OpenSea; Rachel Mendelson/Insider
Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.
Overall rating
| Feature | Insider rating (out of 5) |
| Fees | 4.25 |
| Investment selection | 5.00 |
| Platform navigability | 4.50 |
| Customer service | 3.25 |
| Trustworthiness | 1.00 |
| Educational resources/research | 4.00 |
| Overall score | 3.67 |
Is OpenSea right for you?
 OpenSea |
|
| Editor's rating | 3.67 out of 5 |
| Fees | 2.5% (no service charge for buyers) |
| Account Minimum | N/A |
| Promotion | None at this time. |
| OpenSea | |
The OpenSea NFT trading platform is an online marketplace catering to NFT creators, sellers, and buyers. While the company lets you mint and list your NFTs on the primary marketplace, it also allows collectors to relist NFTs they've purchased on the secondary marketplace.
Founded in 2017, the platform also supports multiple blockchains, including ethereum, polygon, and klatyn. Plus, you can browse NFTs by categories like art, collectibles, music, photography, sports, and much more.
The OpenSea NFT trading mobile app is available on iOS and Android devices.
| OpenSea pros | OpenSea cons |
|
|
Not sure if OpenSea is right for you? Keep reading to see how it fares against similar investment platforms.
How does OpenSea compare?
|
OpenSea |
 Binance (Logo Wine) |
 Rarible |
|
Min. Investment N/A |
Min. Investment $0 |
Min. Investment N/A |
|
Fees 2.5% (no service charge for buyers) |
Fees 0.1% standard trading fee, 0.02%/0.04% maker/taker futures fees |
Fees 2.5% |
|
Investment choices |
Investment choices Cryptocurrencies, NFTs, derivatives |
Investment choices NFTs (accepts Ether, tezos, and flow wallets) |
| OpenSea | Binance | Rarible |
OpenSea, Binance, and Rarible all offer NFT trading, but the platforms vary when it comes to fees, investment selections, and available products.
If you're looking to specifically create, sell, and/or buy NFTs, OpenSea and Rarible are probably the better choices. Both platforms strictly cater to NFT creators and buyers. While Binance also offers an NFT marketplace, it's best for all-around cryptocurrency trading.
However, OpenSea is a larger and more established marketplace (Rarible was founded in 2020), and it accepts more crypto wallets than Rarible. Rarible, on the other hand, could be a better fit for NFT creators since it lets you earn up to 50% in royalties.
Ways to invest with OpenSea
OpenSea is a perfect platform for NFT creators who want to mint and sell their products on the primary market, while potentially earning royalties from additional sales (the original creators of NFTs get extra payouts when other OpenSea users purchase their collectibles and resell them — on the secondary market — to other users) on the secondary market.
The platform earns a 2.5% fee from all transactions. And if you're a creator, OpenSea allows you to set your creator earnings up to 10%, meaning you can earn a maximum 10% royalty each time another user buys your NFT.
Here's how the creation and selling process works:
- Set up your crypto wallet (more on that below)
- Create your NFT collection
- Add your NFT(s)
- List your NFT(s) for sale
It also offers gas-free transactions on the polygon marketplace, meaning that buyers don't have to pay fees for trades, and creators can skip out on upfront fees when minting NFTs.
OpenSea supports several crypto wallets. These include MetaMask, Coinbase Wallet, TrustWallet, Portis, FortMatic/Magic, and more (you can see its complete list of supported crypto wallets here).
Is OpenSea trustworthy?
The Better Business Bureau has given OpenSea an F rating. Its rating reflects the BBB's opinion of how well the crypto platform interacts with its customers. But bureau ratings also take into account things like time in business, type of business, customer complaint history, and licensing and government actions.
The BBB says its rating of OpenSea is linked to the length of time the business has been operating, the five complaints OpenSea has received, and the crypto platform's failure to respond to the five complaints filed against it.
The platform has closed five complaints in the past 12 months.
OpenSea Frequently Asked Questions (FAQ)
Is OpenSea a cryptocurrency?
No. OpenSea is an NFT trading platform that offers crypto services for creators and buyers. The platform is compatible with numerous crypto wallets, so NFT creators will easily be able to connect and mint/create new NFTs and sell them to buyers.
What is OpenSea used for?
OpenSea is an NFT marketplace that connects NFT creators to buyers and collectors. The platform accepts multiple cryptocurrencies, including ethereum, US dollar coin, dai, and more than 150 other payment tokens.
And while some NFT trading platforms only support the ethereum blockchain, OpenSea offers cross-blockchain support for ethereum, polygon, and klatyn.
How do you buy an NFT on OpenSea?
In order to buy an NFT on OpenSea, you'll need to go to its marketplace to explore its available artists, items, and collectibles. You can filter by price, bid status, accepted blockchains, and much more.
Once you're ready to order, you can complete your transaction by clicking "Buy now" and finalizing the order by agreeing to the terms and clicking "Checkout."