What is OpenSea

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OpenSea is a comprehensive NFT trading marketplace where users can mint, display, trade, and auction various NFTs. According to data by Dune@rchen8, OpenSea currently boasts over 2.8 million traders, making it a leading NFT marketplace in the crypto sector. The platform was founded by Devin Finzer and Alex Atallah in December 2017.

Like most NFT marketplaces, OpenSea generates revenue from user transaction fees. At present, the platform charges a 2.5% fee for secondary transactions, while the fee for initial minting can go up to 10% — this is relatively high compared to some of its newer competitors.

Furthermore, transaction fees vary depending on the network used by the user. For example, transaction fees on the Ethereum network typically range between $5-10, as block space on this network is pricier.

Initially, OpenSea only supported NFTs in the ERC-721 format on the Ethereum network. However, it has now expanded to support both ERC-721 and ERC-1155 formats, evolving into a cross-chain marketplace that provides compatibility across Ethereum, Polygon, Klaytn, Solana, Arbitrum, Optimism, Avalanche, BNB, Zora, and Base blockchains, covering both Layer 1 and Layer 2 solutions.

As of September 2023, OpenSea supports 15 different wallets, but multi-signature wallets are not yet supported. You can check the official website to see if your wallet is compatible.

NFT MarketPlace

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