Are you interested in buying your first NFT on OpenSea but don't know where to start? Look no further. In this article, we'll break down how to buy NFT on OpenSea, covering from creating an account to making your first successful purchase.
Whether you're an art collector or just curious about the NFT craze, this guide will give you the tools and knowledge you need to confidently buy an NFT on OpenSea. So, let's get started!
What is NFT?
NFTs, or Non-Fungible Tokens, are unique digital assets that are verified on a blockchain network. They can be anything from art, music, videos, domains and even tweets. Each NFT has a unique code that verifies its authenticity and ownership on chain. NFTs have skyrocketed in popularity over the past year, with multi-million dollar sales and high-profile celebrities getting in on the action. NFTs offer you a new way to own a piece of digital history, and they have opened up a new market for artists and creators to sell your work.
Understanding the different types of NFTs
Are you considering buying an NFT, so it's important to research the different types available of NFTs and their value before making a purchase. Here are some of the most common types of NFTs you might come across:
Art NFTs - These are digital representations of art, like illustrations, animations, and photographs. By purchasing an art NFT, you can support your favorite artists financially.
Gaming NFTs - These items or assets are found within the game, such as weapons, skins, or characters, and have the ability to enhance your gaming experience and make it more distinctive.
Sports NFTs - This is type of digital asset that represent sports collectibles like trading cards, jerseys, and autographs. These NFTs are ideal for sports enthusiasts who wish to own a piece of their favorite athlete's memorabilia. This type of investment allows fans to gather sports-related digital assets in a new and exciting way.
Domain NFTs - This particular NFT indicates possession of a particular domain name. It's an extraordinary method of owning a share of the internet and may have significant value as an asset.
It's crucial to conduct thorough research before investing in an NFT. Familiarizing yourself with the various types of NFTs and their value can assist you in making an informed decision and acquiring a valuable addition to your collection.
Some NFTs have unique use cases which are issued by web3 projects, its good to join project discord or telegram and talk with community on importance of these NFTs.
What is OpenSea?
OpenSea is the world's largest marketplace for NFTs, offering a wide range of digital assets for purchase. Founded in 2017, OpenSea has quickly become the go-to platform for buying and selling NFTs. With over 4 million items available for purchase, OpenSea has something for you. You'll need crypto wallet to use the Opensea.
Install MetaMask on your browser
MetaMask and Coinbase Wallet are the most commonly used among users. In this guide, we are detailing the process for using MetaMask specifically for OpenSea, but the steps will be similar for other wallet providers as well. Here's how you can do it:
- Go to the MetaMask website and click Download.
- Click Install MetaMask for Chrome or any other browser of your choice.
- Click Add to Chrome button and, next, click Add extension button. It will take few moments for installation in your browser.
- It will open new window asking you to create a new wallet or import existing wallet. Click Create a new wallet.
- After you have read the terms and conditions, click I agree button to proceed.
- Set a strong password, confirm it, check the box to acknowledge the term and click Create a new wallet.
- Click Secure my wallet.
- Next, It will ask to reveal your secret phrase for you, do it.
- Now save the secret phrase and click Next.
- Confirm your recovery phrase.
- Your MetaMask wallet has created successfully.
- Once done, you can pin the MetaMask extension to your browser toolbar for easy access.
Now that you've installed MetaMask, the next step is to purchase some ETH, which is necessary for buying NFT on OpenSea. Here's how you can do it:
- Open the MetaMask extension in your browser and make sure you're logged in.
- Click on the Buy button located in the MetaMask wallet interface.
- Select Wyre as your ETH provider and click Continue to Wyre button.
- Select your desired payment method and amount of ETH you want to purchase. Hit the Next button.
- Enter your billing info and click Submit button.
- They will send payment authentication code on your mobile number, confirm it.
- Once the transaction is complete, check your MetaMask wallet balance to ensure the ETH has been successfully transferred.
Sets Up an OpenSea Account
Before you can start buying NFTs on OpenSea, you'll need to create an account. Here's a step-by-step guide on how to set up your OpenSea account:
- Go to the OpenSea website and click on the profile or wallet icon located in the top right corner of the screen. This will take you to the wallet selection page
- You will be presented with several options for wallet providers. While there are many crypto wallets supported by OpenSea.
- To get started with using your MetaMask wallet on OpenSea, simply click on the MetaMask option. This will activate the extension on your browser, and you can then follow the on-screen prompts to complete the setup process.
- Once your wallet is set up, you can head back to OpenSea and check out your newly created profile. You’ll see that your wallet address has been successfully linked to your profile, and you can begin using it to manage your funds and transactions.
How to buy NFT on OpenSea
Now that you have an account, it's time to buy your first NFT on OpenSea. Here's a step-by-step guide on how to make the purchase:
- Browse the OpenSea marketplace and find an NFT that you're interested in purchasing.
