Care to know about OpenSea(opensea.io)? Wonder whether it’s legitimate or just another scam? Fair enough, this independent OpenSea review will answer all your curiosities and questions about OpenSea.
By reading it, you’ll discover what OpenSea is all about, the co-founders and the team behind it, and what you need to know before getting started with it. You’ll also see how to use it and get to see the answers to a few FAQs about it. Having said that, this comprehensive review starts with what is OpenSea?
What Is Opensea? How to Buy & Sell NFTS With OpenSea Review
Founded on Dec 20, 2017, by Alex Atallah and Devin Finzer, OpenSea is simply a general marketplace for non-fungible tokens. Funded by several entities, the company has so far raised a total of $27.2M in equity funding. Its funding entities are; YCombinator, Founders Fund, Coinbase Ventures, 1Confirmation, and Blockchain Capital.
Users can either sell or buy NFTs here. The tokens fall within different categories that include art, collectables, utility, music, and blockchain domain names. The rest are virtual worlds, trading cards, and sports NFTs.
About Opensea Founders And Team
Here’s more about Alex Atallah and Devin Finzer;
Alex Atallah is not only a co-founder of OpenSea, but he is also the company’s Chief Technology Officer(CTO). The Stanford University Computer Science graduate is also a co-founder of Whatsgoodly, a social polling application intended for college students. Similarly, he is the company’s CTO. Atallah also provides his professional services at Wificoin, an in-flight wifi or internet app developing company, as a software developer.
He also serves in an advisory capacity at Blockrize, a crypto platform working on the first of its kind credit card with Bitcoin rewards.
Before co-founding the business, the Menlo Park, California, United States native, had served in many big organizations in different capacities. For example, he had worked with a cybersecurity firm and a radio station as the Chief Technology Officer in both organizations.
Nonetheless, Atallah has taken part in two key developer-oriented events. He participated in Hackathon and NIFTY Conference as a guest speaker in both.
Devin Finzer, on the other hand, is the CEO of OpenSea, besides being the company’s second co-founder. Just like his counterpart Alex, the Brown University Computer Science and Mathematics graduate has a serious background in software engineering.
He is also a co-founder of Claimdog and Iris Labs. The former is a company that enables people to find out if a business owes them money. On the other hand, the latter is the entity that’s behind Eye Chart Pro–a suite of mobile apps built for vision testing that are widely used in the medical realm.
Between 2011 and 2015, he worked with several top technology companies as a software engineer. Before that, he served as an analytics intern at a well-known website.
The San Francisco, California, United States native has participated in many key developer events, some of which he performed quite remarkably in the past. In 2011, for example, he participated in LinkedIn Hackday, coming first place. In 2012, he was recognized by the Kleiner Perkins Caufield & Byers Fellowship Program, which offers top U.S. college and graduate students an opportunity to work at Silicon Valley.
That’s all there is to say about the two co-founders of opensea.io. Other notable individuals at OpenSea are:
- Damjan Kuznar—-founding engineer at OpenSea.
- Rober Sun—founding engineer at OpenSea.
- Joshua Wu—founding engineer at OpenSea.
- Nick Daigler—software engineer at OpenSea.
- Michael Cohen—software engineer at OpenSea.
- Nate Chastain—head of product at OpenSea.
Buying Nfts On Opensea: What You Need To Know
- There are different NFTs categories from which you can choose. The categories are; art, collectables, utility, music, blockchain domain names, virtual world, trading cards, and sports. The marketplace deals with non-fungible tokens from different projects, including the Doge Pound, Top Dog Beach Club, My Pixel Planet, etc.
- All the non-fungible assets listed on OpenSea are developed using various types of NFT blockchain frameworks. Some of the frameworks are; Ethereum, Polygon, and Klaytn.
