Are you looking for a step-by-step guide for How To Buy NFT on Opensea? Then you have landed on the right page. We have covered the NFT buying steps with Opensea using MetaMask wallet with illustrations.
OpenSea is one of the largest marketplaces for trading in NFTs or non-fungible tokens. NFTs are unique digital assets such as collectibles, digital art, items for games, domain names, tickets for events, and many more, that are stored in blockchain technology.
OpenSea is amongst the first NFT marketplace ever made, it not only offers digital assets but also numerous features that are beneficial for hassle-free trading. A broad range of categories, supporting multiple blockchains, best prices, and many more features provided by OpenSea makes it the perfect platform for buying or selling NFTs.
From buying cryptocurrency to connecting the crypto wallet to your OpenSea account, there are multiple steps involved for a beginner to follow in order to start trading in NFTs. Today’s How to buy guide will take a closer look at how to find and purchase NFTs on Opensea using MetaMask Wallet.
Buying NFTs on OpenSea: What You Need to Know
With Opensea you can buy a single NFT, the whole collection, or of a specific artist easily with the user-friendly OpenSea dashboard. With different filters, you can easily locate the exact NFT amongst millions of items. Explore myriad categories and find NFTs which are listed for sale and you can buy them at auction. The platform also allows you to mint an NFT and list it on the marketplace.
OpenSea also provides market stats and activity of the top NFTs, which are ranked by floor price along with volume and other important statistics for trading. Moreover, the new and ingenious tools being built by OpenSea will provide an integrated marketplace that offers uncomplicated and convenient trading of digital assets, along with a reliable platform to successfully launch new works.
Headed towards a lucrative future, OpenSea is backed up by prominent industry leaders and top firms. The mode of payment for the NFTs is done by a currency called ETH, which is specifically used for carrying out transactions on the Ethereum blockchain.
Steps For Setting Up The Opensea.io Buying Account
In order to get started with buying NFTS on the OpenSea NFT marketplace, you will first have to ensure 3 basic steps.
Step 1: Creating a Crypto Wallet Account With MetaMask
A Crypto Wallet allows an individual to store and retrieve his/her digital assets with ease. There are multiple crypto wallets out there offering unique features, making them beneficial in certain situations. Metamask and Fortmatic are amongst the best desktop and mobile-based crypto wallets, respectively.
Other supported NFT wallets include
- Authereum
- Dapper
- Bitski
- Torus
- TrustWallet
- Portis
- Fortmatic/Magic
- Arkane
- Kaikas
- OperaTouch
- WalletConnect
- WalletLink
In this How to Buy Guide on Opensea, we are using MetaMask Wallet for connecting with Opensea. You have to download MetaMask Wallet on your Mobile or the best option is to install the MetaMask Chrome extension.
If you go on the Opensea homepage and click the top right wallet button. The dropdown will show all the supported crypto wallets for you to choose from.
For there, Click on MetaMask, and the page will redirect you towards the page where you can install it.
Select your platform( chrome, IoS, or Android) and Click Install, and the MetaMask crypto wallet will be added as an extension on your browser.
Step 2: Syncing MetaMask Wallet With OpenSea
If you are using MetaMask the First Time Click on the extension on your browser and click the “Get Started” button.
Follow the next step and then select a password.
And after selecting an account you will be in the wallet dashboard.
Then head to the OpenSea homepage page and click on the account option in the top right corner, which will lead you to the sign-in page.
Select your wallet from the options and click sign-in
Your wallet is now connected to the OpenSea account.
By default, the username is set to Unnamed. To fix that click on the gear icon on the right. A pop-up appears and clicks the sign-in.
Here in the general setting you can change your username, add your bio, and your email address.
Step 3: Adding Funds To The Opensea NFT Crypto Wallet
Ethereum network’s native currency “Ether” or ETH is used to pay for purchases as well as for gas fees. The gas fee is not charged by OpenSea, rather the cost of conducting a full transaction on the Ethereum blockchain.
