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Last Updated: Feb 21, 2022

OpenSea

New York, United States

OVERALL
RATING

4.9
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OpenSea NFT Marketplace Review

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Kresimir Ilicic

Expert Analyst & Reviewer

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icon Updated on: Feb 21, 2022

Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.

Specs

Total NFT 19,813,568
Total sale volume $6.29B
Number of categories 8
Tokens ETH, POLYGON, KLAY
Fee 2.50%
Wallets supported MetaMask, Coinbase, Trust, Portis, Fortmatic, Authereum, Bitski, Dapper, Kaikas, OperaTouch, Torus, WalletConnect, WalletLink, Venly
open-sea-logo

OVERALL
RATING

4.9
Visit Website
Products & Services Excellent
Fees & Rates Fair
Contract Length & Earlt Termination Fair
Sales & Adverising Transparency Fair
Customer Service & Technical Support Bad
Reviews & Complaints Fair

Pros

OpenSea definitely has more pros than cons, and we’ll list some of those pros. The first and the obvious one is multi-blockchain support. You can trade NFTs by using Polygon, Ethereum, and Klaytn.

Also, the design of OpenSea is very clean and user-friendly. Even if you never had any experience with NFTs, most likely you’d be able to figure it out.

There are many different wallets supported. Chances are, you probably already have one of the supported ones. The most popular supported wallet is MetaMask which is used by millions.

You can easily edit your collections, royalties, and supported tokens in a collection. Selling an item is super easy and the fees are only 2.5% which is lower than most other NFT marketplaces.

Cons

OpenSea does have some cons such as that they are centralized. What does that mean? If they decide to take down your listing, they can.

That kinda beats the whole decentralized blockchain idea, but you can always move your project somewhere else though. On the other hand, this is a good thing in cases of copyright infringement.

Another con is that sometimes it will take a while to refresh the images in a collection, but considering there are over 23 million NFTs, it’s not a surprise either.

OpenSea is the most popular NFT marketplace in the world right now. You may find over 21 million different NFTs posted up for a sale on this marketplace.

As opposed to some other marketplaces, OpenSea has plenty of different categories available such as:

  • Art
  • Music
  • Domain names
  • Virtual worlds
  • Trading cards
  • Collectibles
  • Sports
  • Utility

What blockchain is OpenSea NFT Marketplace working with?

OpenSea is an NFT marketplace that works on Ethereum, Polygon, and Klaytn blockchain. Each blockchain has its pros and cons, but we think it’s awesome that we can choose from multiple options.

Since Polygon has super low fees, and OpenSea doesn’t have listing fees, you can basically sell your NFTs for free on the Polygon blockchain. All you have to do is “sign” the NFT with your digital wallet.

opensea nft marketplace logo

Klaytn is another blockchain that works with OpenSea, however, you cannot create NFTs on this blockchain. If you want to create NFTs on Klaytn, you’ll have to use another website. You can use OpenSea to trade Klaytn NFTs though.

Trading NFTs through Klaytn blockchain is supported on OpenSea and there is a flat 2.5% commission fee. This is the fee that OpenSea charges everyone automatically on every sale.

If we compare this fee to the average fee on the most popular NFT marketplaces, you’ll quickly see that it’s not high. Especially if we consider the fact that OpenSea is the largest one by total USD volume in trading.

Not only that, but this marketplace is also one of the marketplaces with the most listed items. Basically, it’s easier to find a buyer as there are more people browsing this marketplace, but the competition is also higher.

Are there any minting fees on OpenSea Marketplace?

No, OpenSea marketplace does not charge any minting fees. Minting is free on OpenSea. This process is also known as lazy minting.

Lazy minting allows you to post your NFTs on the OpenSea marketplace without paying any fees. All of the minting fees will be paid by the buyer once he finishes the NFT purchase.

If you are a buyer on the OpenSea marketplace and you want to save on the transaction costs, purchase items that are available on the Polygon and Klaytn blockchain. The transaction costs on these two are almost non-existent, so it’s always a cheaper option than Ethereum.

It doesn’t cost anything to join either. The OpenSea NFT marketplace is completely free for anyone to join, so you can start right away.

Is there a listing fee on OpenSea?

No, there isn’t a listing fee on the OpenSea marketplace. You just need to register with one of the supported digital wallets and upload your art.

All you have to do is define the collection name, description, and the blockchain you’ll sell on. Later when you add new items, you can add them to the collection you have just defined. You’ll then need to define prices for the items you add, description, image/video, or whatever your NFT is about.

You can also add bonus content that will be shown only to the owners of your NFT.

