibles across multiple blockchains such as Ethereum, Solana, Polygon, and others. The platform is user-friendly, with an intuitive app available for iOS and Android devices, and supports numerous web 3 wallets for secure transactions. OpenSea has a transparent fee structure and prioritizes user safety, ensuring a seamless and secure experience for buying, selling, and trading NFTs.