How To Buy NFTs On OpenSea
How To Buy NFTs On OpenSea: Want to buy NFTs but you find the process daunting? We can help.
Covered in this how to:
- Getting Started
- Signing Up For OpenSea
- Why You Need Ethereum
- Buying NFTs with Crypto
- Buying NFTs With A Credit Card
- Participating In Auction
How To Get Started
The very first thing you needed before anything else — not including some fiat in your bank account — is a crypto wallet. Three of the best wallets to use on OpenSea are MetaMask, Trust Wallet, and the Coinbase Wallet.
We just so happen to have a guide for every one of those wallets.
In this guide, I will be using MetaMask.
Pro Tip: That’s by no means an endorsement of MetaMask over other wallets. All of the wallets work pretty similar to each other and picking one just comes down to personal preference.
How To Sign Up For OpenSea
“How To Sign up For OpenSea” is a misnomer because all you have to do really is connect your wallet.
Start by navigating over to the OpenSea marketplace.
At the top right of the OpenSea splash page, you’ll find a tiny wallet icon. Click on the wallet. You’ll find a little pop-up.
Click on the little “fox” icon. From there, you’ll be prompted to “sign.” Most people are usually pretty weirded out by this at first, but this is totally normal MetaMask stuff. Signing just confirms you are allowing the Dapp to interact with your wallet.
Why You Need Ethereum
Okay, so you’ve got you’re wallet, and you’re “signed up.” Before you can start buying those PFPs you’ve had your eye on, you’ll have to get yourself some Ethereum to send over to your wallet.
The reason you need to have Ethereum (ETH) is that ETH acts as the reserve currency of MetaMask. What does that mean exactly? Let Vitalik Buterin, the brainchild behind Ethereum tell you:
“ETH has a lot of intrinsic utility as a reserve asset for the Ethereum ecosystem. It’s the only fully trustless asset that can be used as collateral for a lot of decentralized finance applications… It’s the most convenient asset to use for payments between Ethereum applications.”
It’s true. Ethereum is the most convenient crypto to use on DeFi. There are many other coins you can use, but Ethereum is most common.
Buying And Sending ETH
If you don’t already have some Ethereum in your wallet, you can buy some via your favorite exchange. To send Ethereum, start by navigating to MetaMask.
Click “Receive.” It’s the first button from the left.
From there, you’ll find a pop up. Click “copy.” It’s just above the “request payment button.” Then paste the address into your exchange’s Ethereum wallet. Select the amount you intend to send to Metamask.
After that, you might have to wait a little bit. It’s generally pretty fast when transferring from an exchange to Metamask, but it really depends on how congested the network is at the moment. But as long as you aren’t transferring at the same time that Ashton Kutcher is minting NFTs, it should be there within minutes.
Pro Tip: Make sure to always send enough to cover your gas fees. Unlike traditional transactions, where you don’t pay for the energy that your transaction requires, everything you do in the wallet pretty much will require a fee. Though, the fees do vary based on action. Regardless, always think of it like your gas tank. Fill it before it’s empty.
How To Buy NFTs With Crypto
Now that you have Ethereum in your wallet, you are ready to go. To buy an NFT, navigate to OpenSea’s homepage.
Once there, type the name of the project into the search bar. I’m going to use Bored Ape Yacht Club in this example, just because. Make sure you click on the one with the verified symbol.
Pro Tip: If the project you wish to purchase isn’t verified, make sure to check with the project’s Twitter/Discord/Telegram to get their official OpenSea page. Beware of scams. There are many.
Once you’ve clicked on the project, you’ll notice a bunch of NFTs.
To sort through and find the NFT you want, click on where it says, “Price: Low to High.” Choose whichever option you prefer to find the NFT you want.
Now that you’ve selected an NFT to buy, click “Buy Now.”
If you have enough ETH in your wallet, you will be charged automatically. If you don’t you will be prompted to add more.
How To Buy NFTs With A Credit Card
Buying NFTs with a credit card on OpenSea is surprisingly super easy.
When you’re on the page of the NFT you want just like the one in the previous section, click on “Buy Now.” You will be prompted to connect your wallet. Click “Connect Wallet.”
From there you will be prompted to “Add Funds.” Once you’ve clicked, you’ll see a pop up that gives you an option to purchase with a credit card.
Pro Tip: Even if you buy with a credit card you still need a wallet in order to withdraw from Metamask. You cannot withdraw your Bored Ape profits straight to your credit card without paying gas fees.
How To Participate In An Auction
Auctions are easy. Basically, all you have to do is have enough ETH in your wallet.
Click on “Place Bid.”
You’ll find this pop up again.
Click “connect.” There you will be prompted to add more ETH if you don’t have enough. Otherwise, you will be automatically allowed to place a bid.
Note: in order to place a bid, you will have to have more than the current highest bid, just like a regular auction. And, just like a regular auction whoever has the highest bid at the end wins the NFT.
If you see your bid has been usurped, you have the option to bid more as long as you have enough ETH in your wallet. So, if you are going all-in on a certain YouTuber’s NFTs, don’t forget to stack that ETH before bidding.
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That’s it for now. If you have any questions, don’t hesitate to ask.
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Text source: CryptosRus
