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OpenSea

What is OpenSea?

OpenSea is a digital marketplace for buying and selling non-fungible tokens (NFTs), which are unique digital assets that can be transferred between users.

The platform was founded in 2017 by John Linden and Louis Aboude, who sought to create an easy way for people to trade their NFTs on the Ethereum blockchain. Today, OpenSea has over 1 million registered users who have transacted more than $180 million worth of crypto through its service.

Security Features

OpenSea has several security features that help keep your crypto safe.


  • Two-factor authentication: This is a standard feature for any cryptocurrency exchange, and OpenSea has it. When you log in to your account, you'll be prompted to enter a code from an app on your phone as well as the password. This makes it much harder for someone else to access your account without having access to both pieces of information at once--and even if they did have access, they'd still need physical possession of both devices before they could log in successfully!
  • Cold storage: Crypto exchanges often keep some or all of their funds offline so hackers can't steal them with malware attacks or phishing scams (which is why we recommend storing most of your coins offline). OpenSea keeps 90%+ of its funds stored securely in cold storage; this means they're not vulnerable while being transferred between wallets and exchanges like other sites might be.* SSL encryption: All data transmitted between users' computers and is encrypted using Secure Socket Layer (SSL), which ensures no one can intercept sensitive information like passwords or private keys while it travels across networks.*

Using OpenSea

To get started with OpenSea, you'll need to create an account. You can do this by clicking the "Sign Up" button in the top right corner of your screen and entering your email address and password. Once you've signed up, you'll be brought to a page that allows you deposit funds into your account using Bitcoin or Ether (the two cryptocurrencies supported by OpenSea).

Once those funds are deposited into your account, it's time for business! You can search for digital assets using filters like category, price range and more; or browse through popular listings by clicking on them from our homepage or from within any category page. When viewing an individual listing on our site:


  • Clicking "Buy Now" will purchase that item immediately at its current price
  • Clicking "Bid" will place an offer on that item at whatever amount is specified below it

Fees and Limits

The transaction fees vary depending on asset type. For example, the fee for buying a token is usually higher than selling it. The deposit and withdrawal limits vary depending on user's account level:


  • Basic accounts have no deposit or withdrawal limits but are limited to only one trade per day
  • Verified users can deposit/withdraw up to $50K worth of tokens per week (and up to $500K worth every month)

Supported Assets

The following assets are supported:


  • ERC-721 and ERC-1155 tokens
  • Ethereum (ETH)
  • Bitcoin (BTC)

             and USD Coin (USDC).

Customer Support

Customer support is available through live chat and email, as well as phone support. We are always happy to help you with any questions or concerns you may have!

OpenSea Mobile App

The OpenSea mobile app is available on Android and iOS. You can download it here:

Once you've downloaded the app, you'll be prompted to create an account by providing a username, email address and password. You can also choose to link your Facebook account so that your profile picture will be pulled from there. Don't worry--we won't post anything without your permission!

OpenSea vs Other Exchanges

OpenSea has a user-friendly interface, low fees and wide range of supported assets. It also provides good customer support.


The main difference between OpenSea and other exchanges is that it allows users to buy, sell and trade in-game items directly with each other without an intermediary.


Pros and Cons of OpenSea

Pros:


  • Low fees. OpenSea's fee structure is straightforward and simple, with no hidden costs or surprises. The standard transaction fee for all sales is 2%, which can be reduced to 1% if you have an account with at least $10k worth of assets on the platform.
  • Wide range of supported assets. OpenSea currently supports ERC-721 and ERC-1155 tokens, but they're working on adding support for other types of digital collectibles (like CryptoKitties). If your token isn't listed yet, there's a good chance that it will be soon!
  • Good customer support. If you ever have any questions about using OpenSea or need help with anything related to your account or transactions on the platform, their team will get back to you within 24 hours during business hours (9am - 5pm PST).

Cons:


Conclusion

  • OpenSea is a reliable and secure digital marketplace for buying and selling non-fungible tokens (NFTs).
  • It's important to note that the platform is still in beta, so there may be some bugs or glitches. However, if you're looking to buy NFTs at a fair price and sell them quickly, this is the place to go!

Video

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