Before we explore how to purchase an NFT on OpenSea, let’s briefly revisit what non-fungible tokens are.
Non-fungible tokens (NFTs) are encrypted digital files stored on the blockchain. They represent digital items like images, videos, artworks, etc. Tokenization is a complex concept, but it essentially means converting an asset into a digital token that can be moved and stored on a blockchain, such as Ethereum or Solana.
Quick Navigation: How To Buy and Sell NFTs on OpenSea
Unlike NFTs, fungible goods are interchangeable and indistinguishable, like fiat currency. You can exchange a 50 euro bill for another genuine 50 euro bill, and they will have the same value. Bitcoin is also fungible – it doesn’t matter which particular Bitcoin you own. In contrast, non-fungible assets are unique and scarce. An example is a work of art. You can’t swap the Mona Lisa for another painting, for instance.
This guide will explain how to buy (and sell) NFTs on OpenSea. However, we have also created another guide for creating and minting your NFTs on OpenSea.
Why Are People Buying NFTs?
People buy NFTs for various reasons, primarily to invest in a new, speculative, and very volatile asset. The market for NFTs exploded in 2021, and many collections, such as the Crypto Punks or the Bored Ape Yacht Club, saw their valuations soar.
Aside from speculating on their future value, some investors purchase NFTs as a form of digital art. As the world increasingly moves towards a digital future where much of our interactions and time are spent online, and as the concept of a metaverse continues to gain momentum, many people want to own scarce, verifiably authentic digital art.
Others might buy an NFT as a gift for someone who would appreciate it. The motivations vary, but it’s a fact that the market has grown significantly and is not to be overlooked.
Now, let’s see how to buy an NFT on OpenSea.
How To Buy an NFT on OpenSea
Step 1: Get a wallet and fund it
You need a digital wallet with funds to buy NFTs. On OpenSea, the currency you will use to buy is Ether (ETH). For this guide, we’ll use MetaMask, the most popular web wallet for NFTs, though Coinbase Wallet is also rapidly becoming a favorite.
Important: If you install the wallet for the first time, be aware of phishing and double-check that you visit the correct website URL. Read here for more security tips.
If you don’t already have a wallet installed, go to metamask.io and get it as an extension for your web browser and connect it to OpenSea. To do so, go to OpenSea and navigate to the top right bar, and click on profile. You’ll be redirected to a new page prompting you to connect your wallet. Choose MetaMask, Coinbase Wallet, or the other available options.
Grant OpenSea all the necessary permissions to use your wallet and sign the signature request.
Once installed, you are ready to browse the NFT collections available on the OpenSea marketplace. If you don’t have ETH, go to your MetaMask wallet and click on “Buy” — you can make a crypto deposit directly or use a debit/credit card.
Alternatively, if you prefer, you can also set up a Coinbase Wallet – it’s another very popular option that users choose, and it comes with the reputation of the Coinbase brand itself.
The process is fairly similar to installing a MetaMask – all you need to do is visit the official Coinbase website and add the non-custodial wallet as a Chrome extension, and generate your wallet. It doesn’t matter which wallet you use to interact with OpenSea, but the Coinbase wallet does come with some added benefits like the fiat-to-crypto on-ramp.
Step 2: Browse the OpenSea NFT collections
To find the NFT you want to acquire, go to your OpenSea profile and click on “Explore.” There, you’ll see thousands of NFT collections available.
On the top right bar, you can filter your search by clicking on Trending, Top, Art, Collectibles, Domain Names, Music, Photography, Sports, Trading Cards, Utility, and Virtual Worlds.
Step 3: Found Something You Want? Buy Now or Make an Offer
When you find something you like, you can buy it directly or make an offer. Keep in mind that some NFTs will have the option “Place Bid,” where you can make an offer to the owner to acquire the item. If you see an NFT like this, make sure you see the number of offers already made to have an idea of how much money you can bid.
On OpenSea, bids must be at least 5% higher than the previous one. But for the sake of the example, we’re just going to buy at a fixed price.
Step 4: The Actual Purchase
In this case, we’re buying an artwork called “Great Ball of Fire.”
Hit “Buy now” to proceed to checkout. You’ll see the details of the NFT, like name, its respective collection, the subtotal, and the total. Click on Confirm Checkout.
Next, OpenSea will load up your MetaMask wallet.
Here, you’ll see all the details of your purchases, like the estimated gas fees and the processing time.
You can change the gas fees by clicking on Edit, but keep in mind that lowering gas fees will considerably reduce transaction speed. The best time to buy using MetaMask is when the Ethereum network is less busy.
Check out the Ethereum Gas Tracker on Etherscan to view current gas fees. You can also check the recommended gas prices on ETHgasstation.
When you’re ready to buy, hit confirm and wait until your purchase is processed.
Just sit back and relax! In just a few seconds, your brand new NFT will appear in your collection. Simply go back to your profile and wait until your new NFT appears.
Easy, right? Click on it to see the details of your NFT.
What if You Want to Sell Your NFT?
If you wish to sell it, just click on “Sell” at the top right bar, and you’ll be redirected to a new page to fill in the conditions of the sale.
You can choose whether to sell it at a fixed price or a timed auction, the currency, and the expiration date for the sale. Listing is free, but OpenSea charges 2.5% of each sale.
If you want to see your NFT on your MetaMask wallet but it doesn’t appear, don’t worry; it’s not that it’s not there — you have to add it manually.
First, click on your NFT and scroll down to Details.
In that section, click on Contract Address. This will redirect you to the Etherscan page for the specific address of your NFT.
Copy that address and go back to your MetaMask wallet. Below, you’ll find the option “Import Tokens.” Click there and choose “Custom Token.” Paste the address that you copied from the Etherscan page.
The token symbol is just the public name tag, and Token Decimals is just a way to view your NFT. It won’t change the amount that you’re holding. For example, if you choose 3, it will give you 0,001. In this case, we’re going to put 0 and proceed to add it.
Now, you can see your NFT right below your funds.
Final Thoughts
Buying and selling NFTs on OpenSea is not as difficult as you might think. However, be aware that there are many scammers in this field, and prices can be extremely volatile.
It’s not uncommon to see people lose their money to scammers through phishing or rug pulls. The NFT field is also riddled with wash traders who would generate fake trading volume on certain collections to make them more appealing to investors.
In any case, it’s important to keep in mind that this is a very young market that’s heavily unregulated in the majority of jurisdictions. As such, it’s necessary to address it as such and take the precautions needed to protect your capital.
