Transactional
Openseas is a new transaction website popular in the new era of NFTs. Openseas is a free NFT marketplace that allows individuals, companies, and projects to post, sell, and view NFT items and collections. Openseas does not require an email and password in order for you to access their site, instead, they use your crypto wallet as login information, tying your account to your wallet. Openseas uses various crypto blockchains, such as Solana, Polygon, and Klaytn with their main audience using the Etherium blockchain. Openseas is an awesome platform for creators to post their NFT work to, as they are able to create renewable income with every transaction of their NFT, with a royalty fee – this is not native to openseas, and is programmed into the NFTs contract. – Openseas makes its money with a 2.5% service fee charged on every NFT transaction. Consumers are not thrilled with the additional fees that they pay on their sales, with creator royalty fees ranging from 0-12%, a service fee of 2.5%, and blockchain gas fees consumers can instantaneously lose up to 25%+ of the original value of the NFT. –depends on the price of the NFT when purchased, and the gas fee. Additionally, it is only the seller who pays the royalty fee and service fee.