OpenSea is a decentralized marketplace for Ethereum assets. This is a free platform that offers you the infrastructure to buy, sell, and create NFTs.
But before investing or storing your NFTs, it is a must to check the reliability, safety, and other aspects of a platform, and OpenSea is no different.
There are a lot of questions circulating regarding the legitimacy and safety of the platform, and hence, we have come up with this post. If you are not sure if you should use OpenSea or not, reading this article will give you a clear understanding of it. So, let’s get started.
Is OpenSea Safe?
Yes, OpenSea is safe to use. This is one of the largest marketplaces for NFTs and controls almost 90% of the total trading volume. It also features safeguards to identify any scam and malicious activity on the platform.
However, like any other dApps, there are also some risks associated with OpenSea as well.
However, the platform had some controversies. In 2021, OpenSea declared that one of its employees was alleged to have insider trading, and he used to provide information to buy NFTs which were not even listed on the platform.
After this, they have created two policies to prevent it from happening again in the future.
Other than that, a lot of people fear that OpenSea operates on the Ethereum blockchain, which itself is risky.
But, you will be relieved to know that OpenSea is only a platform where you can buy, sell or view the NFTs that you have created. OpenSea does not hold them.
To keep the platform secure, OpenSea uses a protocol named Wyvern that is used to make an individual contract for each user on the platform. So, to carry out any transaction, your approval will be needed.
Lastly, you will also have to prevent yourself from any human scam. Sometimes, it’s just the Humans who do all the things.
For this, keep yourself safe from any Fake NFT. Keep a check on the address and authenticity of the NFT. For this, you can also buy or check OpenSea verified NFTs and Accounts.
If there is some vulnerability, scammers will look for a way to exploit it. But, as we have said, this can happen with any website on the internet. So, on an overall basis, OpenSea is a safe platform to store your digital assets.
Also Read:
Is OpenSea Legit?
Yes, OpenSea is a legitimate platform. OpenSea is among one of the most used and trusted platforms to buy and sell your NFTs. The NFTs are created and sold using smart contracts to ensure the valid owner of the NFT.
However, like any other digital platform, there are also risks associated with OpenSea. The application holds a value of $13.3 billion and dominates 90% of the NFT platform market.
Most people prefer this platform for selling and buying NFTs. Moreover, the portal follows all the security measures to maintain the legitimacy of the platform. So, though it may not be 100% secure, it is a legit platform.
What Makes OpenSea IO Different From OpenSea?
Unlike OpenSea, which is entirely free, OpenSea IO charges a small percentage of every transaction. They charge 0.15% per trade.
As such, OpenSea IO is ideal for experienced traders. If you want to learn about cryptocurrency trading but don’t want to risk losing your entire investment, this is the best option for you.
On the flip side, if you are new to crypto trading, OpenSea is probably better suited for you.
It is free to use and allows you to deposit fiat currency into your account without having to register first. Moreover, withdrawals are instant and do not require KYC/AML verification.
Why Is OpenSea Good?
There are many reasons why OpenSea is a great choice for beginners.
- It is completely free to open an account.
- It allows users to deposit fiat currency directly into their accounts.
- Withdrawals are instant and require no KYC checks.
- The platform does not impose any restrictions on how much you can withdraw each time.
- OpenSea does not charge any transaction fees.
- The site is easy to navigate.
- OpenSea provides detailed tutorials and guides that help you get started quickly.
- OpenSea supports multiple languages.
- The platform is very secure.
- OpenSea is backed by a team of developers who have been working on the project since 2014.
- OpenSea is regulated by New York State’s Department of Financial Services (NYDFS). Therefore, you know that all trades will be executed safely and securely. However, there are a few challenges with OpenSea. First, it requires registration before you can start trading. Second, its UI is quite basic. Third, it has fewer trading pairs than other platforms like Coinbase Pro.
Can You Get Hacked From OpenSea?
There are chances. There have been several cases in recent years where hackers broke into exchange websites and stole funds belonging to customers. This is because most of these websites store user information in plain text files.
Hackers can easily access these files and steal customer data. They can also perform phishing attacks to trick people into giving away their details.
For example, they may send emails asking for sensitive information like passwords or bank details. Once they obtain this information, they can transfer money out of your account.
Conclusion
OpenSea is a great place to start if you’re new to crypto trading. The platform makes it simple to buy cryptocurrencies without having to deal with complicated jargon or ID verification processes. Plus, the fees are extremely reasonable.
