What is NFTsea? When I first looked at this project I really thought it was worth the few minutes that I would gladly spend to get a free cryptocurrency tokens. Little did I know that it was truly not worth my time. Here are 6 reasons why you might have to say no if they invited you in it.
What is NFTSea? NFTSea Review Summary
Product Name: NFTSea
Price: Free tokens from airdrop
Best For: None
Recommended: Not Recommended
What is NFTsea About: NFTsea describes itself as an upcoming NFT platform with little fees and a cross-blockchain feature.
Summary: NFTsea presents itself as an upcoming NFT platform offering tokens that don’t really have any use as they can’t be liquidated.
What is nFTsea About
According to their website, this is what NFTsea is about:
NFTsea mentioned that they are creating an NFT platform with the lowest rate and also creating a cross-blockchain marketplace. Basically, they want to solve the current problems of the NFT community which include having high fees and only having a specific marketplace and blockchain that can be used for purchase.
And just as every cryptocurrency article we have done so far, let me dissect the different terms so even those not versed with the cryptocurrency space can keep with us as we try to answer “is NFTsea a scam?”
What is an NFT? A non-fungible token (NFT) simply means that it’s a unique digital asset that can be owned by acquisition through a specific cryptocurrency. So basically NFTsea aims to be a platform where users can create their NFTs. The problem with NFTs is that they cost a lot to mint (a term that means to create), because minting requires quite a huge gas fee.
What is minting? Minting is a process that is most similar to creating a certificate of authenticity. Most NFTs are like graphical designs, videos, GIFs or any digital file that is regarded as unique. Minting is like how the creators of NFTs can authenticate that the artwork was created by them. You can think of it like this:
the digital file that you created will be converted into a cryptocurrency asset that is transferable, minting is that process and can only be done by original owners.
What is gas fee? Gas fee is considered as the fee that is used for minting, or simply it is the fee that is needed to convert your digital file into a cryptocurrency asset that you can sell. Gas fees are usually high depending on the blockchain that you are using because the minting process uses computational energy and there are to verify and create the crypto asset, most blockchains are just focused on transactional activities so the fee covers the energy it uses to convert your file.
Minting and the high gas fees are a common problem of artists creating NFTs and other people who are diving into the NFT world. NFTsea might sound like a great project then!
But read on because you need to know what we found about them.
More Details About NFTSea
I heard of NFTsea when a friend ask me to help him, saying that I was just going to sign up on this website for him to just get the referral. I am actually continuously learning about cryptocurrency and the vast activities and opportunities around so why not right? As long as I didn’t have to shell out any money or put any card details then I’m alright with signing up.
Here’s the old website that it had at NFTsea.net (got this from archive.org):
It mentioned that it’s a fork of OpenSea (which is a famous NFT marketplace for artists) and it had a whitepaper which almost had me believing that it was really a promising venture. But before we go further into the specifics of this previous website, let me tell what’s a fork.
A fork in the cryptocurrency space is like when people of a certain blockchain wants to get rid of the the flaws of the current blockchain, they can create a fork. For example we now have the Bitcoin Cash (BCH) as a result of the fork from the original Bitcoin blockchain. Now OpenSea is a great marketplace for NFT creators because it has lots of creators and collectors, the problem with OpenSea and other NFT marketplace on the Ethereum blockchain is the high minting and variable gas fees.
It was actually very promising if NFTsea really intended to create a marketplace with low minting fees and if it can accommodate other blockchain currencies. But in our investigation it seems like, it wasn’t really all that.
Here are the domain details of NFTsea’s previous website (nftsea.net):
The website was only created April 2021 which could be understandable especially if it really intended to be a fork of OpenSea. Then when I looked into its whitepaper (basically this should be about what the whole project is about) it mentioned names who they are associated with:
But when I looked into John Crain I found that he hasn’t mentioned anything about NFTsea and that he is actually the CEO and Founder or an NFT marketplace named SuperRare. But here’s a more shocking revelation I found.
NFTSea’s whitepaper seems very legit because it was long, cohesive and well put. However I found out that they only copied SuperRare’s whitepaper!
NFTSea copied almost everything… here’s the original governance council of SuperRare:
But maybe they have been busted, that’s why their website nftsea.net is deleted and they now go by their new domain on nftsea.one
Their New Website
Their new website (nftsea.one) is almost like their old one (nftsea.net), only without the mention of OpenSea and a link to their whitepaper. See image below.
The funny thing here is, when I checked on their website on October 2021, it showed that they will have an Airdrop of their tokens only a few days then.. but it seems like the timer on their new website is now stuck at 4 days!
It seems their presale has not yet ended because you can’t see them on any exchange yet.
If you’ll ask me “is NFTsea a scam?” I will first have to look for their registrations and companies they are under.
They don’t have any. Now when I asked my friend what happened to his listing, he mention that his friend actually got a few NS tokens for his referrals but there wasn’t any use for it.
What does NFTSea Offer?
NFTsea offers Community Airdrops, a token presale and a seemingly promising project. But what is NFTsea really offering to people?
Now we have discussed before on this an article around XUMM that airdrops are legitimate and are mostly used as a marketing tactic to create an initial community for a cryptoproject and it seems like this is what NFTsea is aiming to do. They are having a community airdrop for those who will submit their ETH address on the website.
