Table of contents
- What is OpenSea?
- How does the secondary market OpenSea work?
- How to buy an NFT on OpenSea?
- How to protect from scammers when buying Chobies on OpenSea?
- How to verify the Choby authenticity?
- What should I do if I bought scam Choby?
What is OpenSea?
OpenSea is an online marketplace for buying, selling, and discovering unique digital items, such as non-fungible tokens (NFTs) on the Ethereum blockchain.
How does OpenSea work?
The secondary market works as follows. When a user wants to sell an NFT, they can list it for sale on OpenSea. Potential buyers can then browse the marketplace and make offers to purchase the NFT. Once a buyer and seller agree on a price, the buyer can use Ethereum or other cryptocurrencies to purchase the NFT.
OpenSea acts as a decentralized marketplace, meaning that it does not hold any of the NFTs or manage the transaction process. Instead, it uses smart contracts on the Ethereum blockchain to facilitate the buying and selling process. This means that there is no central authority controlling the marketplace, and all transactions are recorded on the Ethereum blockchain.
In addition to buying and selling, OpenSea also features a built-in wallet to manage and store NFTs, as well as a marketplace explorer that allows users to discover new and unique NFTs.
How to buy an NFT on OpenSea?
To buy an NFT on OpenSea, you will need to follow these steps:
- Create an account on OpenSea: You can create an account on OpenSea by visiting the website and clicking on "Sign Up." You will need to provide an email address and create a password to complete the registration process.
- Connect a wallet: In order to purchase an NFT on OpenSea, you will need to connect a digital wallet that supports Ethereum. OpenSea supports several popular wallets such as MetaMask, Coinbase Wallet, and WalletConnect.
- Browse the marketplace: Once you have an account and a connected wallet, you can browse the OpenSea marketplace to find the NFT you want to buy. You can search for specific items or browse through different categories to discover new NFTs.
- Make an offer: Once you find an NFT you want to buy, you can make an offer to purchase it. You will need to specify the amount of Ethereum you are willing to pay, and the offer will be sent to the seller for approval.
- Complete the purchase: If the seller accepts your offer, you will need to confirm the purchase by sending the agreed upon amount of Ethereum to the smart contract address provided by OpenSea. Once the transaction is confirmed on the Ethereum blockchain, the NFT will be transferred to your digital wallet.
It is important to note that the price of NFTs on OpenSea can vary greatly depending on the rarity and uniqueness of the item. Some NFTs can be quite expensive and it's important to do your own research on the item you want to buy and the artist behind it.
How to protect from scammers when buying Chobies on OpenSea?
When buying Chobies on OpenSea, it is important to take steps to protect yourself from scammers. Here are some tips to help you stay safe:
- Research the seller: Before making an offer on an NFT, research the seller's reputation and history. Look for reviews and feedback from other buyers, and check the seller's profile on OpenSea to see how long they have been active on the platform.
- Use a reputable wallet: When making a purchase, it's important to use a reputable wallet such as MetaMask, Coinbase Wallet, and WalletConnect to ensure the safety of your cryptocurrency.
- Don't rush: Take your time to research and consider the purchase before making a decision. Scammers often try to rush buyers into making a quick decision.
- Check the blockchain: You can check the blockchain to ensure that the Choby NFT you are buying is actually unique and not a copy of another item.
- Be aware of the price: Be aware of the price of similar items and be wary of items that are sold at a much lower price than the market value.
- Don't share your private key: Never share your private key with anyone, this is the key to access your digital wallet and if someone has it they can take control of your assets.
By following these tips, you can reduce the risk of falling victim to a scam when buying Chobies on OpenSea.
The general link to the Chobies collection on OpenSea is https://opensea.io/collection/chobies.
How to verify the Choby authenticity?
- Check the metadata: Choby NFTs contain metadata that can provide information about the item, such as the creator, the creation date, and the authenticity of the item. Before making an offer, check the metadata to ensure that the Choby is authentic and not a copy.
- Verify the smart contract address: you can verify the smart contract address of the Choby by checking it on the blockchain. Our smart contract is available on Etherscan: https://etherscan.io/address/0×8a0b3e62173b1803b4c7517d4f6a08e5d5e40da5
- Check the uniqueness of the token: you can check the uniqueness of the token by using a blockchain explorer, if the token ID is the same as another token on the blockchain it's a copy and it's not unique, and therefore it's not an NFT.
What should I do if I bought scam Choby?
If you suspect that you have bought a scam Choby on OpenSea, there are a few steps you can take:
- Contact the seller: If you suspect that the Choby you bought is a scam, the first step is to contact the seller. Explain your concerns and ask for a refund or a replacement NFT. If the seller is legitimate, they should be willing to work with you to resolve the issue.
- Report the scam to OpenSea: If the seller is unresponsive or unwilling to help, you should report the scam to OpenSea. OpenSea has a team that investigates and removes scams from the platform. Providing them with details such as the transaction hash, the seller's name and any other relevant information can help them to investigate and take action.
- Contact Ethereum blockchain explorer: you can use a blockchain explorer to check the transaction details and see if the Choby NFT is unique, if it's a copy of another NFT that was already sold, it's a scam and you can report it to the explorer.
- Seek legal advice: If the seller refuses to cooperate and the platform can't do anything about it, you may want to seek legal advice. However, it's important to note that the laws and regulations around NFTs are still evolving and it may be difficult to take legal action.
- Learn from experience: Unfortunately, scamming is an issue in any online marketplace and it's important to learn from the experience, in order to avoid falling victim to scams in the future.
It's also important to note that Chobies are unique and can't be replaced, so you should be extra careful when buying one on the secondary market.