HOW TO BUY NFT ON OPENSEA: Non-Fungible Tokens (NFTs) are encrypted digital files stored on the blockchain. They are tokenized versions of digital items, such as images, videos, artworks, etc. And what is tokenization? The concept is complex, but it basically means to turn an asset into a digital token that can be moved and stored on a blockchain, such as Ethereum or Solana.
NFTs exploded in popularity throughout 2021 and numerous sites have been launched to help creators mint and sell their digital assets. At one point it seemed like a new platform was launching every day. Now at the start of 2022, it feels like the market has calmed down and a few platforms have claimed market dominance. And out of all the major platforms OpenSea has claimed the top spot
In this article, we’ll provide a detailed guide on how to buy NFTs on OpenSea. Even though the blockchain technology behind this process may seem complicated, purchasing your tokens is relatively straightforward.
Step by step guide on how to buy NFT on OpenSea
In order to buy an NFT you’re only going to need 2 things:
- Crypto Wallet — A crypto wallet is a digital wallet that holds your currency and NFTs after purchase. There are many different kinds and providers of crypto/digital wallets. Some of them include Metamask, coinbase wallet, Binance wallet, Trustwallet, and so on. However, for beginners, the simple recommendation is to utilize a wallet called the MetaMask. It is a digital wallet that enables you to connect and store your crypto assets within Web3 (the decentralized crypto internet). This allows you to connect with websites and exchanges to buy, sell, and store blockchain-based assets (cryptocurrency, NFTs).
- Cryptocurrency (e.g., Ethereum, Bitcoin, or Dogecoin) — is a blockchain-based currency that stores value. It is with this digital currency that you buy and sell NFTs. Ethereum is the cryptocurrency in which a majority of NFTs are traded in.
In this, we are going to use Metamask as the crypto wallet and Ethereum as the cryptocurrency.
- Setting up your Metamask account is very easy as all you need to do is visit https://metamask.io/ using Microsoft edge, Google Chrome, or Mozilla FireFox.
- Click on the download button to install the MetaMask extension. This extension within your browser, will serve as your connection point to Web3 and allow you to carry out trade/transactions with the crypto ecosystem.
HOW TO BUY NFT ON OPENSEA
- Click on Install Metamask for Edge.
- Click on Get to download the extension and install it right after.
- Click on Get Started.
- As a beginner, click on Yes, let’s get set up.
- Create new password and make sure to include alphabets, numerals, and symbols to create a strong one.
- The next step is your secret recovery phrase that serves as a security password to keep your wallet safe. It consists of 12words and must not be shared with a third party.
- After inputting your secret phrase, you will be directed to your Metamask dashboard. You will now have to fund your MetaMask with a CryptoCurrency!
- You can use a crypto trading platform like Coinbase to buy Ethereum and fund your wallet.
- If you have a project in mind that you want to purchase, you’ll want to look at the floor price, the lowest amount it is being traded for, and fund your account with that amount Ethereum plus an additional amount for gas and fees.
- When you have the appropriate funds in your wallet (with timing variable depending on the amount funded), you will then want to send that Ethereum to your MetaMask account.
- Click the Send/Receive button in your CoinBase wallet, and you’ll be asked to input a Wallet ID to send your Ethereum to your Metamask wallet. Click on Account to copy your Metamask ID.
- After you’ve funded your wallet, you can now head on over to OpenSea to purchase your first NFT.
- Click on create and connect your metamask wallet.
- Once on OpenSea, browse and look around for the NFT that you are interested in buying.
- After you’ve found the collection you’re interested in purchasing, look for the specific NFT you want to purchase and click on its picture to take you to its asset page.
- Click buy now on the NFT you want to purchase to start the process. As long as you have enough funds to confirm the process you will be able to click “confirm checkout.” In doing so, your connected MetaMask account should then appear on the right hand side.
- Your purchase price will consist of the price of the NFT plus the “gas” fee it will take to process the transaction. Gas sees a high variation depending on supply and demand. It is advisable to wait for a time where gas is low to make your purchase.
- Click “confirm” to finish your transaction.
- Viola! You’ve successfully purchased your first NFT.
Thank you for reading this article. Hope you found it helpful? To read more crypto related contents, visit Coinwall.