They are alloting 20% for their community airdrop and that’s quite huge!
Here are the details of their airdrop offer:
Airdrop quantity: 1,000,000 NS (20%) Airdrop rules: NFTSEA will end the community airdrop at 20:30 (UTC+8) on January 02, 2022. Community users can participate in the airdrop by submitting the ETH wallet address on the NFTSEA website. The initial amount of each address is 10 NS. The airdrop is completely free, and the airdrop rewards will be distributed to the submitted address after the airdrop is over. Invitation rules: Users can get additional NS token rewards by inviting friends to participate in the airdrop. You can get 10 NS tokens for each friend you invite. You can invite up to 50 friends, and get up to 500 NS tokens. The quantity for airdrop is limited, and NS issuance is small. The estimated price of NS is $200. Hurry up and share it with your friends.
So you only need to submit your wallet address to them to get 10 NS and any additional referral can get you more NS tokens. You only need to submit your ETH address on their website and this referral link will come up after:
Here are the details for their token presale:
Pre-sale ● Pre-sale quantity: 3,000,000 NS (60%) ● Pre-sale price: 1 ETH = 10,000 NS. The minimum purchase is 0.1 ETH, and the maximum purchase is 10 ETH (the pre-sale quantity is limited, and the excess ETH will be automatically returned). ● Pre-sale rules: The system will end the pre-sale at 20:30 (UTC+8) on January 02, 2022. Use your wallet to send ETH to the pre-sale address, and the system will immediately send the corresponding amount of NS tokens to your wallet. The quantity of NS tokens for pre-sale is limited, and the quota is sorted according to the arrival time of ETH. First come first served. ● Once the pre-sale is over. 50% of the funds raised will be used for listing on Binance, Huobi and Coinbase. The other 50% of the funds raised will be used to buyback NS tokens. This action will prevent people from dumping.
I’m not sure why they never ended the presale… because here’s what was shown on their previous website on October 2021:
Now we wonder… are people actually buying their token? It seems like their new website has increase their max supply of token and their presale quantity… If people were actually buying from them, can they ever use it?
Will their presale and airdrop ever end?
Since NFTsea doesn’t yet have any platform, they are not even on exchanges, they don’t yet have an actual team they can associate with, I’m not really sure if their NFT marketplace will ever come into fruition.
How Does NFTSea Work?
NFTsea positions itself as an upcoming NFT platform with smaller fees and has a cross-blockchain feature to accommodate different currencies. It offer free 10 NS tokens to people who will submit their Ethereum address and it is said that any referral after can get you more NS tokens. But so far NS tokens don’t have any use case so there seems to be no point in acquiring a governance token of a platform that doesn’t have a team behind it or even an actual company handling the project.
Can You Really Make Money Through NFTsea?
As of the moment, NFTSea token don’t have any for it yet since there is no platform yet. Also without a team or company behind it, it might be useless to hope that the project will push through. So nope. You can’t make money through NFTsea even if you get a lot of NS token.
How Much Does It Cost to Get NS Tokens?
Well there are two ways to get your NS tokens, you can get it for free and you can buy the token.
To get it free you only need to sign up and refer other people. To buy it you need to send at least 0.1 ETH up to maximum of 10 ETH to buy NS tokens. But without the actual NFTsea platform the token will remain to have no value.
6 Reasons that makes it a waste of time
- There are no associated team, developers or company behind it.
- The token has no use case therefore no value
- The old website copied the whitepaper of SuperRare
- Their telegram community is almost just bots, no moderators
- People in the Telegram community are saying that they don’t get any token
- Last date of Presale and Token Airdrop are never reached
What is NFTsea [Is NFTSea a Scam?]
Just to be fully transparent with you, I am not an affiliate or investor of NFTsea myself and I do not endorse it in any way.
I have researched the website, testimonials, and information on the Internet to get to the bottom of what NFTsea genuinely does. This is because I have been burnt from programs just like this in the past and I want to prevent others from making the same mistakes. If you’d like to learn Ways to Avoid Online Scams then click the highlighted text.
From the copied whitepaper of their previous website to the never-ending presale and airdrop date… I think NFTsea is a probable scam. There is still a lot of uncertainty that needs to be addressed before we can fully say that this project is legit. Up until the time that the actual platform is created and running is the only time that we can say that it’s not a scam.
Pros and Cons of NFTsea
- The old website copied a whitepaper from another platform
- Never-ending presale and airdrop date
- No associated teams, developers or company
- Not listed in coin exchanges
Final Verdict – What is NFTsea?
I don’t recommend NFTsea because even if you can get free tokens it doesn’t have any use case. I strongly advice to NOT PURCHASE their presale tokens because the project doesn’t seem reliable as it doesn’t have any mention of a team, developers or a company that it is under. While it’s recognized in the Ethereum space as a legitimate token, there’s no point in buying it. The copied whitepaper and the never-ending presale and airdrop date just adds to the pool of doubt for this project.
Cryptocurrency projects need to address fear, doubt and uncertainty to increase reliability and patronage of their project.
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Louee Gonzales has been a content specialist for 4+ years now. She has been enjoying writing investigative articles for EFYL. If she’s not writing, she’s either painting or traveling somewhere fun.
She has a degree in Psychology, and quick fact: she can’t read your mind. She has authored articles on the School of Positive Transformation.