To add funds/ETH via OpenSea, click the wallet button on the top right corner, and in the dropdown, select “Add Funds”.
Select how you want to transfer the funds.
If you select Exchange, then an address will pop upon which you will have to deposit ETH.
Or buy using a card by selecting your currency. Note, depending upon your location, you may or may not be able to purchase directly using a credit card. Also, credit card purchases will incur additional fees.
- Adding funds in the wallet directly
Head to the MetaMask wallet dashboard and click on Buy.
There are 2 options, “Buy ETH with Wyre” will take you to the credit card page. Here you need to select your country and type the number of funds you have and below it, the bar will display how much ETH you will get in exchange for it.
The second option is the “Directly Deposit Ether” which will show you the private key.
After the transaction is complete, now anyone can start trading at OpenSea
NFT Buying Tips At Opensea: How To Browse And Find NFTs
Click on the “Explore- ALL NFTS” button located on the top bar and it will take up to the browsing page. Here you can search across different categories, status (auction, on-sale, new, offers), price, collection, chains, as well as recently created, sold, and listed. You can search for a specific artist or NFT, or simply explore the marketplace for selecting the NFTs that you want to purchase.
Select the NFT you like. And click on it to buy it.
Here you can see the price, price history, description, properties, details as well as trading history. Get the option to buy now or you can make an offer.
Buy Now Option NFT Listings:
Click on buy now and there will be the required ETH amount to be paid.
Buying NFT Type ” Make an Offer ” :
Head towards the auction page of the asset and you will be able to see the list of offers, price, and how soon the sale ends. By clicking on the “Place a Bid” button you will be allowed to set an offer.
Sometimes, a pop-up page displays the OpenSea Confidence Score, how long was the asset made, and the user who created it. This is to prevent frauds and scams in the marketplace.
Making A Collection Of The NFT Which You Bought
Click on your account and in dropbox choose “Collection”. The Collection Manager feature by OpenSea, allows any individual to create free NFT without paying any gas fee. Moreover, selling NFT is also gas-free and the user can even view as well as manage his/her collections available on other platforms. Also, called ” lazy minting”, after making a collection at OpenSea you can create, curate as well as manage various collections of unique digital assets for sharing and selling purposes.
Click on “Create a Collection” which will direct you to the info page.
Fill in all the details and your collection will be ready.
Also read: Best Gaming Crypto Coins & Tokens To Invest In 2022.
Pros And Cons Of Buying NFTs On OpenSea Marketplace Reviewed!
Opensea has the following advantages and disadvantages for Buying NFTs.
Pros of Product OpenSea
- Low gas fees: Most NFT Buying auctions conducted on the OpenSea marketplace cost only a few cents.
- Good User interface: OpenSea dashboard is easy to use and offers all the desired features required for buying and selling NFTs swiftly.
- The largest collection of NFTs: Find a specific asset, artist, collection, or simply explore millions of NFTs available on the marketplace.
- Multiple blockchains support common soon along with a gas-free marketplace
Cons of OpenSea
- Sometimes the website loads slowly but becomes responsive after refreshing.
- If you decide to list/sell your asset other than ETH currency then there will be an additional gas fee.
Closing Note on Buying NFTS At Opensea.io
Overall, OpenSea is one of the best NFT marketplaces for beginners as well as experts. The simple yet sophisticated website with easy to understand interface makes OpenSea a highly-recommended platform for buying and purchasing digital assets. Adding NFTs and listing them for sale is an efficient and reliable process that requires less time and resources. The dashboards allow easy access to millions of NFTs which you can filter on multiple criteria. The additional features such as ranking, activity, and collection manager make trading in NFTs beneficial and engaging.
FAQ On Buying NFTS On Opensea
What Is The Minimum Bid Requirement For Buying NFT On Opensea?
Buying Bids are needed to be about 5% higher than the previous quoted bid. Also, if a buyer bid more than any other bid during the last 10 minutes of the auction, then the auction will be extended further by 10 minutes. Moreover, in case of the cancellation of the highest bid, the time of the auction will also be extended.