What file formats are supported on OpenSea marketplace?

There are plenty of different file formats that are supported on the OpenSea. It doesn’t matter if you are a digital drawing artist, photographer, doing video animations, or recording videos, OpenSea got you covered.

In addition, a full list of supported file formats on OpenSea:

  • PNG
  • MP4
  • SVG
  • M4V
  • GLTF
  • GLB
  • WEBM
  • OGV
  • OGG
  • MP3
  • WAV
  • OGA

As you can tell, there are plenty of supported file formats. You can also host your files on IPFS cloud services and then link them to the OpenSea marketplace.

Even if your file is not directly supported, most of the file formats can be converted. For example, if you have JFIF, you can always convert it to PNG and then upload it.

Also, you can always include a direct download link inside of the “Bonus content”, however, make sure the file is hosted on a reliable hosting so it doesn’t go bad over time.

Can I decorate my collections on OpenSea?

Yes, you can choose a name, cover image, profile image and provide a description for your collection. Also, you can decide which blockchain you’ll publish your NFT art on. Of course, if you are publishing your own smart contract, you’ll decide before posting on OpenSea.

When someone opens your collection, they’ll see the floor price, how many items there are, and how many owners. Also, you can check the total volume traded for each collection.

We believe it’s important that this information is public because it helps us choose NFT projects we’ll invest in. You can also check the activity for a collection over time.

Other than collection, you can also customize your profile and change things such as:

  • Profile name
  • Description
  • Profile image
  • Cover photo

Also, you can hide certain items that you don’t want to display publicly.

What NFT wallets are supported?

Plenty of different NFT wallets are supported on the OpenSea marketplace. The most commonly used wallet is MetaMask, but it’s not the only one.

Here is a full list of every NFT wallet that’s supported on the OpenSea marketplace:

  • MetaMask / MetaMask mobile
  • Coinbase Wallet
  • TrustWallet
  • Portis
  • Formatic/Magic
  • Arkane
  • Authereum
  • Bitski
  • Dapper
  • Kaikas
  • OperaTouch
  • Torus
  • WalletConnect
  • WalletLink

If you are already holding some NFTs, chances are, you are already using one of the wallets from this list. Most of us hate when we need several different wallets for the “same” thing, so it’s definitely a bonus point for OpenSea.

Signing into your account or creating one, requires you to connect your wallet. It’s super simple to connect your wallet, simply press the wallet icon and sign the message on your wallet.

If you are unsure which wallet to get, take a look at our best NFT wallet rankings.

Does OpenSea support auctions?

Yes, you can list your NFT using the auction format as well. You can set a couple of different settings for your auction listing.

  • Minimum bid –Define your starting bid price.
  • Reserve price –If you don’t want your NFT sold for the cheap, use the reserve price. When the auction ends, if the last bid is under reserved price, your item will remain in your inventory. However, once someone bids over the reserved price, you can no longer cancel the auction.
  • Expiration date –You can set when will the auction expire. It’s possible to define the exact time in hours and minutes.

Auctions are a great way to let the users compete against each other for your items.

Who is a perfect client?

Anyone who wants to trade or simply collect NFTs is an ideal candidate to join the OpenSea NFT marketplace. The website is user-friendly as we have already mentioned, so it’s suitable for beginners.

If you are looking to join the most popular NFT marketplace, you should definitely visit OpenSea. There are plenty of different categories and three different blockchains you can buy NFTs on.

Since Ethereum gas fees can be pretty high, we urge you to check Polygon NFTs as well. There are plenty of awesome projects on Polygon waiting for you.

Can you promote your NFT on OpenSea?

No, there isn’t a way to pay for a promotion on the OpenSea marketplace at this moment. All of the trending collections on the OpenSea home page are chosen by the OpenSea team.

There are no banners or ads in the sidebar. That’s a great thing because let’s face it, nobody likes advertisements. It’s almost like every website we visit is full of ads, so it’s a relief that OpenSea doesn’t have any.

Still, you can always advertise on our website. We offer promotion services on our website. Our team of experts will review your project, and if it satisfies our criteria, we’ll gladly promote you. If you want to know more, check the list your NFT section.

Does OpenSea provide any support?

OpenSea provides all kinds of support, FAQ, documentation, Discord channels, Twitter. It doesn’t matter if you can’t access your account or you got some technical questions.

FAQ and the Help Center got all sorts of information that can help you. Most likely, you will find the answer to your question here. You may read all about getting started, creating, buying, selling, developing, etc.

If that’s not enough for you, you can also contact the support team on Discord or Twitter.

