OpenSea is a comprehensive NFT trading market. Users can mint, display, trade, and auction various NFTs on the platform. NFT. According to data from Dune@rchen8, OpenSea currently has more than 2.8M traders and is the leading NFT trading market in the encryption market. The platform was founded in December 2017 by Devin Finzer and Alex Atallah.
Like most NFT trading markets, OpenSea makes money through user transaction fees. The current platform's secondary transaction fee is 2.5%, and the primary placement (Mint) can reach up to 10% - compared with some new competitors, OpenSea's fees are relatively high.
In addition, transaction fees will vary depending on the network the user is using. For example, fees on Ethereum typically range from $5-10 per transaction because block space is more expensive on that network.
OpenSea initially only supported ERC-721 format NFTs on the Ethereum network. It has now been expanded to a cross-chain that supports ERC-721 and ERC-1155, involving Layer 1 and Layer 2. Marketplace that provides cross-chain compatibility across Ethereum, Polygon, Klaytn, Solana, Arbitrum, Optimism, Avalanche, BNB, Zora and Base blockchains.
As of September 2023, OpenSea supports a total of 15 wallets and does not currently support multi-signature wallets. You can check whether your wallet is available through the official website information.