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Does Opensea Work In Canada (Guide)

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OpenSea is accessible to anyone with a cryptocurrency wallet. Anyone, anywhere in the world can access the marketplace, create unique tokens, buy, sell, trade, and create a display of their favorite pieces of art on their customizable profile.

In this guide, we’ll discuss how to access OpenSea from Canada, why you might want to invest in them and what to look for when shopping for an NFT.

Does OpenSea work in Canada?

Canadian residents or people based in Canada can easily access OpenSea. As a decentralized and open NFT trading platform, OpenSea allows anyone with a web3-enabled wallet to log in and create a trading profile.

To use OpenSea, need three things:

  • A web-3 enabled wallet such as MetaMask, or Coinbase Wallet;
  • Ethereum to pay for NFTs and fees
  • An internet connection.

The platform doesn’t discriminate against anyone’s location and definitely not anyone from Canada.

Canadian citizens and residents can obtain Ether from any centralized exchange with operations in the country or a decentralized exchange without KYC requirements.

Leading crypto exchanges in Canada where you can buy Ether include:

  • CoinSmart;
  • Crypto.com; and
  • Bitbuy.

These are all centralized entities that comply with local Canadian laws.

The other requirement is a web3-enabled wallet. The most recommended crypto wallets to use with OpenSea are:

  • Metamask;
  • Coinbase Wallet; and
  • Trust Wallet

So, it doesn’t matter where you are in the world, as long as you have some Ether in your OpenSea-supported wallet, you can access OpenSea.

The wallet acts as your login agent. The platform asks you to connect to your web wallet to access its features such as buying, selling, creating, and trading non-fungible tokens.

Learn more: Can Anyone Use Opensea?

How to get NFT in Canada?

There are three steps to getting NFTs in Canada:

  • Get a web3-compatible wallet such as MetaMask or Coinbase Wallet;
  • Buy some Ethereum coins (Ether/ETH); and
  • Access OpenSea, Rarible, or any other NFT marketplace.

Most marketplaces are open and decentralized meaning most users around the world have access to them without restrictive financial regulations such as KYC.

Also read: NFT Tokens in Australia (Full Guide)

Why buy NFT?

NFT investors have different reasons for investing in these modern assets. Here are some of the more common ones:

  • Speculation: Most investors anticipate that some NFTs will rise in value in the future.
  • Store of value: NFTs can be used to store value for the long term similar to how gold or classic art and vehicles are kept for a long period.
  • Utility: Some non-fungible tokens have utility such as gaming tokens. And some blockchain platforms allow users to take out loans and use their NFTs as collateral.
  • Hobby: You can also buy NFTs for fun or to support the digital artists that create them.

NFTs are a new and exciting blockchain use case that has only recently blown up in popularity. However, its history goes back more than five years. In 2017, with the launch of CryptoKitties, most people got introduced to the new application of a distributed ledger.

However, there was no place to buy, sell or trade these unique tokens. That is when two guys, Devin Finzer and Alex Atallah, joined forces to create the first decentralized peer-to-peer marketplace for trading non-fungible tokens. They called it OpenSea.

What to look for when buying NFT?

Most NFT buyers are mainly worried about receiving a fake NFT. You don’t want to get scammed while looking to invest.

To reduce your risk, thoroughly research the token you’re interested in. Make sure you know enough about the token’s artist, background, and technology.

You can join NFT forums to ask questions from more informed members. Check the NFT’s contract address to see its originality especially if it’s part of a series.

Also, follow your favorite creators on social media and only buy their work through the links they share.

Also read: NFT Tokens In South Africa (Full Guide)

Best NFT to buy from Canada

By now there are millions of non-fungible tokens in various marketplaces online. The most popular ones are extremely expensive and the cheapest ones may not be as valuable to own.

To get you started on your journey to owning NFTs, here are some of the popular tokens in the market:

  1. CryptoPunks: These are among the earliest NFTs but their popularity only soared in 2021. The 10,000 tokens were created by Larva Labs in 2017 and now have a floor price of over 52 ETH (~$200,000)
  2. Bored Ape Yacht Club: BAYC is a creation of Yuga Labs that has taken the NFT scene by storm. These digital apes are some of the most expensive in the market with floor prices of over $250,000.
  3. Mutant Ape Yacht Club: another smash hit from Yuga Labs building on the popularity of BAYC. The MAYC apes have also proven popular with a floor price of ~$50,000.

Most of these NFTs are accessible on OpenSea, but the owners tend to sell them through private online auctions.

Final thoughts

Canada is a crypto-friendly country making it easy for residents to access innovative blockchain applications such as NFTs. Open NFT marketplaces such as OpenSea are easily available and users can create, buy, sell and trade their favorite tokens.