- Click on the NFT to view more details about it, including its price, history, project website or social media and ownership.
- When you're satisfied with the NFT and its price, click the Buy Now button to make your purchase. You'll need to agree with OpenSea terms.
- You'll be prompted to confirm the purchase in MetaMask extension, revealing your purchase price, gas fee and the transaction will be verified on the Ethereum network.
- Once the transaction is complete, the NFT will be transferred to your wallet and you'll be the verified owner.
It's important to note that NFT prices can fluctuate based on demand and supply, so it's important to do your research before making a purchase. You can also place a bid on an NFT in case the seller has enabled that feature.
How to Make a Winning Lower Bid on NFT
It's worth noting that auctions are common for NFTs on OpenSea, so you may need to bid on certain NFTs. Even "Buy Now" option is available, you can still place a bid and offer a lower price.
To make a successful bid, it's important to conduct thorough research on the NFT and set a maximum bid limit that you're comfortable with. Here are the steps to follow:
- Find the NFT you want to bid on: Browse through the OpenSea marketplace to find the NFT you're interested in bidding on. Once you've found it, click on the listing to view the details.
- Check the current bid: Take a look at the current bid to get a sense of the bidding activity. This will give you an idea of how popular the NFT is and how much competition you'll be up against.
- Decide on your starting bid: Determine the amount you're willing to bid to start the auction. It's generally a good idea to bid slightly higher than the current bid to make your bid stand out.
- Place your bid: Enter the ETH amount you want to bid and click Place Bid button. You can also bid with WETH, which is wrapped form of ETH. Be sure to review the transaction details and gas fees before confirming your bid.
- Monitor the auction: When someone outbids you, you'll need to decide whether to increase your bid or bow out of the auction. When you're still in the running, consider adjusting your bid to stay ahead of the competition. However, be sure to keep within your maximum bid limit to avoid overspending.
- Wait for the auction to end: NFT auctions on OpenSea can last for days or even weeks, so be patient and wait for the auction to end.
By following these steps, you can make a winning lower bid on an NFT on OpenSea.
How to search for NFTs on OpenSea
OpenSea has a powerful search feature that allows you to filter NFTs based on a variety of criteria. Here are a few tips for searching for NFTs on OpenSea:
- Use keywords - Search with keywords for NFTs, such as the artist's name, title, or category.
- Filter by price - Use the price filter to find NFTs that fit within your budget.
- Sort by popularity - Check with popularity filter to find NFTs which are trending or popular among other buyers.
Tips for buying and selling NFTs on OpenSea
Here are a few tips for buying and selling NFTs on OpenSea:
- Research - Research the NFT project website and community before making a purchase.
- Be patient - NFT prices can fluctuate, so be patient and wait for the right opportunity to buy or sell.
- Set a budget - Set a budget for your NFT purchases and stick to it.
- Learn the market - Learn about the NFT market and its trends to better understand the value of NFTs.
Benefits of buying NFTs on OpenSea
There are many benefits to buying NFTs on OpenSea, including:
- Investment potential - Some NFTs have increased in value over time, making them a potential investment opportunity.
- Support for artists - Buying NFTs directly supports the artists and creators who make them.
- Gaming and virtual worlds: NFTs can be used in gaming and virtual worlds to represent unique in-game assets or virtual real estate that can be owned and traded.
- Unique branding opportunities: Domain NFTs can offer unique branding opportunities, allowing businesses to showcase their ownership of premium domain names as a symbol of prestige and authority.
Storing and displaying your NFT collection
Once you've created your NFT collection, you'll need to store and display them. Here are a few tips for storing and displaying your NFT collection:
- Use a secure wallet - Store your NFTs in a secure Ethereum wallet to ensure their safety.
- Display your NFTs - You can display your NFTs on social media or on a website to show off your collection.
- Share with others - Share your NFTs with other collectors and enthusiasts to build a community around your collection.
With this step-by-step guide, you're now ready to confidently navigate OpenSea and start building your NFT collection. By using OpenSea, you can find a vast array of unique and valuable digital assets, from rare collectibles to cutting-edge artwork and more.
Frequently Asked Questions
1. Do OpenSea have its native token?
No, OpenSea does not currently have its own native token, nor have they announced plans to create one.
2. What are OpenSea’s fees?
OpenSea typically charges a 2.5% fee on all secondary sales, but for a limited time, they are dropping the fee to 0% for the most popular collections. They may charge a fee of up to 0.5% in certain scenarios to prevent misleading sales volume.
3. How to buy Bored Ape Yacht Club NFT on OpenSea?
The process is the same for this collection as for other collections. This is the verified Bored Ape Yacht Club NFTs collection on the OpenSea.