What Makes The OpenSea Non Fungible Token Platform so Unique?

Non Fungible Token Platform
5 mn read

OpenSea has quickly risen to prominence as one of the leading platforms in the burgeoning world of non-fungible tokens (NFTs). With its user-friendly interface, vast array of supported assets, and innovative marketplace features, OpenSea has become a go-to destination for creators, collectors, and enthusiasts alike. Whether you’re an artist looking to showcase your digital creations or a collector seeking unique and rare NFTs, OpenSea offers a dynamic and thriving ecosystem. In this article, we’ll delve into what makes the OpenSea NFT platform so unique and explore its key features that have contributed to its widespread popularity.

When you deep dive into an Open ocean, you see the most magnificent creatures under the sea! You would be breath taken at how beautiful mother nature is and the artistry involved with their creation.

Similarly, if you deep dive into an Open Sea of NFTs, you will see the beauty created by humans in the form of music, art, collectables, etc. These are created digitally and can be sold out as Non-fungible tokens that cannot be exchanged with something similar.

Open Sea is an NFT platform where you can discover unique forms of digital art and claims to be the first and the largest peer-to-peer NFT platform.

What is The OpenSea and Non-Fungible Token on NFT?

The decentralized marketplace is OpenSea, where any user or customer can buy and sell non-fungible tokens. It would help if you also had an Ethereum wallet because OpenSea is built on the Ethereum blockchain. OpenSea supports blockchains, including Polygon (MATIC) and Klaytn (KLAY) and also supports Over a dozen wallets, including MetaMask, TrustWallet , Coinbase. Anyone can buy and sell these items on the platform because there are over 200 payment options. Over the 200-payment option which helps you to choose from them.

On the other hand, a modern digital item is Non-Fungible Tokens (NFTs) which manage blockchain ownership. In 2021, funded the Initially NFT exchange began as a market for Crypto Kitties that was Founded in 2017. But it has expanded beyond collectibles. Variety of digital assets, it’s currently a marketplace including art, domain names, game items, and music.

What does the Open Sea NFT platform have to offer?

The Ethereum blockchain completely powers the Open Sea NFT.

  • It is beginner-friendly for someone unaware of the perils and highs of investing in NFTs.
  • They have onboarding tutorials and resources on how to get started with your first NFT investment.
  • It guides you on how to choose your crypto wallet; it lists the benefits of each of them, and you can make a sound decision based on that.
  • Offers you a couple of desktop wallet optionalities too. These crypto wallets provide you with more excellent protection than web crypto wallets.
  • Guides you on how to buy Ether by Ethereum.
  • And a guide on how the entire marketplace functions.

These guides boost your confidence about something you were not aware of earlier and are guaranteed to learn something new; if not, invest.

Costs involved in operating the Open Sea NFT

NFT on Opensea have no costs associated with creating and listing. Involving an NFT, OpenSea takes 2.5% of every transaction a user chooses to list using OpenSea.

Like any other marketplace or exchange, the Open Sea NFT has transaction costs associated with the exchange. These costs may also be known as gas fees. 

What are gas fees?

Gas is the computational effort necessary to perform specified activities on the Ethereum network. And the cost associated with that is called gas fees.

Since Open Sea NFT is running on the Ethereum blockchain, there are three types of Gas fees involved:

One-time fee:

Before listing Ethereum, you’ll need to pay an account initialization charge if you’ve never sold on Open Sea before. This enables trade between your wallet and Open Sea, allowing Open Sea to access transfer items in the event of a sale.

You’d have to pay a one-time transaction approval charge if the item you’re selling was not created on Open Sea but through a custom NFT contract.

Recurring fee:

When you use Ethereum, you’ll have to pay gas fees when:

  1. Accepting a proposal
  2. Buying an NFT
  3. Transferring (or Gifting) an NFT
  4. Cancelling a Listed
  5. NFT Canceling a Bid
  6. WITH to ETH conversion and vice versa.
  7. Your metadata is being frozen.
  8. Transferring ETH to and from Polygon or bridging ETH.

Actions that are free of gas

This means that the actions that are given below do not account for any gas fees:

Open Sea NFT platform

  1. Making a fresh NFT, often known as “Lazy Minting.”
  2. Putting together a collection.
  3. Assigning a fixed price to an NFT.
  4. An NFT can be listed as an auction.
  5. Lowering the cost of an NFT that you’ve listed* (WITH is only needed when you accept or create an offer).

Do the gas fees remain constant?

No, gas prices fluctuate due to network congestion; checking websites like ETH Gas Station before completing a transaction is critical. If gas costs are high, one option is to retry the purchase later when the prices are lower.

Rounding back, what makes Open Sea so unique as a marketplace?

The Non-Fungible TokenOpen Sea NFT platform not only allows you to buy and sell Non-Fungible Tokens. It also helps you create new ones, and your store can be on the website. It’s like selling your goods on Amazon, but these are NFTs instead of goods.

Open Sea NFT has their store too, where they have listed a bunch of their NFTs, which they think are of value, like a “store favorite” kind of section.

To wrap up, Open Sea NFT is a diverse platform with offerings for anyone and everyone. From beginners to pros, there’s space for all of you! Even if you didn’t trade anything, you learned something.

What does the future hold for OpenSea?

Paradigm and Coatue led the closed OpenSea round of US$300 million Series C funding in Jan. 2022, raising the platform’s valuation to US$13.3 billion. As the leading NFT marketplace, OpenSea always faces competition. OpenSea’s trading volume is a similar tactic in the short term. Its extensive market help to lead in the long run for sharing. In 2021, OpenSea saw a 646-fold increase in trading volume, which was US$14 billion.

In 2021, of the transaction volume, the NFT market measured US$25 billion, and OpenSea accounted for 56%. The NFT market will surpass US$35 billion in 2022 and US$80 billion in 2025. OpenSea will remain the top NFT marketplace for the foreseeable future with its size advantage.


OpenSea stands out as a unique platform in the non-fungible token (NFT) space due to its wide variety of supported assets, user-friendly interface, robust marketplace features, and strong community engagement. Its ability to cater to both creators and collectors, along with its innovative approach to NFT trading and discovery, sets it apart as a leading platform in the rapidly growing NFT market. As NFTs continue to gain popularity and mainstream adoption, OpenSea remains at the forefront, offering a diverse ecosystem for users to explore and participate in the exciting world of digital collectibles and art.

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What Makes The OpenSea Non Fungible Token Platform so Unique?

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