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January 10, 2022

How to Buy NFT on OpenSea: A Complete Guide

A Non-Fungible Token (NFT) is a way of tokenizing asset ownership using blockchain. If you are an artist, you can tokenize a piece of art you created and sell it in a marketplace. This piece of art that you just created is unique. You cannot compare it with a dollar coin, of which there are many similar coins carrying the same value. There is no other equivalent to the artwork that you created – which is why it is called non-fungible.

Businesses from various sectors, including the creative sector, sports, and finance, have been proposing innovative ways to utilize NFTs in their certification and supply chain processes.

From meme arts to music albums, NFT entails everything in between. But how to buy NFT art? If you are a newbie, worry not. After reading this guide, you will be fully equipped to dive into the NFT world and make your first purchase from a popular site called OpenSea.

Where to Buy NFT: What is OpenSea?

Think of OpenSea as a marketplace, similar to Amazon – facilitating buyers and sellers to exchange their products for a fee. Except that in OpenSea, the marketplace is restricted to only exchanging NFTs, and the payment is made using Ethereum tokens (ETH). Similar to any marketplace, the sellers in OpenSea are either the creators of NFT themselves or those who are now reselling their pre-owned NFTs.

The price of an NFT in a marketplace is determined using the demand and supply for the specific asset. Similar to the stock prices, the value of an NFT could also increase or decrease depending on the above metrics. This is why NFTs from celebrated artists like Beeple or NFTs created from a specific event in history like Jack Dorsey’s first-ever Tweet are sold for millions of dollars. Their supply is extremely limited due to their uniqueness.

To answer the question, where to buy NFT, OpenSea is the most popular marketplace for NFT today and was recently valued at a whopping $10 billion. It is arguably the best place to buy NFT. So get ready; it’s going to be quite an adventure to get into the world of NFTs!

Create a Cryptocurrency Wallet and Buy Ethereum

Why Ethereum?

Ethereum is a cryptocurrency and a decentralized blockchain platform where most NFTs are built. This is why most NFTs are priced in $ETH instead of any other currency. To be able to pay for your NFT, you should have sufficient $ETH in your wallet. To convert your dollars to $ETH, you need to

  • Have a wallet to store your $ETH currency:
    A digital wallet is similar to a physical wallet, as they are both used to store your coins or currency. MetaMask is a popular digital wallet and is recommended by OpenSea. You can install a MetaMask wallet on your smartphone or desktop and create an account in the wallet by following the instructions on their site.
  • Buy $ETH and store it in your MetaMask wallet.
    There are several ways to buy Ethereum tokens. You could purchase them from a centralized exchange like Binance or Coinbase or a decentralized exchange like Uniswap. Or better yet, you could purchase $ETH straight from your MetaMask wallet using your debit card. At the time of writing, for $100, you could purchase around 0.025 Ethereum tokens. The tokens you purchase from MetaMask will be deposited into your wallet account.
    You are all set! Let’s head back to OpenSea to buy your first NFT!

Sync Your Wallet with OpenSea

As a first step, connect your wallet to OpenSea. Once you connect, OpenSea will display the available balance that you can use to purchase your NFT.

  1. To connect your wallet, simply click on the wallet icon shown above at the top right corner. You will then be prompted to choose from a list of wallets.
  2. Choose MetaMask and sign in to your account. If you have any other wallets, you can connect any of them. If you have multiple wallets, you can have more than one account in OpenSea.
  3. Now you can access your wallet from OpenSea and view your balance. Your wallet will show the $ETH that you had just purchased and any other coins or tokens you may have in your wallet.
  4. By syncing your wallet, a profile will be created specifically for your wallet account. You could assign yourself a suitable username, profile image, bio, and email address for your profile.

Buy NFT on OpenSea

OpenSea is where to buy NFT art from.

Having connected your wallet to OpenSea, now you are ready to go shopping to buy NFT.

