How to Buy NFTs on Opensea Marketplace
Opensea is one of the leading marketplaces for Non-Fungible tokens. The platform made incredible growth for the past three months with a transaction volume of 1400% in 2021, compared to the Rarible marketplace with a volume of 640%. Based on DappRadar's research, OpenSea recorded $82.5 million in transaction volume for the first three weeks of March 2021. The massive growth of the NFT trading platform made Opensea an attractive place for investors.
So how do we get started to trade NFTs on OpenSea Marketplace? In this blog, I will explain how to buy NFTs from the platform.
Must-Have:
Make sure you have a crypto wallet that is supported on OpenSea. You can check it here: https://opensea.io/wallet/select.
Connect your wallet to the OpenSea Marketplace
You will need ETH cryptocurrency to buy NFT.
Metamask wallet seems to be the most popular to store ETHs, and OpenSea supports it. In addition, it allows you to store Non-Fungible Tokens, which sounds like a good deal to me. I have perfect guides on "How to create a Metamask Wallet" and "How to Purchase ETHs directly from Metamask."
How to Buy on OpenSea
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Go to www.opensea.io and click on the Marketplace button.
2. The filter panel will appear on the left. You can filter NFTs that are currently on sale by Status, Price, Collection, and Sale in different currencies.
3. Choose the category you are interested in (Art, Virtual Worlds, Collectibles, etc.)
4. The list of Non-Fungible Tokens will appear.
5. Depends on your category selection, the filter panel may append with additional filter options. You may sort even more by using the "Sort By" button on your right side.
6. Once you decided on the NFT you would like to buy, click on it, and you will be redirected to the information page.
On the information page, you can view all the details about that NFT:
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When was the Non-Fungible Token minted?
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Who is the current owner?
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Whether the NFT is certified by OpenSea or not.
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Properties of NFT
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Records of past transactions.
7. Click on the buy button. The metamask extension will pop out with the total cost. The total cost will contain the price of NFT + Gas Fees (Gas fee is associated with transaction cost)
After the acquisition, you can view your freshly bought NFT in your collections. Some NFTs may include extra information, such as the link to the original file or instructions about receiving a physical object if such available.
At some point, you may desire to sell the NFT. I already have a comprehensive guide regarding "How to Sell NFT on the OpenSea Market."
