How To Buy An NFT On OpenSea – The Crypto Guide For Beginners
Investment4 Minutes Read

How To Buy An NFT On OpenSea – The Crypto Guide For Beginners

April 1, 2022 Share

Once you have created your Crypto wallet, it’s time to search the web for some epic designs. Use one of the best – OpenSea.

Great, so we have got our cryptocurrency wallet sorted, and we have placed some Ethereum into it, but what is the next step to becoming part of the official NFT gang? Well, it’s time to buy, buy, of course. Why not start with OpenSea?

Now, of course, there are hundreds of platforms that you can browse for your next potential icon, but there is one that stands out from the rest. OpenSea is a game-changing decentralised marketplace for buying and selling NFTs. 

And just a friendly reminder, NFTs stand for unique Non-Fungible Tokens, collectable digital things like in-game assets, avatars, trading cards, and art.

Buy An NFT On OpenSea

Interacting with digital objects is becoming routine as people live their lives online. However, whereas in the web’s early days, people sought to bring the physical into the digital, the current phase is all about digital-first creations — such as good memes, games, and interactive experiences.

That’s also why people are transitioning away from selfies for profile pic avatars on social media platforms like Instagram, Twitter, and TikTok. Instead, cartoon avatars of penguins, pixelated punks, and jaded apes with laser eyes are taking over.

In August 2021 alone, OpenSea recorded well over $3.5 billion in NFT trading volume. Considering it posted “just $21 million in volume during all of 2020, it’s safe to say the 12,000% trading activity rise firmly signals success,” according to Market Watch.

OpenSea

Investors like Mark Cuban, Kevin Durant, Ashton Kutcher, and crypto powerhouse a16z have helped push OpenSea’s valuation to over $1 billion, giving the young NFT platform unicorn status seemingly overnight.

However, there is a catch. The deal is that OpenSea provides the NFT marketplace infrastructure for free and users cover the platform’s upkeep with a 2.5 per cent fee on every NFT sale.

But again, that’s not back, considering eBay fees begin at 10 per cent and go higher from there; OpenSea’s flat-rate sales fee is entirely reasonable. Regardless of whether your NFT sells for $10 or $10,000,000, the price paid to OpenSea is the same.

NFT collectors, artists, investors, and traders all rate OpenSea highly, but if you’re new to the platform, it isn’t obvious. Here is how to buy an NFT on OpenSea in just a few simple steps:

Ethereum Buy An NFT On OpenSea
How-To Geek

1. Send Your Ethereum Moola To Your NFT Wallet.

We all know that if you want something, you need to have some cash-dollar, to begin with. In the previous article, we spoke about getting Ethereum into your wallet, so if you haven’t already read it – what are you waiting for? 

So let’s say you decided to go for Coinbase for your Ethereum exchange platform. Head over to the website and send any amount to your NFT account ($100 is roughly 0.036 ETH, for example). I would highly suggest that you download the NFT account called Metamask, which will sit nicely on the top right of your Google Chrome page. This will set up a mini version on Chrome that is extremely safe (as long as you remember your 12 worded password they give you). 

Courtesy of OpenSea

2. Start Browsing On OpenSea.

With some Ethereum in your Metamask wallet, head over to the OpenSea website to start browsing. On OpenSea, you can filter the page to your heart’s content. From best-selling to the lowest price. The OpenSea marketplace is not just filled with animal heads or punk collectables, but there is a range of different topics to choose from. For example, expect to see art, collectables, domain Names, music, photography, sports and even trading cards.

Once you find something that you like, click on the image, and it will take you to a more detailed version of the product. If you are happy, click purchase.

Oobit Buy An NFT On OpenSea
Oobit

3. Be aware of those Gas Fees.

Gas fees are a term in the metaverse that refers to the transaction fees that users pay to miners on a blockchain protocol to have their transactions included in the block. Confusing right? In simpler terms, if that specific NFT you want to buy is very popular and has high demand, users pay more to have their transactions processed quickly and efficiently. 

Users of Ethereum can pay more for faster transactions. The system works on a standard supply and demand mechanism. Gas fees fuel the transaction to your wallet. If you see your buying price skyrocket after clicking on the image, be careful not to be too eager. Please read the fine print before accepting it.

It then stores under your profile in OpenSea, and you can either sell it on or keep it in case the value of the collection rises.

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Author: Michelle Laver
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