- You don’t need to spend too much time and energy looking for an item(s) in thousands of NFTs. The platform’s search functionality lets you find NFT(s) you are looking for just with a few clicks. All you have to do is enter the name of the NFT(s) or project in the search field and hit “ENTER.” On top of that, there’s a filter feature that allows you to narrow down your search for non-fungible tokens according to certain parameters under two primary categories; All Items and Recently Listed. Under the former, the parameters you can use to filter and narrow down your search are; Single Items and Bundles. Under the latter, on the other hand, there are ten different parameters you can use to do the same. These include; Recently Created, Recently Sold, Recently Received, Ending Soon, Price: Low-High, Price: High-Low, and Highest Last Sale. The rest are; Most Viewed, Most Favorited, and Oldest.
- To buy an NFT(s), you first need a blockchain wallet. OpenSea provides one called MetaMask. The wallet supports different browsers, namely; Firefox, Chrome, Edge, and Brave. Besides PCs, it’s also compatible with mobile devices powered by Android and iOS operating systems. So, you’ll need to install this wallet on your device before proceeding. Alternatively, you could opt for any of the following alternative crypto wallets:
- Coinbase wallet
- Bitski wallet
- Formatic wallet.
- Arkane Network Blockchain Means Business wallet
- Dapper wallet
- Authereum wallet
- Torus wallet
- Portis wallet
- Kaikas wallet
- OpenSea partners with non-fungible token creators to help them showcase and make money by selling their items. It does so at a small fee of only 2.5% per transaction. Apart from that, the company offers affiliate marketers a chance to make money by marketing its items. They earn varying but attractive commissions from revenues that the company earns from successful sales.
- OpenSea features a fully-fledged Help Center that provides the platform’s users with help in different areas. These include getting started, as well as buying or selling items on the marketplace. On top of that, it helps OpenSea members learn how to create NFTs, partner with the company to showcase their NFT(s) creation(s) and develop with the company.
To access the Help Center, just click on the Resources tab on the right side of your screen. Then scroll down and click on the first item on the drop-down menu.
- OpenSea lets you access real-time customer support. All you have to do is join the Discord Community, which comprises over 64k members. To do so, you’ll need to create and verify an account. That will give you access to a customer support representative live. You could also interact with other community members in real-time. That way, you can learn more about the company and benefit in many other ways from it.
- To start buying or selling tokens on opensea.io, your account will first need to be initialized by the company. To do so, you’ll be asked to pay gas fees. The fees may vary depending on how busy the network is. Expect to pay around $100 max.
How To Purchase NFT With Opensea.Io
To purchase an NFT(s) on opensea.io, you’ll need to go through a few steps as follows:
- Create an Ether wallet.
- Fund your Ether wallet.
- Browse the OpenSea NFTs to find the NFT(s) you want to buy by clicking the marketplace tab and scrolling down to the appropriate category. The categories include art, music, trading cards, and collectables.
- Click on the NFT you want to buy, followed by “Buy Now.”
How To Create An Ether Wallet With Metamask
- Select “Firefox”, “iOS,” or “Android,” depending on the type of device you wish to install the wallet on. For example, choose Firefox if it’s a laptop, desktop, or tablet with a Firefox browser. Other browsers also supported are Chrome, Edge, and Brave. However, if it’s your smartphone, select iOS or Android, depending on your phone’s OS.
- After that, scroll down a little bit and click “Install MetaMask for….” Here, the available options are Firefox, iPhone, or Android.
- Next, open MetaMask, read and agree to the terms and conditions laid out.
- Thereafter, enter a password and click “Create” to set up your Ether wallet.
- Then 12 characters for your vault known as “seed words” will appear. Here, just click “Save Seed Words as File.”
- Now, copy the downloaded “Seed Words” file and save it somewhere safe as you’ll need it to access your vault.
- Thereafter, click “I’ve Copied It Somewhere Safe” to finally get into your wallet.
