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OpenSea vs. FTX.US: 

OpenSea and FTX.US are two competitive choices for those who’d either like to create and sell, collect, or collect and resell NFTs. Both platforms offer also multiple crypto options for creators who want to list their products, but they vary when it comes to fees, NFT perks, and investment options.

OpenSea is the best platform for those who want the most flexibility in terms of creating or collecting NFTs. In addition to its 10% royalty, the exchange doesn’t charge creators gas fees until their NFT sells for the first time (this means you won’t lose money if your work doesn’t sell), and it offers collectors more than 150 payment options.

FTX.US is a better move for those in search of a wider suite of investment options. The platform not only offers an NFT marketplace, but it also allows for crypto trading, margin trading, and crypto derivatives. However, while its 2% NFT fee for sellers is lower than OpenSea’s 2.5% fee, creators won’t be able to earn royalties.

Fees

2.5% (no service charge for buyers)

Fees

2.5% (no service charge for buyers)

Pros

  • No gas fees for NFT creators until users buy the product
  • Vast range of NFT collectibles and products
  • Hundreds of payment options (OpenSea accepts cryptocurrencies)
  • Buyers can make secondary sells and the original NFT creators can earn up to 10% in royalties

Cons

  • Limited customer support
  • 10% royalty is low compared to other platforms, like Rarible, that offer up to 50%

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More Information

  • Promotion: None at this time.

Fees

Crypto transactions: 0.00-0.10% maker fees, 0.05-0.40% taker fees; NFTs: $1 to mint/create, 2% to buy or sell

Investment Types

Cryptocurrencies, NFTs, and derivatives

Fees

Crypto transactions: 0.00-0.10% maker fees, 0.05-0.40% taker fees; NFTs: $1 to mint/create, 2% to buy or sell

Investment Types

Cryptocurrencies, NFTs, and derivatives

Pros

  • No minimum to get started
  • Low fees
  • NFT marketplace, margin trading, and crypto derivatives available
  • FTX Card and FTX Pay make it simple to utilize crypto balances for purchases and more

Cons

  • Limited cryptocurrency selection (FTX.US offers fewer than 30 coins)
  • No staking (staking allows users to earn interest and rewards by holding a set amount of a specific cryptocurrency for a certain period of time)

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More Information

  • Promotion: Get a free coin for every trade over $10.

OpenSea and FTX.US’ features and account products also vary. 

Is OpenSea right for you?

The OpenSea NFT marketplace has been in business since 2017, offering cross-blockchain support for ethereum, polygon, and klatyn (this gives creators more options for minting/listing NFTs on the marketplace). While creators can list their work for sale, collectors can both purchase or purchase and resell the NFTs they’re interested in.

In addition, OpenSea doesn’t charge any upfront gas fees for creators (NFT platforms typically charge gas fees when you mint an NFT). It only charges the gas fee once your NFT sells for the first time. And when it comes to investment categories, OpenSea offers art, collectibles, photography, domain names, music, sports, trading cards, utility, and virtual worlds.

OpenSea also gives you access to both a vast selection of payment options and crypto wallets. You can use more than 150 tokens, including WHALE and uniswap, for payment. Plus, the platform’s wallet selection features MetaMask, Coinbase Wallet, TrustWallet, Portis, and more (see its complete list of supported wallets here).

OpenSea also allows the original NFT creators to earn 10% royalties when their token resells on the secondary market; that is, when collectors resell NFTs, the creators get 10% of the profit.

Read our OpenSea review »

Is FTX.US right for you?

FTX.US, like OpenSea, offers a space where NFT creators can connect with collectors. Creators can mint their products through ethereum or solana, and the platform offers several categories of NFTs, including generative art, virtual worlds, photography, sports, and much more (see its complete offerings here).

The platform has a leg up on OpenSea when it comes to overall offerings. OpenSea, albeit a larger NFT marketplace, only offers NFTs. FTX.US, on the other hand, gives you access to cryptocurrency trading, margin accounts, and crypto derivatives.

When it comes to fees, it charges creators $1 to mint NFTs. FTX.US also charges 2% to the seller for each sale or trade. And if you’re a collector, you can purchase the tokens by either bidding on them or directly buying them.

But if royalties are important to you as an NFT creator, FTX.US may not be the best choice. The exchange doesn’t pay you extra money when collectors resell your work. OpenSea offers 10% royalties, so it may be a better platform in that category.

Read our FTX.US review »

Rickie Houston, CEPF

Wealth-Building Reporter

Rickie Houston is a wealth-building reporter for Business Insider, tasked with covering brokerage products, investment apps, online advisor services, cryptocurrency exchanges, and other wealth-building financial products. He is also a Certified Educator in Personal Finance (CEPF). Previously, Rickie worked as a personal finance writer at SmartAsset, focusing on retirement, investing, taxes, and banking topics. He’s contributed to stories published in the Boston Globe, and his work has also been featured in Yahoo News. He graduated from Boston University, where he contributed as a staff writer and sports editor for Boston University News Service. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »

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