OpenSea Review: Is A Renowned NFT Marketplace?

OpenSea is one of the most popular NFT marketplaces in the market. The marketplace offers a variety of digital assets, including art, collectibles, domains, trading cards, utilities, etc. Considered trustworthy by most of its users, here’s our candid review.

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Non Fungible Tokens, commonly referred to as NFTs offer exciting new properties for digital assets. These assets are provably scarce, unique, and tradeable. NFTs are also usable across multiple platforms.

Similar to physical goods, NFTs offer various services to the user. Unlike physical goods, NFTs are armed with all programmability of digital assets.

A brief overview and review of OpenSea

OpenSea pros and cons

Founded in 2017, OpenSea grows by the day and has over 200 employees. There are over 2 million available collections and over 80 million NFTs. The trade volume, estimated at $20 billion is one of the largest NFTs ever recorded.

And that proves OpenSea is not only the right NFT marketplace but a reliable one. With NFT scams on the rise, it pays to do some due diligence. And that’s why we have decided to take on the industry and help direct users to reliable NFT marketplaces.

One of the core principals of OpenSea is to open protocols such as Ethereum and Interoperable standards. These include ERC-721 and ERC-1155. These will be vibrant new economies of the future with creators launching digital works for such developments.

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Devin Finzer and Alex Atallah are the founders of OpenSea. It all started with their fascination of Cryptokitties, a decentralized application built on Blockchain. Cryptokitties were a difference maker as it targeted the mainstream audience.

The marketplace’s Beta was released in December 2017 creating the first NFT marketplace on the Ethereum Blockchain. And that’s not all, and the platform was well received by industry leaders and top firms.

Thinking of joining, let’s us give you insights of what to expect on this NFT platform.

Exploring the OpenSea NFTs and Marketplace

OpenSea offers over 8 different classes of digital assets on its platform. These include art, collectables, domain names, music, Photography, Sports, Trading Cards, Utility, and Virtual Worlds.

These NFTs can be found on the collection stats, with the top most ranked NGT being Valhalla. With a current market exchange of +28 percent, it’s the most traded NFT on the marketplace. Floor price starts at 1.08 ETH with 830 recorded sales.

Collections stats include top, trending, and the watchlist panel. Timestamps for the collectable start from 1 hour and go with 6 hour variations. The marketplace also records leading NFTs through all available chains including Solana.

If you’re a sport fans, you can check out the various NFTs available. Take an excellent example of the industry’s Greatest of all times (G.O.A.Ts); that’s an exciting avenue. These tokens include those from the Sports great from basketball to soccer.

OpenSea available NFTs

You can even have a taste of some of the music celebrities and own their NFTs. With Cristiano Ronaldo the latest celebrity addition, the sports NFT marketplace is another great source of income.

Overall, OpenSea has opened the doors for anyone to invest in Non Fungible Tokens.

Opening an account

You will first need a crypto wallet to open and use OpenSea. There are over 15 wallets to choose from with MetaMask being the most popular. Fill in the forms and you’re good to go and buy or create your NFT.

Placing the NFT on the marketplace is simple with the platform having to verify the image or GIF address. That guarantees there’s no infringement or any other third-party usage. And that’s how the NFT market takes center stage.

Contact and address details of OpenSea

Members can submit a request or use one of the many discord channels available. There’s an easy to follow help center with a reliable FAQ section. Ozone Network Inc. is the entity owning and running the platform.

For those who don’t know where OpenSea is located, New York, 105 East 24th Street.

Developer platform now available

Members can create their own marketplace on the platform. You can now operate your NFT marketplace on the platform. That’s an ideal solution for sellers on the platform to have a specific market detail.

The advantages are endless including having to run your crowd sale without involving third parties. You can sell a pack of items, gift packs and even create lootboxes. That’s how exciting developing and running an NFT marketplace.

Members can fetch NFT’s data with the platform’s API functionality with ease.

Why Partner with this NFT Marketplace?

How to buy and sell NFTs on

There are countless reasons why you would partner with this one-of-a-kind platform. That includes generating revenue and accessing millions of users. You also spend less on this platform compared to other NFTs.

Members also get robust features with advanced technological tools. OpenSea is at the forefront of where you need to start and be when it comes to NFTs. We fully endorse the platform as it has a steer reputation.

Is OpenSea safe?

Yes, Opensea is a reliable and safe NFT marketplace tested and secure. The platform constantly updates the system’s metrics for everyone to see. You can take a look at the platform’s status with all functions being operational.

For the past three months, there have been no incidents reported. You can see most of the functions listed as operational which is a good sign. In terms of securing your NFT and funds, the platform is also on it.

You get one of the most secure wallets to use from and a website with top tier security protocols. There has been no recorded incidences of theft on the platform. And that goes to show we are dealing with one of the most secure online marketplaces.

What are the available ventures the marketplace is after?

You may be wondering what’s next for such a massive platform. The platform plans to focus their investment towards four main themes. These include a continued shift to multichain and creating and supporting NFT protocols.

The other two themes are social and gaming projects and NFT aggregator analysis. Teams on the platform will get direct access to the platform’s leadership and structure. Partners will also get the platform’s future targets and venture partners.

Connecting users with leading NFT creators is another source the platform plans to take advantage. Having these NFT creators hurdled on the platform will give it more credence from the public’s eye.

License and Regulatory status OpenSea

As you are now aware, the platform doesn’t yet have a legal compliance to act as a liquidity provider. And this is all because there’s no law in place for such products and services. In essence, this is unchartered territory.

And this brings into question what would happen if the platform would suddenly go under. If the platform filed for bankruptcy, will members and partners get any compensation? That’s the risk that comes with NFTs as they are not yet listed under tradeable goods by regulators.

There’s little or no legal protection from those who create, invest, partner, or trade with them.

Verdict on OpenSea

If you’re looking to buy or sell NFTs, we recommend this platform.

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