What is Opensea?

OpenSea is an Ethereum-based peer-to-peer marketplace for all of digital artworks and crypto collectibles. It is the largest NFT hub, containing millions of NFTs from numerous DApps, including the best-selling ones.

Currently, there are over 700,000 virtual assets, all groupable by type, price, and date of release, on the buzzing online marketplace.

Buying NFTs on OpenSea

OpenSea is a user-friendly that allows anyone to buy, sell or create their own NFTs. Like many DeFi platforms, OpenSea works with most modern Ethereum wallets like Meta Mask.

To start, visit the OpenSea platform’s official website and select the blue explore button. From there you can begin browsing collections, items up for sale, recently sold items, and more.

Explore NFTs for Sale

By default, prices are listed in ETH, but some items have an alternate price such as USDC or DAI.

The site works in either auction or buy it now. Potential buyers can make an offer and the seller decides whether or not to accept the offer and complete the sale. Alternatively, buyers can pay the full asking price and get the item by choosing the buy it now option.

Is Opensea Safe?

OpenSea is the largest digital collectible marketplace in the world and it isn’t vulnerable to hacks and scams. There have been claims recently that OpenSea users had their accounts hacked after receiving a free NFT. Thankfully, a cybersecurity company found a solution to the problem.

Is OpenSea safe now?

If someone is just getting started with digital collectibles, they could be vulnerable. OpenSea has many security measures put in place to protect users conducting everyday activities, but with a platform so big, there will always be malicious parties looking to find a weakness in its defenses.

Opensea volume

The crypto market’s largest NFT marketplace, OpenSea, has officially facilitated more than $10 billion in volume for the first time since opening its doors four years ago. In August, for example, the platform’s total volume was just $1 billion.

NFTs are cryptographically unique tokens that can be linked to digital or physical assets such as artwork, music, or videos. Many of the most famous NFT series, such as Bored Ape Yacht Club, frequently trade hands on OpenSea, while the platform has also hosted multi-million-dollar sales.

In comparison with other major platforms, OpenSea is streets ahead in terms of trading volume.

Ethereum-based platforms Rarible and SuperRare.co have volumes of just $263.97 million and $177.95 million, respectively. The average price per sale, however, on Rarible and SuperRare is much higher than on OpenSea, suggesting the latter two platforms are more popular for higher-ticket sale items.

Final Thoughts

NFTs are truly a new frontier. As such there are bound to be bumps along the way. OpenSea thankfully takes a very friendly approach that is welcoming to newcomers and experts alike. Just be sure before buying anything that you understand what it really is and what it’s value is or isn’t.

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