From the OpenSea menu, click on ‘Explore.’ There is a huge variety of NFT to choose from in OpenSea, ranging from art, music, sports, photography, and even domain names. Choose an NFT that not only appeals to you but you also believe that its value will increase with time in the event you would like to sell at some point. There are a number of fake NFTs on OpenSea, so choose wisely!
You can explore any of the above categories. An example is provided below.

  1. Choose ‘All NFTs’ from the category.
  2. Use the Filter function to find NFTs that suit your interest: Choose ‘Buy Now’ to access NFTs, which you can buy without going through an auction. Set your minimum and maximum price in $ETH.
    You can also choose whom to buy from, in which currency, and from which category using the ‘Filter’ function.
  3. Choose an NFT that you like to purchase. Click on ‘Buy Now’ and complete the checkout.
  4. Congratulations on purchasing your first ever NFT from OpenSea! You are now the new owner of the asset you just purchased!

Browsing a Collection

Now that you have learned how to buy NFT on OpenSea, let’s take a look at additional features.
Filter: Using the filter, you can explore specific NFT collections. For instance, imagine you would like to browse Tory Lanez, the rapper’s collection at OpenSea. All you have to do is the following:

  1. From Filter, click on ‘Collection’
  2. ype ‘Tory Lanez’ and choose Tory Lanez Digital Collectibles
  3. Choose an NFT – and you could see how many owners the NFT has had, what is its current price, and its entire price history.
  4. Congratulations on purchasing your first ever NFT from OpenSea! You are now the new owner of the asset you just purchased!

Similarly, you can browse any collection that you have heard of using this feature. Make sure to check out CryptoPunks, Adidas collection, and any other collections you have come across in the past few months.

Are you interested in buying an auctioned NFT from a collection? Here’s how to make an offer.

Making an Offer on OpenSea

You can make an offer on NFTs that are auctioned at OpenSea, even if there is an option to ‘Buy Now.’ Think of how an auction would take place in the physical world. Similarly, in OpenSea, you will place a bid, and if no one bids higher than you within the specific period of the sale, the NFT will be sold to you.

Choose ‘Make Offer.’ If you are using $ETH, then you need to convert your tokens to Wrapped Ethereum (WETH) to place a bid.

What is Wrapped ETH?

WETH is used to place pre-authorized bids in the marketplace. WETH and ETH are always of the same price. By using WETH, if your offer is accepted, then no action is required from you for the fulfillment of the contract.

You can convert your $ETH to $WETH from OpenSea. When making the offer, click ‘Convert ETH’ and Wrap your ETH tokens as required. Although ETH and WETH are equally priced, the conversion process will incur more due to the gas fee involved.

Having wrapped your ETH tokens, you can now make an offer to purchase the NFT. You can also set your offer’s expiry date. OpenSea will notify you if your offer is accepted within this period.

Purchasing Fixed Price NFTs

You can buy a fixed price NFT instantly without having to make an offer and wait for acceptance. Choose your favorite NFT and click on ‘Buy Now.’ You will be prompted to pay the specified price. Once you complete the checkout, the NFT is yours!

Unlike auctioned NFTs, they can be purchased using ETH tokens in your wallet.

Viewing your Purchased NFTs

If you want to see the asset that you have just purchased, return to your OpenSea profile in the menu. Once the transaction is completed, your recent NFT will appear in your account as a ‘Collected’ asset.

Just like how you buy NFTs, you can also resell your NFT at OpenSea for a fixed price or at an auctioned price by inviting bids. Or you can create your own NFT experiment and list it for sale.

NFTs have great potential and use case for any industry. Considering that it is just at the beginning phase of NFT, the hype might gradually fade away with time, but the NFTs with sustainable use cases will flourish.

This guide would have taught you how to buy NFT and where to buy NFT – from OpenSea, the best place to buy NFT. Go ahead and find the best NFT to buy from OpenSea!

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