{"id":37678,"date":"2022-08-04T18:07:07","date_gmt":"2022-08-04T15:07:07","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=37678"},"modified":"2025-08-29T19:59:57","modified_gmt":"2025-08-29T16:59:57","slug":"why-opensea-is-the-most-popular-nft-marketplace","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/why-opensea-is-the-most-popular-nft-marketplace\/","title":{"rendered":"Why OpenSea is the most popular NFT marketplace?"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-cards single_card\">\n<h2 class=\"card_label\">Key points<\/h2>\n<ul class=\"wp-block-list\">\n<li>OpenSea is the leading marketplace for trading non-fungible tokens (<a href=\"https:\/\/forklog.com\/en\/news\/what-are-nfts\">NFT<\/a>), launched in 2017 in New York.<\/li>\n<li>Its key advantages include multi-chain support, a royalties programme for NFT creators, and the ability to mint non-fungible tokens for free using the Polygon network.<\/li>\n<li>OpenSea hosts popular NFT collections and various types of digital art, from illustrations by well-known figures and meme-makers to virtual land in metaverses.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-text-wrappers-cards single_card\">\n<h2 class=\"card_label\">Who launched the platform, and when?<\/h2>\n<p>The NFT marketplace was founded by Devin Finzer (now CEO) and Alex Atallah. In early 2022, Forbes <a href=\"https:\/\/www.forbes.com\/sites\/elizahaverstock\/2022\/01\/05\/nft-billionaires-opensea-founders-each-worth-billions-following-latest-funding-round\/?sh=173b39c5f9be\" target=\"_blank\" rel=\"noreferrer noopener\">named<\/a> them the first dollar billionaires of the NFT industry, putting their combined net worth at $2.2bn.<\/p>\n<p>The startup was founded in 2017; the site\u2019s beta version launched the same year. In 2018 the project received its first investment from the Y Combinator incubator. The OpenSea team was inspired by the success of the NFT game CryptoKitties, which at the time accounted for the lion\u2019s share of all transactions on the Ethereum network.<\/p>\n<p>True popularity arrived in 2021 with the NFT boom. The team drew in high-profile collections including <a href=\"https:\/\/forklog.com\/en\/news\/what-is-apecoin-ape\">Bored Ape Yacht Club<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/what-is-axie-infinity-axs\">Axie Infinity<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/what-is-decentraland-mana\">Decentraland<\/a>. Within a year, trading volume on the marketplace grew more than 640-fold to $14.6bn, and OpenSea\u2019s share of overall NFT trading exceeded 90%.<\/p>\n<p>In spring 2021, OpenSea raised $23m in a Series A round, and in<br \/>July it closed a $100m Series B led by the venture fund Andreessen Horowitz (a16z). At the end of 2021 the team conducted another funding round, initially targeting a $10bn valuation; the project was ultimately priced higher, at $13.3bn.<\/p>\n<p>In early 2022, OpenSea appeared in the Forbes Fintech 50, and TIME named the marketplace among the 100 most influential companies in the world.<\/p>\n<\/div>\n<div class=\"wp-block-text-wrappers-cards single_card\">\n<h2 class=\"card_label\">How does OpenSea work?<\/h2>\n<p>At the project\u2019s outset, the team billed the platform as an eBay-like online shop for NFTs. Today OpenSea is the largest marketplace for buying, selling and creating collections of non-fungible tokens.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"What is OpenSea?\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/uMKaV4Exkr4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<p>The platform\u2019s NFT-creation infrastructure suits both beginners and advanced users. To create and list your own NFT on OpenSea without coding skills, <a href=\"https:\/\/forklog.com\/en\/news\/how-to-mint-an-nft-for-free-a-step-by-step-guide\">read our guide<\/a>.<\/p>\n<p>To open an account, connect one of 16 supported crypto wallets: MetaMask, Coinbase Wallet, WalletConnect, Fortmatic, Phantom, and so on.<\/p>\n<p>On OpenSea\u2019s homepage you will find <a href=\"https:\/\/opensea.io\/rankings\" target=\"_blank\" rel=\"noreferrer noopener\">statistics<\/a> on NFTs and various <a href=\"https:\/\/opensea.io\/explore-collections\" target=\"_blank\" rel=\"noreferrer noopener\">categories<\/a>: art, collectibles, domain names, music, photography, virtual land, in-game assets, memes and much more.<\/p>\n<\/div>\n<div class=\"wp-block-text-wrappers-cards single_card\">\n<h2 class=\"card_label\">Why is OpenSea so popular?<\/h2>\n<p>The platform has several advantages that make it attractive and popular with users.<\/p>\n<p>One major plus is support for multiple blockchains: Polygon, Klaytn and Solana. The developers plan to add Flow and Tezos, both popular in the NFT space.<\/p>\n<p>Another advantage is that OpenSea users can <a href=\"https:\/\/support.opensea.io\/hc\/en-us\/articles\/4404029357587-How-do-I-create-and-sell-NFTs-on-Polygon-\" target=\"_blank\" rel=\"noreferrer noopener\">mint NFTs for free<\/a> using the Polygon network, avoiding gas fees on Ethereum.<\/p>\n<p>A further advantage is that an NFT creator can enable <a href=\"https:\/\/support.opensea.io\/hc\/en-us\/articles\/1500009575482-How-do-creator-earnings-work-on-OpenSea-\" target=\"_blank\" rel=\"noreferrer noopener\">royalties<\/a> and receive up to 10% of the token\u2019s price from each subsequent sale after the initial purchase.<\/p>\n<\/div>\n<div class=\"wp-block-text-wrappers-cards single_card\">\n<h2 class=\"card_label\">How to buy an NFT on OpenSea?<\/h2>\n<p>Open the <a href=\"https:\/\/opensea.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">OpenSea<\/a> homepage and go to <a href=\"https:\/\/opensea.io\/explore-collections\" target=\"_blank\" rel=\"noreferrer noopener\">Explore<\/a><strong> <\/strong>to browse the works listed on the platform. Collections are grouped by category. The most popular lately appear under Trending.