The best part about the OpenSea support is the “Developers” section. Here you may find everything about developing applications with OpenSea API. You can also learn how to open your own OpenSea powered marketplace.

Are there any partner programs?

Yes, as previously mentioned OpenSea will help you build your own marketplace. There are three different “packages” that you may choose from.

  • Storefront –Easiest to set up, takes approximately 5 to 15 minutes for a developer to deploy it. You won’t have full control over customization with this one.
  • White-label –Takes a little more time to set it up. Web developers should know Yarn/NPM/React technologies.
  • SDK –The hardest to set up, but it’s the one with most options as well. When you get this package, you’ll have full control over customization.

You can then decide on your own fee and earn a portion from each successful sale that takes place on your marketplace. This is a great opportunity for those of you who already have websites with plenty of visitors.

How does OpenSea NFT marketplace compare to competitors?

OpenSea has the highest trading volume amongst all of the NFT marketplaces. It’s also one of the most visited marketplaces as well. It’s not the biggest one in terms of the total number of NFTs, Atomic Hub beats OpenSea in that segment.

The supported blockchains on this marketplace are Ethereum, Polygon, and Klaytn. While Klaytn is not that known, ETH and MATIC are both Top 20 cryptocurrencies by market cap.

Most NFT marketplaces have only one blockchain supported, and that’s mostly Ethereum. Considering that Ethereum has high transaction fees, OpenSea is an advantage here because of Polygon. Transaction costs on Polygon are super small and there are plenty of goods projects on it.

Other NFT marketplaces may support other blockchains that have super low transaction costs, however, they don’t come near the combined number of NFTs and total trading volume of OpenSea.

Manage Your Listing

Respond to Reviews

OpenSea is a peer-to-peer marketplace for crypto collectibles and non-fungible tokens. It includes collectibles, gaming items, and other virtual goods backed by a blockchain. On OpenSea, anyone can buy or sell these items through a smart contract.

OpenSea hasn’t yet responded to questions from TechCrunch about the company’s plans for the app, including whether or not users might one day be able to buy and sell NFTs in the app. It wouldn’t be the first time that crypto was exchanged on an app, as even PayPal now lets you pay with crypto. Instead, perhaps the app can offer a way to help new users onboard into the NFT space, giving them an easy, user-friendly way to browse NFT art without knowing anything about wallets or blockchains or apes.

It’s a big day for the Amazon of the decentralized internet — OpenSea now has an app for iOS and Android. For most companies, having a mobile app is a milestone you’d reach before hitting a $1.5 billion valuation. But like any store — whether you’re selling NFT art or not — there’s a hefty price to pay for app store transactions, whether you’re on Android or iOS. That’s possibly why OpenSea’s shiny, new app is only for browsing NFTs, not for buying or selling them. For context, OpenSea saw $3.4 billion in trading volume across two million transactions in August. With Apple and Google taking 30% of in-app transactions, if that volume had been traded on the new app… what’s 30% of $3.4 billion?

Perhaps more of a roadblock, there’s still no way to make in-app payments with crypto. If OpenSea wanted to support buying and selling, it would have to build out its infrastructure for USD payments and push more users toward it. But part of the appeal of OpenSea is that it’s a crypto-native platform, largely reliant on the Ethereum blockchain, which gives people easier access to information about when an NFT was minted, who minted it, how it’s been traded, etc. It could upset the existing ecosystem of users if the startup pushed the platform toward being more dollar-friendly.

OpenSea is a peer-to-peer marketplace for crypto collectibles and non-fungible tokens. It includes collectibles, gaming items, and other virtual goods backed by a blockchain. On OpenSea, anyone can buy or sell these items through a smart contract.

OpenSea hasn’t yet responded to questions from TechCrunch about the company’s plans for the app, including whether or not users might one day be able to buy and sell NFTs in the app. It wouldn’t be the first time that crypto was exchanged on an app, as even PayPal now lets you pay with crypto. Instead, perhaps the app can offer a way to help new users onboard into the NFT space, giving them an easy, user-friendly way to browse NFT art without knowing anything about wallets or blockchains or apes.

It’s a big day for the Amazon of the decentralized internet — OpenSea now has an app for iOS and Android. For most companies, having a mobile app is a milestone you’d reach before hitting a $1.5 billion valuation. But like any store — whether you’re selling NFT art or not — there’s a hefty price to pay for app store transactions, whether you’re on Android or iOS. That’s possibly why OpenSea’s shiny, new app is only for browsing NFTs, not for buying or selling them. For context, OpenSea saw $3.4 billion in trading volume across two million transactions in August. With Apple and Google taking 30% of in-app transactions, if that volume had been traded on the new app… what’s 30% of $3.4 billion?

