OpenSea Review

OpenSea Review

OpenSea, a prominent NFT Marketplace, has established itself as a global leader since its launch in 2018. As of March 29, 2021, OpenSea proudly holds the title of the largest NFT Marketplace worldwide.

You can read a review on this NZ site.

NFT Marketplace

NFTs, or Non-Fungible Tokens, are digital assets traded on dedicated platforms called NFT Marketplaces. Unlike fungible assets, such as cryptocurrencies that can be replaced by identical units, NFTs are unique and cannot be exchanged for other items.

They represent a wide range of digital assets, including antiques, artwork, and collectibles. NFTs are indivisible and sold as whole units. However, artists can create duplicates and sell them separately, while keeping the total number of duplicates known.

If you are still unsure, check out the things you need to know about cryptocurrencies.

OpenSea App

OpenSea launched its mobile app on October 14, 2021, making NFT trading accessible on the go. The availability of NFT Marketplaces in app-format is currently limited.

OpenSea’s Focus

OpenSea places a strong emphasis on self-listing as its primary focus. Artists have the freedom to create their own marketplace for NFTs without incurring any commissions or platform fees. This approach is comparable to Uniswap’s status among crypto exchanges, where cryptocurrencies can be listed without undergoing a complex and time-consuming listing procedure. OpenSea offers a similar convenience, but specifically for NFTs.

Artists can effortlessly generate their NFTs by inputting essential data such as name, category, and immutable and mutable data. Once created, ownership of the NFT is assigned, allowing artists to promptly sell or transfer their creations. This marketplace allows artists to concentrate on their artistic endeavors rather than being burdened by the listing process.

Moreover, OpenSea is designed to be “compatible with open blockchain standards,” which means that artists have the flexibility to create their work on other platforms and subsequently sell it on OpenSea. This interoperability enables seamless integration and expands the possibilities for artists to showcase and sell their creations.

The layout of OpenSea

NFT Marketplaces differ in how they present NFTs, bids, and auction details. At OpenSea, you can choose between the “Buy Now” function and auctions when selling your NFTs. The platform offers flexibility in transaction methods to suit your preferences.

When exploring specific NFTs, such as the ME NFT created by actress Katie Cassidy, you’ll find the layout structured with details like the reserve price, existing offers, and the artist’s price history. In this case, Katie Cassidy generously donates a portion of the auction proceeds to The Rape Foundation, supporting survivors of rape.

OpenSea Fees

Purchasing an NFT on OpenSea incurs a 2.50% fee paid by the buyer, with no listing fees involved. Additionally, creators have the option to include a fee based on the final sale amount. For example, a $100 NFT purchase would require a total payment of $102.50, assuming no additional fees are applied by the creator.

Referral Program

OpenSea stands out with its referral program, offering rewards to users who refer friends. When a referred friend buys an NFT on the platform, the referrer receives a reward equivalent to 2.50% of the sale amount. Unlike crypto exchanges, which typically share trading fees, OpenSea shares a portion of the actual trade price as a reward.
OpenSea Payment Methods
While some NFT Marketplaces accept credit or debit card payments and even offer the option to deposit funds via PayPal, OpenSea operates differently. OpenSea does not support withdrawals or deposits through credit/debit cards or PayPal. In order to engage with OpenSea, users are required to have prior holdings of the cryptocurrencies supported by the platform. This means that having a cryptocurrency balance is necessary to participate in transactions and interactions on OpenSea.

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