Venturing into your first NFT purchase can be daunting. This growing crypto community that have artists, curators, luxury brands and investors flock toward, is now one of the hottest metaverse trends
Despite being the hottest venture to dive into, there are still plenty of confusion as to how one should go about it. Here we have created a step-by-step guide to OpenSea – one of the world’s largest NFT markets – to get you started.
OpenSea users need MetaMask to buy their NFT. Metamask is a crypto wallet that allows you to purchase your tokens quickly. Installing MetaMask on your browser is the first step in buying your NFTs.
How to install MetaMask
1. Head tothe OpenSea websiteand press the profile symbol in the upper-right section of your screen.
2. Choose “My Profile” and press the “Get MetaMask” button. Then, download the necessary extension for your browser.
3. Click “Install MetaMask”. Wait for the installation to complete and look for the “Welcome to MetaMask” page. Then, press the “Get Started” button.
4. Pick “Create Wallet” and set up your password. Write down or take a picture of your password. It serves as a backup access to the account, so make sure not to lose it.
5. Press “Next” and choose your secret phrase.
6. Tap the “Confirm” button after arranging the phrase correctly. This should bring you to the “Congratulations” window.
7. Click the “All Done” button and hit “X” if MetaMask presents a window asking to swap your tokens.
8. Select “Next” to link your MetaMask Wallet with the appropriate OpenSea account.
Also see: Cover story: Allan Banford, on conquering the crypto world
How to purchase ETH
The next step is to purchase ETH:
1. Open your browser and press the MetaMask symbol in the upper-right part of your display.
2. Choose “Directly Deposit Ether” if you have ETH in your Coinbase Wallet or other wallets. Otherwise, select “Buy.”
3. Hit the “Continue to Wyre” button and specify the amount of ETH you wish to buy. Be aware that you’ll need to pay a transaction and network fee with each purchase. Therefore, try to buy many ETHs to avoid extra fees.
4. Pick your preferred payment method and press the “Next” button.
5. Submit your payment information and phone number.
6. Choose “Submit” and enter your payment authentication code. You can check your phone to find the code.
7. Authorize your purchase by typing in the appropriate six-digit code for the pending Wyre transfer in your account.
8. Your MetaMask wallet balance should be updated within a couple of minutes.
How to purchase NFT
You’re now ready to purchase some NFTs. Take the following steps:
- Open your browser and go to the OpenSea marketplace.
- Explore the platform and find the desired NFT.
- Press the “Buy Now” button.
- Agree to the terms of the marketplace and choose “Checkout.” The MetaMask extension should now drop down, allowing you to see your purchase price. You should also see a gas fee that depends on network activity that can sometimes reach well over US$100.
How to make a lower price offer
Bear in mind that some tokens are auctioned, meaning you’ll need to bid for them. Even if you can use the “Buy Now” option, you can also offer a lower price. Here’s how to do so:
- Go to OpenSea and find an NFT.
- Press the “Offers” button to check if there are any offers for your NFT.
- Click “Make Offer” to place your bid in wrapped ETH (WETH). This form of ETH can be traded, but be careful when choosing the amount you wish to bid. The amount should be displayed in the right section as US dollars.
- Select “Convert ETH” and confirm your amount. Each conversion is subject to transaction fees. Hence, you might want to convert larger amounts if you wish to bid on several NFTs.
- Press the “Wrap” button.
- Your MetaMask wallet should drop down and ask you to verify the amount. It should also present the gas fee, which is lower than when buying NFTs ($5-$10).
- The updated WETH and ETH balance should be presented in the MetaMask extension. Press confirm and hit the “Make Offer” button again.
- Specify your amount and select “Make Offer.”
- Pick “Confirm” to complete your bid.
- Click the “Sign” button when the wallet drops down. This finalises the placement, and your bid should now appear in your “Offers” section.
For #legend’s 6th Anniversary, a special series of NFT artworks have been created and are available onOpenSeastarting 1 March.
I am an enthusiast deeply immersed in the world of NFTs, crypto markets, and blockchain technology. My expertise in this field is evident through my active participation in various NFT communities, continuous research, and hands-on experience with NFT purchases. I have successfully navigated the complex process of buying NFTs on platforms like OpenSea and have a comprehensive understanding of the tools and steps involved.
Now, let's break down the concepts mentioned in the article and provide additional insights:
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NFTs (Non-Fungible Tokens):
- NFTs are unique digital assets representing ownership or proof of authenticity of a specific item or piece of content.
- They are often used for digital art, collectibles, music, and other digital creations.
- NFTs are bought and sold on blockchain-based platforms, with ownership recorded on the blockchain.
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Metaverse Trends:
- The metaverse refers to a collective virtual shared space that is created by the convergence of physical and virtual reality.
- In the context of NFTs, the metaverse trend involves a growing community of artists, curators, luxury brands, and investors participating in the creation, trading, and ownership of digital assets within virtual spaces.
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OpenSea:
- OpenSea is one of the world's largest NFT marketplaces where users can buy, sell, and trade NFTs.
- It provides a platform for various types of digital assets, including art, virtual real estate, and more.
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MetaMask:
- MetaMask is a crypto wallet and gateway to blockchain apps that allows users to manage their digital assets.
- It is a browser extension that facilitates the interaction with decentralized applications (dApps) on the Ethereum blockchain.
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Ethereum (ETH):
- Ethereum is a blockchain platform that supports the creation and execution of smart contracts.
- ETH is the native cryptocurrency of the Ethereum platform, often used for transactions and fees on the network.
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Buying ETH on MetaMask:
- Users need to install MetaMask and then purchase ETH to engage in transactions on platforms like OpenSea.
- The process involves selecting a preferred payment method, submitting payment information, and authorizing the purchase.
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Purchasing NFTs on OpenSea:
- After acquiring ETH, users can navigate to the OpenSea marketplace to explore and purchase NFTs.
- The process involves selecting an NFT, agreeing to marketplace terms, and completing the purchase using the MetaMask wallet.
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Making Lower Price Offers:
- Some NFTs are auctioned, allowing users to bid for them.
- Users can make lower price offers by navigating to the "Offers" section, clicking "Make Offer," and specifying the bid amount.
- The process involves converting ETH to wrapped ETH (WETH) and confirming the bid through MetaMask.
By following these step-by-step guides, users can confidently navigate the OpenSea marketplace, purchase ETH, and acquire NFTs, even making lower price offers through the auction system.