Perhaps more of a roadblock, there’s still no way to make in-app payments with crypto. If OpenSea wanted to support buying and selling, it would have to build out its infrastructure for USD payments and push more users toward it. But part of the appeal of OpenSea is that it’s a crypto-native platform, largely reliant on the Ethereum blockchain, which gives people easier access to information about when an NFT was minted, who minted it, how it’s been traded, etc. It could upset the existing ecosystem of users if the startup pushed the platform toward being more dollar-friendly.

HIGHLIGHT

Acquisitions 1
Total Funding Amount $127.2M
Investors 45
Last Funding Type Secondary Market
Category Cryptocurrency

Company Growth
(Employees)

company-growth
Employees (est.) (Sept 2021) 48 (+27%)
Job Openings 21

KEY PEOPLE/MANAGEMENT

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Devin Finzer
CEO & Co-Founder
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Devin Finzer 2
CEO & Co-Founder
key-people-pic
Devin Finzer 3
CEO & Co-Founder
key-people-pic
Devin Finzer 4
CEO & Co-Founders

Blogs

December 27, 2021

Sorare NFT Collection Review – December 2021

Sorare is a different NFT collection than what we are used to because it combines real-life and blockchain. Users can collect sports cards with real footballers on them and earn points based on their real-life performance. We’ll do a full review of Sorare NFT collection, so keep reading. Also, users can compete against each other,

December 22, 2021

Meebits NFT Collection Review – December 2021

Meebits is an NFT collection created by Larva Labs, the same company that’s behind CryptoPunks. There are 20,000 unique 3D Meebits characters. If you want to find out what’s so special about them, keep reading our Meebits NFT collection review. Some people call them 3D punks, and they are indeed similar. However, there are more

December 18, 2021

0N1 Force NFT Collection Review – December 2021

If you are looking for NFTs with cool art design, 0N1 Force is your answer. These 7,777 uniquely generated collections have more than 100 different assets. If you want to know why it’s one of the most popular collections, keep reading because we are doing a 0N1 Force NFT collection review. 0N1 Force has more

December 16, 2021

Loot NFT Review – December 2021

This is one of the best community-driven NFT projects out there. Loot is a collection of 8,000 unique items left for anyone to interpret. The developer didn’t define what you can do with it, yet the community found purpose. If you want to learn more, keep reading because we are doing full Loot NFT review.

December 13, 2021

Bored Ape Yacht Club NFT Review – December 2021

Bored Ape Yacht Club is one of the main reasons why NFTs are so popular right now. It all started when famous people started putting BAYC as their profile picture on social media. Take a look at our boring ape yacht club NFT review and learn what’s the fuss about. Everyone was wondering, why Mark

December 09, 2021

Axie Infinity NFT Collection Review – December 2021

Axie Infinity is one of the largest NFT collections by sales volume, but also one of the first blockchain games. Users can collect, breed, trade, train and compete against other players with their Axies. If this sounds interesting, keep reading because we are doing an Axie Infinity NFT collection review. This awesome blockchain game was

December 07, 2021

CryptoKitties NFT Collection Review – December 2021

CryptoKitties is an NFT collection that was so popular at one point that it clogged the Ethereum blockchain. It’s one of the earliest blockchain games and the first NFT breeding game. If you want to know more about this collection, stick around as we are doing a CryptoKitties NFT collection review. If it wasn’t for

December 02, 2021

Art Blocks NFT Collection Review – December 2021

Art Blocks is more than an NFT collection, it’s a platform. Verified artists can submit their work to the “curated” collection that’s available on the majority of Ethereum NFT marketplaces. We have decided to do art blocks NFT collection review to tell you more about it. Each Art Block collectible is a unique piece generated

November 29, 2021

CryptoPunks NFT Collection Review – December 2021

CryptoPunks is the most popular NFT collection. It has inspired the creation of the ERC-721 standard for NFTs. So, if you want to learn more about the collection responsible for all the hype NFTs got, keep reading our CryptoPunks NFT collection review. This collection was featured everywhere, from Mashable to New York Times. The funny

November 26, 2021

NFTrade NFT Marketplace Review – December 2021

NFTrade is the first cross-chain NFT marketplace. What does that mean? Basically, you can buy and sell NFTs from four different blockchains, while almost every other marketplace supports only one blockchain. Keep reading if you want to see a full NFTrade NFT marketplace review. NFTrade Marketplace Specifications Pros and Cons NFTrade NFT marketplace PROS We

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