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"560\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/opensea-screen-1-fl-1024x560.png\" alt=\"Why is OpenSea the most popular NFT marketplace?\" class=\"wp-image-180904\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/opensea-screen-1-fl-1024x560.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/opensea-screen-1-fl-300x164.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/opensea-screen-1-fl-768x420.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/opensea-screen-1-fl-1536x839.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/opensea-screen-1-fl-2048x1119.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: OpenSea website<\/figcaption><\/figure>\n<p>The menu on the left side of the page lets you filter by status, price range, quantity, blockchain, category and other parameters.<\/p>\n<p>The NFT Status filter offers a choice between new non-fungible tokens (New), those on auction (On Auction) or those offered at a fixed price (Buy Now).<\/p>\n<p>Click any image to see details about the NFT. On the next page you can buy immediately by clicking Buy now, or propose your own price via Make offer.<\/p>\n<\/div>\n<div class=\"wp-block-text-wrappers-cards single_card\">\n<h2 class=\"card_label\">What is the project criticised for?<\/h2>\n<p>In early 2022 the platform capped free minting at no more than five collections of 50 NFTs each. It reversed the change within a day after numerous complaints.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">To all the creators in our community impacted by the 50 item limit we added to our free minting tool, we hear you and we&#8217;re sorry. <\/p>\n<p>We have reversed the decision. <br \/>But we also want to offer an explanation \u21af <a href=\"https:\/\/t.co\/Y3igaE1RM2\">pic.twitter.com\/Y3igaE1RM2<\/a><\/p>\n<p>\u2014 OpenSea (@opensea) <a href=\"https:\/\/twitter.com\/opensea\/status\/1486843201352716289?ref_src=twsrc%5Etfw\">January 27, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<p>The platform\u2019s administrators <a href=\"https:\/\/twitter.com\/opensea\/status\/1486843204062236676?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1486843204062236676%7Ctwgr%5E92fe7e0acae7742dcb56dcf8db1ea641e71bc9c1%7Ctwcon%5Es1_&#038;ref_url=https%3A%2F%2Fforklog.com%2Fopensea-bolee-80-vypushhennyh-besplatno-nft-okazalis-plagiatom-ili-spamom%2F\" target=\"_blank\" rel=\"noreferrer noopener\">explained<\/a> the limits by saying that 80% of the works listed on the platform were plagiarised versions of well-known collections or fakes.<\/p>\n<p>After some time, OpenSea introduced measures to combat fraud and plagiarism. According to the team\u2019s plan, this should reduce violations of intellectual-property rights.<\/p>\n<\/div>\n<div class=\"wp-block-text-wrappers-cards single_card\">\n<h2 class=\"card_label\">How did the crypto winter affect OpenSea?<\/h2>\n<p>According to CoinGecko, 2022 was among the worst years in the history of the cryptocurrency market. The trend carried over to NFT trading.<\/p>\n<p>Analysts at The Block calculated that in June 2022 overall NFT trading volume fell by 74%, to $1.04bn from $4bn in May 2021. The Dune analytics platform shows an even lower figure for the same period \u2014 just $0.5bn.<\/p>\n<p>Even so, The Block\u2019s data indicate that two-thirds of the total value of transactions went through OpenSea, keeping it the leading trading platform in its segment.<\/p>\n<p>Amid the slump in activity, the team announced in July 2022 that it would cut 20% of staff.<\/p>\n<\/div>\n<div class=\"wp-block-text-wrappers-cards single_card\">\n<h2 class=\"card_label\">What else to read?<\/h2>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/what-are-nfts\">What is an NFT?<\/a><\/p>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/how-to-mint-an-nft-for-free-a-step-by-step-guide\">How to mint an NFT: everything you need to know<\/a><\/p>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/what-are-cryptopunks\">What is CryptoPunks?<\/a><\/p>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/what-is-apecoin-ape\">What is the ApeCoin (APE) cryptocurrency?<\/a><\/p>\n<p>What are ERC-20 tokens?<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Launched in 2017, OpenSea rocketed to prominence during 2021\u2019s NFT boom. Which advantages made the marketplace the clear leader in non-fungible tokens? We break it down.<\/p>\n","protected":false},"author":1,"featured_media":37679,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"2","_short_excerpt_text":"Launched in 2017, OpenSea rose to prominence during 2021\u2019s NFT boom. Here is why it leads the NFT market.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[2113],"tags":[2129,2118,1213,1265],"class_list":["post-37678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptorium","tag-101-nfts-and-the-metaverse","tag-101-trading-and-investing","tag-nft","tag-opensea"],"aioseo_notices":[],"amp_enabled":true,"views":"81","promo_type":"1","layout_type":"1","short_excerpt":"Launched in 2017, OpenSea rose to prominence during 2021\u2019s NFT boom. Here is why it leads the NFT market.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/37678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=37678"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/37678\/revisions"}],"predecessor-version":[{"id":37680,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/37678\/revisions\/37680"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/37679"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=37678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=37678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=37678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}