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Buying on Opensea
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June 23, 2022

How to Buy an NFT on OpenSea (All Options)

Many non-fungible tokens, or NFTs, are listed on OpenSea, the giant of all NFT marketplaces as of now. The platform is a multi-chain platform that is home to many of the most popular and expensive collections. There are other blockchain marketplaces with lower gas prices, but if OpenSea is what you want, then we have the answer on how to buy an NFT on OpenSea.

Why Purchase NFTs on OpenSea?

Buying on Opensea

Thousands and thousands of transactions happen on OpenSea every day. The OpenSea marketplace is supported by the Ethereum network, the largest blockchain for NFTs. It’s no secret that gas fees for Ethereum are out of control, especially during peak hours, which is pricing many potential collectors out. 

OpenSea saw this problem and came up with a solution – the integration of multiple blockchains. Not to mention, Polygon, a layer 2 solution to Ethereum to solve the transaction speed and cost issues, is also rectifying the problem. If you are on Ethereum, Polygon, Solana, or Klatyn, then you can transact on OpenSea.

The platform is an excellent place to browse collections, whether you’re looking to buy or not, and it also has a very useful feature for NFT statistics, which NFT Drops is dedicated to. The information can be used to price projects correctly and see how much the NFTs you own have gained in value. 

Is it Safe?

The NFT space is very new and so is everything that comes along with it such as the platforms and sometimes even the blockchains. Blockchain technology is advertised to be safe and virtually unhackable, but there have been marketplace hacks. We want to be perfectly honest with our readers and be transparent about the security of their digital assets.

However, it’s also important to remember that with every security breach (luckily there haven’t been many), the security of the platform is fortified so it likely won’t happen again. Another part of it has to do with your ability to keep your crypto assets safe by taking the proper precautions. 

Safety Tips and Reminders to Know

Regardless of what digital wallet you choose to transact with, never give out your personal information or your secret phrase, which is the password to your hardware wallet.

We also highly suggest doing your due diligence as you would with any platform where they can potential have access to your assets. Look into the site and its history. Of course, if you’re dealing with OpenSea and large exchanges that are reputable such as Coinbase, you won’t have to worry as much.

How to Purchase an NFT on OpenSea Thru a Wallet

In order to buy NFTs on OpenSea, you will need a wallet to hold your assets. There are many wallets out there, but you have to make sure the one you pick supports your crypto. Let’s use OpenSea as an example. Because the marketplace is built on Ethereum, you will need the blockchain’s currency, ETH, to buy NFTs.

The first step is to make sure the wallet supports ETH. Let’s use the Coinbase wallet for example because it’s a big one that also supports a lot of other cryptocurrencies. Once you have it, set it up by following the step-by-step guide below.

  1. Download the Coinbase app on your device
  2. Set up your account by filling in the required information such as account name
  3. Write down the private key (a phrase made p of 12 words that will be your password)
  4. Buy crypto using fiat (traditional currency) and transfer it to your wallet

You can transfer ETH after purchasing it by following the below steps:

Coinbase
  1. Go to the Coinbase website and sign in
  2. Click the buy/sell button and choose ETH
  3. Click through the steps to finalize 
  4. You have to wait for the ETH to be transferred (this could take a few days)
  5. Go into your Coinbase account and copy the wallet address
  6. Head back to the Coinbase website and choose “portfolio”
  7. Find Ethereum and click “send” 
  8. Paste your wallet address in the correct field
  9. Click “continue” to confirm

To start buying on OpenSea, you need to open an OpenSea account.

  1. Head over to the OpenSea homepage and sign up for an account
  2. Once that’s done, navigate back to the homepage and click the wallet to connect
  3. Once the connection has been established, you can start buying NFTs.

Browse the site and see what is available to buy your first NFT on OpenSea. When you see something that catches your eye, click “buy now” and follow the steps after to finish the transaction. 

How to Purchase an NFT on OpenSea Thru MetaMask

MetaMask

CoinBase is a popular wallet, but the MetaMask wallet is the crypto wallet of choice for many because of the diverse cryptocurrencies it supports and the security. MetaMasks works a little differently because you need to download the MetaMask extension on Google Chrome before you can get started. 

If you already have an account on OpenSea, just navigate over to the site, log in, click on “my profile”, and press “get MetaMask”, then follow the steps below:

  1. Click “install MetaMask” and wait for the transaction to finish
  2. Once it’s done, you should see the MetaMask fox logo pop up
  3. Click “get started”
  4. Choose “create wallet” and choose your password. The password functions as a backup access to your account
  5. Then choose your secret phrase and then click “confirm”

• Part #1: Installing MetaMask on Your Browser

To install the MetaMask wallet extension on your Chrome browser directly without heading into OpenSea, head over to the extensions section in the top right corner and search for MetaMask. Then click “add to Chrome”, and you’re done! You should see the MetaMask logo pop up with a button to get started.

• Part #2: Purchasing ETH

Buying Eth after you install MetaMask on your browser is very simple. Open Chrome and click on the MetaMask extension (the little fox on the top right-hand corner).

  1. Select “directly deposit Ether” if you are using a different wallet but choose “buy” for MetaMask.
  2. Then click the “continue to Wyre” and enter the amount of ETH you wish to purchase. Keep in mind that a transaction fee and network fee will app, so we suggest NFT creators and buyers purchase a large amount to make it worth it. 
  3. Choose how you’d like to pay and then press “next”
  4. Enter all the relevant information and click the button to continue
  5. Then you need to enter your payment authentication code (a six-digit code) that will be sent to you via SMS
  6. After entering it and confirming, your ETH should show up shortly.

• Part #3: Buying or Making an Offer

We now finally get to the part where on how to buy NFTs on OpenSea. You can buy NFTs one of two ways, because the creators can choose to either list authentic versions of their artwork at a fixed price, or they will list it where buyers can bid at a lower price. 

If the NFT or several NFTs you have your eye on is set at a fixed price, then follow these instructions:

  1. Click “buy now”
  2. Click to confirm you agree to the platform terms and conditions, and then head to checkout

To offer a lower cost even after you check out, do it this way:

  1. Click “offers” instead of “buy now”
  2. You have to bid in wrapped ETH or WETH 
  3. Choose “convert ETH” when you have entered the amount you choose to bid
  4. Then press “wrap”
  5. Remember that there is a gas fee involved when you purchase on OpenSea
  6. Depending on when you do the transaction, peak hours can see a higher gas fee
  7. Once you see the WETH in your MetaMask, you can click the “make offer” button and put in your bid
  8. Then press “confirm” to push your bid through

FAQ

• Can you create an NFT on the OpenSea app?

Yes, you can create an NFT on the OpenSea app. OpenSea has a feature to mint NFTs, and if you pick the Polygon blockchain, you can do it for free. Lazy minting offloads the upfront gas fee to the buyer, who pays it when they pay the final cost of the NFT. 

Conclusion

It doesn’t matter if you are buying or selling on OpenSea, one of the things you need is a supported wallet. Always go with one that’s prominent and reputable. MetaMask and Coinbase are two primary hardware wallets, but your choice should depend on the blockchain and marketplace you pick. In order to keep your assets safe, never give out personal information or your secret password. 

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