HomeNFTsOpensea Marketplace Review: Legit or A Scam?

Opensea Marketplace Review: Legit or A Scam?

One of the most valuable unicorns in the NFT ecosystem, OpenSea Marketplace has a $1.5 billion market capitalization. Globally, this peer-to-peer marketplace is one of the most extensively used.

Particularly in light of the market’s recent decline, June’s record sales were impressive. OpenSea now joins NBA Topshot as one of the NFT ecosystem’s billion-dollar unicorns after a $100 million investment round in July.

Opensea Marketplace Review: Legit or A Scam?
Photocredit: Medium

OpenSea is a marketplace for non-fungible token buyers and sellers (NFTs). A lot has changed since 2017, and now NFTs represent audio, video, and images the most. Their digital ownership properties are suited for the creation and securing of new products and services. We must mention that this review is not one sponsored by Opeansea but an honest review.

Let’s dive right in!

What is Opensea Marktetplace?

Based on non-fungible token (NFT) technology and Ethereum’s blockchain, OpenSea is a decentralized peer-to-peer market for buying, selling, and trading rare digital products.

According to its website, OpenSea is the most prominent digital goods market since it offers a wide choice of items in more than 200 categories at the most competitive price. Many transactions are supported by OpenSea: digital art and decentralized domain names. Transaction cards are also supported

In addition to collectibles, games, and other virtual goods secured by a blockchain, OpenSea is the first and largest peer-to-peer marketplace for crypto goods (similar to eBay for crypto goods). Through an intelligent contract, anyone on OpenSea can buy or sell any of these items.

This is a collection of digital stuff that you can own. As long as the items are digitized and tokenized, they are yours once you pay for them, as the transactions and proof of ownership are preserved on the blockchain for all time.

These digital commodities include collectibles, game items, and many others. To ensure the security of all transactions, smarts contracts were developed. 

What Wallets Can You Use With Opensea?

You can use various crypto wallets to access and use OpenSea, such as MetaMask, Bitski, Fortmatic, and mobile wallets like Trust Wallet. MetaMask is the best and most popular wallet for using OpenSea and most other apps. But, in terms of security, MetaMask is not the best option among crypto wallets.

How Do You Sell Art on Opensea?

  1. Then click on My Profile in the top right corner of opensea.io to access your profile. From your wallet, select the NFT you want to sell.
  2. Click on Sell in the upper-right corner of the screen. Choose the price, the type of auction, and any other preferences for the sale. Then, click Post Your Listing after you’re finished.
  3. After that, you’ll be prompted to fill out the rest of your listing. To begin selling on OpenSea, please initialize your wallet if this is the first time.
  4. For items that were not minted on OpenSea but rather through a custom contract, an additional approval step may be necessary before OpenSea can trade the item on your behalf.
  5. Select the Activity tab on your profile page to view the things you have placed for sale.
  6. In the transaction list, the item you just listed will be tagged.

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Is It Free to Sell on Opensea?

Start using OpenSea by plugging in a Web3 wallet like MetaMask and selecting the Browse tab from the menu bar. All of your collectibles and the assets you require (like Ether) to buy anything on the marketplace will be automatically searched for by the application.

Similar to eBay’s Buy Now feature, consumers can bid on an item if the seller hasn’t set a price or accept the list price. Whenever you offer an item for sale, please pay attention to which asset it is published in (ETH, DAI, etc.) since this may vary from item to article. OpenSea Marketplace charges a 2.5 percent commission on the final sale price if items are successfully sold.

Pros

– Competitive commissions

– Large variety of NFT collectibles

– Industry-leading security

Cons

– Only accepts payments in cryptocurrency

– A crypto wallet is necessary to buy and sell on the platforms

Is Opensea Marketplace Legit?

Yes! , we would say the OpenSea Marketplace is very legit as it has been around since 2018 and many people have made and are still making use of the platform to buy and sell art in NFTs

Many lovers generally know the Opensea marketplace of NFT arts as the hub for NFT’s creator. If you’re looking for a place to purchase NFT collectibles, the Opeansea marketplace is your best choice.

Leave us a comment in the comment section below and let us know your Opeansea marketplace experience.

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