OpenSea is a huge online marketplace from where you can buy Non-fungible tokens (NFTs) and other convertibles based on cryptocurrencies. Devin Finzer and Alex Atallah, the founders of this company, conceived the concept of OpenSea in 2017 and started the operations with headquarters in New York.
NFTs are digital assets stored on the blockchain networks. They are digital records of the ownership of a coin by a particular entity. On the OpenSea platform, the digital assets are sold either directly or through auctions.
OpenSea was an immediate success after its launch. In November 2019, the platform USD 2.1 million as venture capital. In the early months of 2020, the platform reached a record 4000 active users and the platform oversaw transactions worth USD 1.1 million in March 2024.
The company acquired Unicorn status in July 2021, and its number of active users spiked to 1.8 million in November 2021.
One of the features of OpenSea that make the platform distinct is the free-of-cost transactions that can be made on the platform. Its native mobile application allows users to browse NFTs on the platform.
The Method of Buying NFT on the OpenSea Platform
The process of purchasing NFTs from the OpenSea platform is quite simple. Before we look at the buying process, let us understand crypto wallets, the major prerequisite needed for purchasing NFT on OpenSea.
A crypto wallet is a digital wallet that can be used for exchanging cryptocurrencies for various purposes such as buying, borrowing, and paying gas fees.
You can use either a custodial or non-custodial wallet. In a custodial wallet, the private keys of the tokens will be monitored by the wallet authorities whereas in a non-custodial wallet, the users can take care of their private keys.
Here is the procedure for buying NFTs from OpenSea.
Select the NFT that you intend to buy and decide from where you intend to buy the NFT, whether it is from the project’s website or an NFT marketplace like OpenSea. You can decide on which NFT to buy by gaining knowledge from various social media handles or the promotion pages of different NFT marketplaces.
Once you have selected the NFT to be bought, check its current price and ensure that it is affordable for you.
On the purchase page, click on the designated button to buy the NFT. Alternatively, you can participate in auctions to buy an NFT at a more profitable rate.
Provide the information about the crypto wallet that you intend to use to transfer funds for buying the NFT.
On the buying platform, confirm the order and make the payments to finalize the transaction.
After the payments are made, the purchased NFTs will be added to your list.
How to Ensure that the NFT you Intend to Purchase is authentic?
The authenticity of the NFT that you intend to purchase is marked against it using blue check marks.
If the NFT is verified by its creator, then you will find the check marks. The check marks will be absent if the token is unauthorized.
How to Stay Abreast of Frauds while Purchasing NFTs?
Your NFT purchase experience can be marred by security threats or attacks by fraudsters. So, you must know about ways to counter such efforts.
Since the NFT marketplace is decentralized, it is the responsibility of the users to stay safe.
Never conduct transactions on a doubtful architecture and never initiate rade with a suspicious enterprise.
Airdrops are an easy method to earn NFTs, but make sure that you accept the airdrops from an authentic project. You should be vigilant if you receive unlockable content as part of airdrops.
Determine the authenticity of the NFT you purchase by analyzing the platform’s past activities and its market performance analytics. If there is anything doubtful about the historical activities of the NFT, you shouldn’t buy it.
Even though it is not a rule of thumb, do not trust an NFT that doesn’t have a functional website or dedicated social media handles to get information about it.
Moreover, do not share information about your Crypto wallet as a response to SMS or messages on the social media platform. Authentic platforms such as OpenSea will never ask you to disclose information on such vulnerable platforms.
To conclude, OpenSea is a reliable platform where you can safely purchase NFTs, and all investors are requested to make good use of this platform.
