OpenSea is an NFT marketplace connecting creators and NFT sellers to buyers.
OpenSea; Rachel Mendelson/Insider
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Bottom Line: OpenSea NFT is an online NFT marketplace connecting NFT creators to buyers and collectors. The platform also offers secondary market sales, meaning you can earn money by selling NFTs you’ve purchased from the original creators. It isn’t a great option for creators who value high royalties, since you can only earn up to 10% when traders resell your NFTs.
Overall rating
FeatureInsider rating (out of 5)Fees4.50Investment selection5.00Access4.18Ethics3.00Customer service3.75Overall score4.09
Is OpenSea right for you?
The OpenSea NFT NFT trading platform is an online marketplace catering to NFT creators, sellers, and buyers. While the company lets you mint and list your NFTs on the primary marketplace, it also allows collectors to relist NFTs they’ve purchased on the secondary marketplace.
Founded in 2017, the platform also supports multiple blockchains, including ethereum, polygon, solana, and klatyn. Plus, you can browse NFTs by categories like art, collectibles, music, photography, sports, and much more.
The OpenSea NFT trading mobile app is available on iOS and Android devices.
OpenSea vs. Binance
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OpenSea
Binance (Logo Wine)
Min. Investment
OpenSea NFT
Min. Investment
$0
Fees
2.5% (no service charge for buyers)
Fees
0.1% standard trading fee, 0.02%/0.04% maker/taker futures fees; 1% NFTs
Investment choices
NFTs (see complete list of accepted wallets here)
Investment choices
Cryptocurrencies, NFTs, derivatives
OpenSea NFTBinance
OpenSea and Binance both offer NFT trading, but the platforms vary when it comes to fees and available products.
If you’re looking to specifically create, sell, and/or buy NFTs, OpenSea is probably the better choice. Both platforms strictly cater to NFT creators and buyers. While Binance also offers an NFT marketplace, it’s best for all-around cryptocurrency trading.
Both OpenSea and Binance allow creators to earn royalties up to 10% when their NFTs resell. But while OpenSea takes the prize as the best choice for overall NFT trading, Binance once again has it beat when it comes to fees. OpenSea charges 2.5% for transactions, but Binance’s NFT sell transactions only result in a 1% fee.
OpenSea vs. Rarible
OpenSea
Rarible
Min. Investment
OpenSea NFT
Min. Investment
Rarible NFT
Fees
2.5% (no service charge for buyers)
Fees
2.5% (no service charge for buyers)
Investment choices
NFTs (see complete list of accepted wallets here)
Investment choices
NFTs (accepts Ether, tezos, and flow wallets)
OpenSea NFTRarible NFT
OpenSea and Rarible both specifically focus on NFTs. However, OpenSea is a larger and more established marketplace (Rarible was founded in 2020), and it accepts more crypto wallets than Rarible.
Rarible, on the other hand, could be a better fit for NFT creators since it lets you earn up to 50% in royalties. You’ll only get up to 10% in royalties at OpenSea. Both platforms charge NFT creators a 2.5% fee, but buyers won’t incur these marketplace charges.
Ways to invest with OpenSea
OpenSea NFT is a perfect platform for NFT creators who want to mint and sell their products on the primary market, while potentially earning royalties from additional sales (the original creators of NFTs get extra payouts when other OpenSea users purchase their collectibles and resell them — on the secondary market — to other users) on the secondary market.
The platform earns a 2.5% fee from all transactions. And if you’re a creator, OpenSea allows you to set your creator earnings up to 10%, meaning you can earn a maximum 10% royalty each time another user buys your NFT.
Here’s how the creation and selling process works:
Set up your crypto wallet (more on that below)Create your NFT collectionAdd your NFT(s)List your NFT(s) for sale
It also offers gas-free transactions on the polygon marketplace, meaning that buyers don’t have to pay fees for trades, and creators can skip out on upfront fees when minting NFTs.
OpenSea supports several crypto wallets. These include MetaMask, Coinbase Wallet, TrustWallet, Portis, FortMatic/Magic, and more (you can see its complete list of supported crypto wallets here).
Is OpenSea trustworthy?
The Better Business Bureau has given OpenSea NFT an F rating. Its rating reflects the BBB’s opinion of how well the crypto platform interacts with its customers. But bureau ratings also take into account things like time in business, type of business, customer complaint history, and licensing and government actions.
The BBB says its rating of OpenSea is linked to the length of time the business has been operating, the 17 complaints OpenSea has received, and the crypto platform’s failure to respond to the 17 complaints filed against it.
The platform has closed nearly 20 complaints in the past 12 months.
OpenSea Frequently Asked Questions (FAQ)
Is OpenSea a cryptocurrency?
No. OpenSea is an NFT trading platform that offers crypto services for creators and buyers. The platform is compatible with numerous crypto wallets, so NFT creators will easily be able to connect and mint/create new NFTs and sell them to buyers.
What is OpenSea used for?
OpenSea NFT is an NFT marketplace that connects NFT creators to buyers and collectors. The platform accepts multiple cryptocurrencies, including ethereum, US dollar coin, dai, and several other payment tokens.
And while some NFT trading platforms only support the ethereum blockchain, OpenSea offers cross-blockchain support for ethereum, polygon, solana, and klatyn.
How do you buy an NFT on OpenSea?
In order to buy an NFT on OpenSea, you’ll need to go to its marketplace to explore its available artists, items, and collectibles. You can filter by price, bid status, accepted blockchains, and much more.
Once you’re ready to order, you can complete your transaction by clicking “Buy now” and finalizing the order by agreeing to the terms and clicking “Checkout.”
Related terms
NFT: These unique tokens constitute as ownership of real-world items like art, videos, real estate, and other goods. The phrase “non-fungible” is associated with these tokens since they represent interchangeable data.Token: These currencies are created through existing blockchains, meaning they’re built on top of previously established databases. Cryptocurrency: Powered by blockchain technology, these digital assets allow for decentralized transactions between two parties. There are thousands of cryptocurrencies available for exchange.Minting: NFT creators use this process to add their token(s), or digital art/item(s), to the ethereum blockchain to make it publicly available for purchase.