How To Fund Your Ether Wallet With ETH
Now, since you are going to need some Ethereum cryptocurrency to purchase your NFT(s) on opensea.io, it means you’ll first have to fund your wallet with some ETH. To do so:
- First, scroll down in your wallet and click “Buy ETH.”
- Next, click “Continue to Wyre.” For starters, Wyre is just a service that allows you to buy ETH for your MetaMask wallet using your debit card.
- In the new tab, choose your currency and then enter the amount you’d like to spend. This action will generate some pieces of information. These include the amount of ETH you’ll receive, your ETH address(don’t forget to copy that), the ETH exchange rate(in your currency), the transaction fee(in your currency), the network fee(in your currency), and the purchase total(in your currency).
- Now, scroll down and authorize Wyre to debit your account for the amount above, and click “Next.”
- Next, enter your payment information, which includes your personal information as it appears on your bank account, and click “Next” to complete the process.
How To Browse Or Find NFTS
- Go to “Marketplace.”
- Scroll down to the right category. The available categories are; All NFTs, New, Art, Music, Domain Names, Virtual Worlds, Trading Cards, Collectibles, Sports, and Utility. You can also click “Stats” to see the rankings and activity associated with different collections of NFTs.
How To Buy NFTs
Once you identify the token(s) you wish to purchase, it’s time to buy that. To do so, just follow the two simple steps below;
- Click “Buy Now.”
- After checking the boxes, click “Checkout.” At this point, MetaMask will prompt you to sign the transaction. All you have to do is sign in to your wallet and complete the transaction.
Don’t be in a hurry to sign out or close MetaMask. Let the transaction get confirmed first before doing so. This process may take a few minutes. You’ll know that you’ve bought your NFT(s) when you see the message that says, “Your transaction succeeded!”
How To Sell NFTs On OpenSea
You can sell your NFT(s) on opensea.io anytime you wish to. The company will take its cut of 2.5% on every successful sale you make. To list and hopefully sell your token on the platform, just follow the simple steps below:
- Go back to https://opensea.io/ and scroll down to the bottom of the page.
- Next, click “Create and set up your collection.”
- Then, add your NFT(s).
- Thereafter, list your NFT(s) for sale.
- Choose how you want to sell your NFT(s). The options available are; fixed-price listings, declining-price listings, and auctions. You can also include the following options as need be;
- Scheduling for a future time so the NFT(s) can be purchased at a later date.
- The ending price.
- The price is reduced over time as the buyer is found.
Pros And Cons Of OpenSea Marketplace
- Fairly easy to use.
- Offers a wide range of NFTs.
- Ensures secure transactions.
- Accepts users from all countries.
- Charges both buyers and sellers some fees.
- It takes time for sellers to get buyers.
Conclusion – Is OpenSea Worth It?
OpenSea is a serious marketplace for non-fungible tokens. If you are looking to sell, buy, or market these tokens, this platform is worth your time and effort. It offers thousands of NFT items falling within a wide range of categories, including art, music, collectables, and sports. Plus, it’s easy to join it and make money from it as a seller or an affiliate marker of these items.
OpenSea FAQs And Answers
- Is opensea.io really safe?
Answer: The company has put some strong security protocols in place, making it one of the most bulletproof, peer-to-peer NFT marketplace. Maybe that explains why it has never been hacked.
- Can I resell a token that I purchased on OpenSea still on the same platform?
Answer: Yes, the company doesn’t have a problem with that.
- Who is opensea.io for?
Answer: Anyone considered an adult who wishes to buy, sell, or auction non-fungible token item(s).
- How much can I make on OpenSea as an affiliate marketer?
Answer: There’s no limit to how much you can make on the site, as your earnings will be based on each sale.
Melwin Philip is a FinTech specialist, a market analyst, and an investor. His investment strategy entails performing a valuation assessment and conducting technical analysis on financial and technology firms. He's passionate about stocks, forex, crypto, blockchain, and digital assets. He keeps a close eye on industry trends and provides insight into beginner-friendly platforms.