Published on October 25, 2022
How To Buy An NFT On OpenSea
Get a crypto wallet and cryptocurrency to use OpenSea NFT marketplace to browse, buy and sell collectibles of all types.
8 min read
OpenSea is the #1 NFT marketplace for anyone looking to buy, sell, or auction off an NFT. The NFT platform features innovative projects that range from metaverse land, to web3 domains, to silly profile picture NFTs. So if you're in the mood to make your first NFT purchase on OpenSea, you're in the right place. In this article, we will provide a step-by-step guide on purchasing an NFT on OpenSea, storing it safely in your web3 wallet, and even selling it at a future date.
What Is An NFT, And What Are The Benefits Of Owning One?
NFTs (Non-Fungible Tokens) are unique and verifiable digital assets. NFTs can represent anything from a piece of digital art to a tweet. NFTs are stored on a blockchain, which is a decentralized ledger that records transactions. Unlike fungible cryptocurrencies, NFTs are non-interchangeable, which means they cannot be substituted for one another. Due to the innovative nature of NFT tech, collectors enjoy a variety of benefits. You can:
As the NFT landscape continues to develop, more benefits are expected to be added to this list in the future.
How To Buy An NFT On OpenSea
Although NFTs are still a relatively new concept, there are many NFT marketplaces in which they can be bought and sold. OpenSea is the #1 most popular NFT marketplace for users to buy, sell, or auction off their NFTs. In order to buy an NFT on OpenSea, there are a few steps you need to take.
Step 1: Setup A Web3 Wallet
Web3 wallets, or crypto wallets, allow you to interact with blockchain applications like OpenSea and participate in the NFT economy. If you don't have a crypto wallet, MetaMask is one of the more popular crypto wallets available. Be sure to safely set up your MetaMask wallet before heading over to OpenSea.
Step 2: Deposit Funds Into Your Account
In order to purchase an NFT, you'll need some funds in your crypto wallet! If you're using a MetaMask wallet, open it up, and you'll see a buy option next to send and swap. Click buy, and MetaMask will present you with several buying options to purchase ETH, or other cryptocurrencies. Most commonly, you can transfer crypto from your Coinbase account or use a tool like Wyre to purchase crypto with a debit or credit card.
Step 3: Connect Your Wallet To OpenSea
In order to transact within OpenSea, we'll need to connect our MetaMask to the OpenSea platform with a few simple steps:
OpenSea should instantaneously connect your wallet and direct you to the profile page, where you can click into settings and personalize your account if you'd like.
Step 4: Browse NFTs Available For Purchase
Now that you're all connected to OpenSea, you can begin browsing for NFTs. Start by selecting the explore option from the top menu bar, and a drop-down display will showcase various NFT categories to choose from. Feel free to peruse through different NFT categories or search for a specific project in the top-menu search bar.
Step 5: Make A Purchase
Before purchasing an NFT on OpenSea, make sure you are purchasing from a verified collection. OpenSea verifies collections with a blue checkmark next to the NFT collection title. NFT sellers can either list their NFT for sale at a fixed price or auction their NFT to the highest bidder. When you click into an NFT you will either see an option to add to cart (at a fixed price) or place a bid (in the auction).
After you add to cart, OpenSea will prompt you with a button to complete the purchase of the NFT! Once the transaction goes through, you can select your profile in OpenSea to view the NFTs you own.
How To Store & Manage Your NFT
Although NFTs are stored on the blockchain, they come with their own set of challenges. For example, NFTs are often stored in hot wallet addresses that are difficult to remember. In addition, NFTs can only be transferred to other addresses that support NFTs. As a result, it is important to carefully manage your NFTs to ensure that they are safe and secure. Here are some tips for storing and managing your NFTs:
Unfortunately, the Web3 community had to learn these lessons the hard way. Users have lost access to their NFTs through wallet mismanagement or by falling victim to NFT scams. But by learning from the past and leveraging secure technology like hardware wallets, you can store and manage your NFTs as securely as possible.
How To Sell An NFT On OpenSea
When you're ready to sell an NFT, click your OpenSea profile and select the NFT you wish to sell. Next, you will see a big "sell" button next to the NFT.
After clicking sell, you are presented to list your NFT at a fixed price or a timed auction. Timed auctions will sell your NFT to the highest bidder, while a fixed-price listing will be sold to whoever is well to pay the listed price. Fixed-priced listings tend to be the most common way to sell an NFT.
If listing at a fixed price, you can type in the sale price as well as the duration you'd like your NFT to be listed on the OpenSea marketplace. Below you will notice any fees associated with selling the NFT. Listing an NFT is free, but once sold, fees like service fees and creator fees will be allocated accordingly, so keep that in mind when calculating your sale price. Once complete, select "complete listing" for your NFT to be listed for sale on OpenSea.
The Different Types Of NFTs Available On OpenSea
When it comes to NFTs, most people think of a CryptoPunk profile picture or a provocative work of art from Beeple. But the truth is, NFTs are much more than that. They have applications that range from dozens of sectors, such as gaming, IRL events, the metaverse, and much more. To help organize these different use cases, OpenSea categorizes the most common types of NFTs under their top menu explore button. They include:
Depending on your interests, it is best practice to pick your favorite NFT category and research as much as possible about the space before making your first purchase. That way, you are conducting your due diligence and making an informed decision about purchasing an NFT.