The OpenSea marketplace is designed for creators to launch digital works and for consumers to trade freely. Here’s a breakdown of exactly how it works.
On OpenSea, you can buy, mint, and sell NFTs. It offers several different search options you can use to browse NFTs, including filtering by category, collection, or price. You can also create your own NFTs, mint NFTs without gas fees, and set creator fees to earn revenue every time your NFT is sold.
OpenSea supports the Ethereum, Polygon, Klatyn, and Solana blockchains. Ethereum is the most widely used for NFTs, but each blockchain has its own unique advantages, so it’s nice for creators to have multiple options available.
OpenSea supports the following NFT wallets:
- Coinbase Wallet
- Trust Wallet
It also lets you use the WalletConnect protocol. If you choose this option, you can connect any NFT wallet supported by WalletConnect.
Payments on OpenSea are made in cryptocurrency. The core cryptocurrencies the platform accepts are Ethereum, WETH, Solana, USD Coin, and Dai.
It’s not possible to pay using fiat currencies, such as the U.S. dollar. OpenSea provides the option to buy cryptocurrency with a card payment through MoonPay. We recommend buying on one of the top crypto exchanges, though, because fees on MoonPay are expensive.
OpenSea has a straightforward fee model and takes 2.5% of every transaction. This fee is deducted from the NFT’s sale price.
When you create an NFT on OpenSea, you can set creator fees of up to 10%. You’ll receive the creator fee on every sale of that NFT. You can change the percentage at any time.