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Review on OpenSea by Toprak Dere

OpenSea, the largest peer-to-peer NFT marketplace

OpenSea stands out as an NFT platform that allows the purchase and exchange of NFTs that have become popular since last year.

OpenSea, the first NFT platform to stand out with its decentralized definition, was founded in 2018.

Since then, both the OpenSea and NFT industry have seen significant growth.

The emergence of a strong industry such as NFT has brought with it platforms where these NFTs can be put up for sale. OpenSea can be the best example of these platforms.

If you are using OpenSea for the first time, the platform may seem a bit confusing.

The platform, where transactions are carried out with smart contracts, offers users a highly secure trading experience.

In order to log into an NFT platform like OpenSea, you first need a crypto wallet like Metamask.

These wallets interact with the blockchain network and are responsible for storing the transactions you make on OpenSea. That is, your purchase and sale on OpenSea will be credited in this wallet.

The "Explore" tab in OpenSea is perfect for the items you want to buy. Here you can search for the NFT product you want and find its alternatives.

You will need to convert your Ethereums to Wrapped Ethereum before purchasing anything on the OpenSea platform. You can use OpenSea to perform this operation.

After converting your ETHs to wETH, you can bid for NFTs. After purchasing the NFTs, OpenSea will take over the transaction for you and close the transaction with smart contracts.

OpenSea prides itself on having the lowest platform fees in the NFT space. The platform takes 2.5% of the revenue from the sale as a commission. This fee can go up to 7.5% on other platforms.

The OpenSea team states that they work hard to ensure the safety of users. Positive sellers can get the approved user hashtag just like on Twitter and Instagram. In addition, users can report NFTs they deem fake or inappropriate.

img 1 attached to OpenSea review by Toprak Dere

Pros & cons

  • There are more than 200 payment options available on the OpenSea platform. You can change the currency you will receive when selling your NFT.
  • Users can report NFTs they deem fake or inappropriate.
  • Possibility of payment in ethereum and polygon network
  • if you have NFTs on other platforms, you can list them on OpenSea as long as they are in your wallet.
  • transaction fees are high

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