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OpenSea is an online market for NFTs, which includes a trading platform for creators, sellers, and purchasers. The company allows you to create and sell NFTs on the primary marketplace while also allowing collectors to relist NFTs they've purchased on the secondary marketplace. The exchange was established in 2017 and supports a variety of blockchains, including Ethereum, polygon, and klatyn. You may also search for NFTs in distinct categories such as art, collectibles, music, photography, sports, and more. The platform is available on iOS and Android devices. Although there are many platforms that offer NFT trading, each charges different fees, offers distinct investment opportunities, and provides various products. If you're searching for a platform that allows you to create, sell, and/or buy NFTs, OpenSea and Rarible are the best alternatives. Both platforms are exclusively focused on NFT creators and purchasers. Binance's NFT market is excellent for both trading cryptocurrencies as well as utility tokens.
Ways to invest with OpenSea
OpenSea is a fantastic place for NFT creators to produce and sell their items on the primary market. As well as potentially earn royalties from subsequent sales (NFTs' original creators receive additional payments; when other OpenSea users buy their collectibles and resell them — on the secondary market — to other customers). The revenue is shared by the platform and 2.5% of all transactions. OpenSea allows you to earn a maximum 10% royalty each time; another user purchases your NFT as a creator. Here's how the creation and selling process works:
- Set up your crypto wallet (more on that below)
- Create your NFT collection
- Add your NFT(s)
- List your NFT(s) for sale
It's a smart contract platform that's been around for some time and has established relationships with other compatible platforms, like Ethereum. It also provides gas-free transactions on the polygon market. Eliminating trade fees for buyers and eliminating upfront expenses when creating NFTs. OpenSea supports a variety of crypto wallets. MetaMask, Coinbase Wallet, TrustWallet, Portis, FortMatic/Magic, and others are among them (you may see a complete list of supported crypto wallets here).
Is OpenSea trustworthy?
The Better Business Bureau has given OpenSea an F grade. The BBB's assessment of how well the crypto platform interacts with its users is reflected in its ranking. However, bureau ratings consider a range of criteria, including business tenure, kind of business, client complaint history; and licensing and government actions. The Better Business Bureau (BBB) says its evaluation of OpenSea is based on the length of time the firm has been in operation, the five complaints it has received, and OpenSea's failure to respond to those claims.