OpenSea NFT Marketplace Review 2021

GOBankingRates Score

4.1
Quick Take: 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. OpenSea marketplace is easy to navigate, with a filter feature to help you find the NFTs you need.
  • Usability
    4.3
  • Digital Experience
    4.5
  • Security
    4.0
  • Fees
    3.5
How did we calculate this?

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

What Is OpenSea?

OpenSea is a decentralized marketplace that allows the buying and selling of 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, music and more.

OpenSea is built on the Ethereum blockchain, so you should have an Ethereum wallet to buy and sell NFTs on OpenSea. OpenSea also supports several blockchains, including Polygon (MATIC) and Klatyn (KLAY). There are 241 payment options you can choose from, including stablecoins, ensuring that anyone can buy and sell items on the platform.

How Does It Work?

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. You don’t even need to open an account provided that you have 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

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. You can also receive NFT gifts from friends on any platform. 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.

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
  • Arkane
  • Authereum
  • Formatic/Magic
  • Kaikas
  • Torus
  • WalletLink
  • WalletConnect
  • OperaTouch

How To Use

Here’s what you need to do to start using OpenSea:

Step-By-Step Guide

  1. Visit OpenSea’s website and pass a captcha to verify that you are not a robot.
  2. Create an account by clicking on the create button at the top of the page, or sign in to your existing account.
  3. Add ETH to your preferred crypto wallet.
  4. 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.
  5. Verify the purchase before clicking Buy and Pay. You only have to do this once; after that, you are automatically redirected.
  6. After clicking Buy and Pay, 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.
  7. Verify the transaction by entering your private key or seed phrase and click Submit. You can always cancel the transaction and restart it later by clicking “Cancel Transaction.”
  8. OpenSea will show your purchased NFTs on your dashboard. If you get stuck, contact customer service.

Is OpenSea Worth It?

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.

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About the Author

Lydia Kibet has been writing professionally since 2017. Her passion for helping brands in all aspects of content marketing flows through in the expert industry coverage she provides — personal finance, investing and healthcare. Her work has been featured in The Motley Fool, Investor Junkie, Green Market Report, and Medical News Today. When she’s not writing, she’s either reading, playing guitar or catching up with nature. Follow her on Twitter.

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