How to Buy an NFT on OpenSea

OpenSea is the first and largest digital marketplace for crypto collectibles and non-fungible tokens (NFTs) in the world.

NFTs are purchased for a wide variety of reasons. The most fundamental reason would be the desire to put money into something brand new, highly risky, and speculative. In 2021, the NFT market surged, driving up the prices of many collections like the Crypto Punks and the Bored Ape Yacht Club.

Despite the technical complexity of the blockchain technology that underpins NFT trading, getting started with OpenSea and exploring the platform is as simple as signing up for any other website. We’ve included comprehensive instructions in this article for those interested in purchasing NFTs on OpenSea.

How to buy NFTs in OpenSea?

Two alternatives are available to sellers wishing to list NFTs on OpenSea. First, they can set a fixed price for an NFT; second, they can choose to set up an auction in which potential purchasers can submit bids on an NFT. We are going to guide you through the process of purchasing both types of NFTs.

Buying NFTs with a fixed price on OpenSea

The initial step users should take before they can begin using the OpenSea platform is connecting their wallets. You need to ensure that your crypto wallet supports the currency you’ll be buying your NFTs with, such as Ethereum (ETH), Bitcoin Cash (BCH), or Binance Coin (BNB).

The users can do this directly on OpenSea. Navigate to the top right of the screen, click the Account icon, and then click the Profile tab.

If you have previously connected your wallet to your phone, you can use this feature again. It is even possible that it has saved your login details.

If you haven’t already connected a wallet, you will be prompted to select the wallet you want to communicate with Coinbase or Metamask if this is the first time you’ve done so.

Now to buy the NFTs, you need to follow the following steps:

1. Explore the several NFTs listed to find an NFT you are interested in purchasing. Once you have located one, you need to make sure that you examine all of the NFT’s details, including its price history, in great fact, to determine whether or not the NFT in question is worthy of being purchased. Also, watch for warning signs indicating a frequent NFT scam.

2. Click the “Buy now” button whenever you are on the page for an item, and then follow the on-screen instructions for doing so in your wallet. After completing the transaction, the item will be moved to your wallet, and the seller will be responsible for receiving the cash. You will receive a notification during the purchase flow if another user is attempting to purchase the same item simultaneously.

3. To finalize the transaction, click the “Checkout” button if everything appears in order. OpenSea will then lead you to your wallet, where the necessary gas fee will be located if you choose to proceed. To complete the purchase, click the “Confirm” button. You can access the NFT in your wallet once the transaction has been completed by returning to your profile page and selecting the “In-Wallet” option.

So, these are some simple steps that you need to follow for purchasing fixed-price NFTs.

How to purchase NFTs at auction

Step 1: Load up your wallet with sufficient funds 

On a Web3 marketplace, you cannot swap fiat currency directly for non-fungible tokens (NFTs) at this time. Therefore, you will need a wallet, such as Metamask. Let’s use Metamask for this guide because it’s the one that’s used the most frequently. It is downloadable at metamask.io, and you can install it on your web browser the same way you install extensions ordinarily. You can use a debit or credit card to make purchases straight from the wallet or transfer funds from a centralized exchange. Since gas prices are unpredictable in some aspects, it is always a good idea to have a little bit more money on hand than is strictly necessary.

Step 2: Determine the NFT you want to buy by making your selection

After you have added funds, you will need to connect your wallet to OpenSea and choose the NFT you want to purchase before completing the transaction. If you have never registered for an OpenSea account, it will inquire about your permissions and seek your signature. After completing all these steps, you can register as a user on OpenSea. After completing the registration process, it is time to examine the market area. You need only pick the category that interests you and then apply the appropriate filters to your selection. In addition, you should check to see if the collection you picked has been certified by OpenSea.

Step 3: Acquire further information regarding the NFT

Once you have located an NFT that you believe may be something you would be interested in purchasing, the next step is to get additional information about it. To get a brief explanation of the NFT, you must click on the card. This will provide you with a broader perspective as well as more specifics.

This view offers a variety of information, such as the description, the current price, the price history, the kind of media, the file size, information about the artist or collection, item activity, and more. This will give you a clearer picture of what you would receive if you purchased the NFT. It will also display, in certain circumstances, the total number of copies of the NFT that are available for purchase.

Step 4:  Make an offer

Some merchants choose not to list their NFTs. Therefore, for the owner to accept your bid, you must present a compelling offer far superior to any previous bidders. Thus, the first choice available is to submit a request. 

You first determine the maximum amount you are willing to bid for each item and then specify an expiration date. Then, after selecting the option labeled “Make Offer,” you are free to relax and wait for the seller to decide whether or not to accept your offer.

It is sufficient to validate your acceptance of the terms of service before proceeding to either contribute funds or click the Confirm Checkout button. Then, while completing your purchase, you will use the money in your wallet to pay for the item.

Step 5: View the NFT in Your Wallet 

After confirming your purchase, the NFT will be visible to you in your wallet. To view it, navigate to your Profile and click the Wallet button. There may have been a holdup in the processing time, which would explain why you haven’t seen it yet.

Final thoughts

The NFT industry is only getting started. Even if you’re intrigued by the promising future of the sector, it’s not for you. Before buying or investing in an NFT on OpenSea, you should consider the pros and downsides seriously. There may be additional choices in the future that offer a wide range of advantages to their users. Before putting money into an NFT on OpenSea, you should consider these misconceptions.

To level up and gain a deeper knowledge of all things related to the future of the cryptocurrency industry, check out the latest content in the Supra Academy section.

References

1. How to Find, Buy, and Sell NFTs on OpenSea. Cryptonews.
2. (2022, 6 Sep.). How to buy an NFT. OpenSea Learn.
3. Sergeenkov, A. (2022, 23 Aug.). OpenSea Marketplace: How to Buy, Sell and Mint NFTs. CoinDesk.
4. Gutta, K. (2022, 8 Aug.). How to Buy and Sell on OpenSea Marketplace. Play to Earn Online.
5. Oramas, J. (2022, 9 Jun.). How to Buy and Sell Your First NFT on OpenSea? A Step-by-Step Guide. CryptoPotato.
6. How to buy an NFT on OpenSea using Coinbase Wallet. Coinbase.