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how to buy an nft

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How to buy an NFT?

Buying NFTs is easy and safe from the OpenSea NFT marketplace. OpenSea offers the broadest selection of NFT art in the market.

An NFT can be any unique digital asset stored in a blockchain. Investing in NFTs differs significantly from investing in cryptocurrencies. The safest storage method for an NFT is a cold wallet.

How to buy an NFT: A quick guide

Buying NFTs is easy and safe from the OpenSea NFT marketplace. To purchase an NFT, you must also have a Web3-compatible wallet. The most popular Web3 wallet in the market is MetaMask. MetaMask is a browser extension (or a mobile app) that enables managing cryptos and NFTs on multiple blockchains.

You must also transfer cryptocurrency to the wallet to cover your NFT purchase and the associated transaction fees. If you purchase an NFT on the Ethereum platform, you will need Ether (ETH) in your MetaMask wallet.

How to buy an NFT from OpenSea:

  1. Download MetaMask – a Web3-compatible wallet.
  2. Transfer ETH to your MetaMask wallet.
  3. Go to the OpenSea marketplace.
  4. Log in to the site using MetaMask.
  5. Use the OpenSea’s search function to find the NFT you want.
  6. Buy an NFT.

After the purchase, the NFT is automatically transferred to your MetaMask wallet. You can keep the NFT in MetaMask or transfer it to a cold wallet (e.g., Ledger Nano X). This ensures that your NFT remains safe from potential scam attempts.

Below is a picture of OpenSea’s homepage.

opensea

In addition to OpenSea, there are other NFT marketplaces. Another popular NFT trading platform is called Blur. The largest cryptocurrency exchanges, such as Binance, also have NFT marketplaces. Beginners should favor large and well-known marketplaces to avoid scams.

The most famous NFT collections are created on the Ethereum platform. However, there are NFT collections on other smart contract platforms, too. The most popular alternative NFT platforms are Solana and Polygon. You can view the trading data of NFT collections at cryptoslam.io.

How to buy an NFT: A detailed guide

OpenSea offers the broadest selection of NFT art in the market. A wide range, clear user interface, and secure trading are why NFT investors should prefer OpenSea.

Buying an NFT from the OpenSea marketplace is not difficult. We will go through the process of buying an NFT step by step. Follow the instructions below to ensure you make NFT purchases safely.

Note: This guide uses the OpenSea service on a computer and with the Chrome browser. You can also perform the operations on mobile devices.

Install MetaMask

We use MetaMask as the Web3 wallet because it is the most popular and widely supported by various NFT marketplaces. Go to metamask.io and click the Download button on the homepage. From this page, you can install MetaMask as an extension for your Chrome browser.

download metamask

After the installation, an orange fox image, the MetaMask icon, will appear on your browser’s extensions bar. You can enable the extension from the Chrome browser’s settings if it does not appear.

Transfer Ether (ETH) to MetaMask

In this example, we buy an NFT on the Ethereum network from the OpenSea marketplace. Therefore, you need Ethereum in your MetaMask wallet. Your wallet must have enough Ether for both the purchase of the NFT and the transaction fees. The size of the transaction fees depends on the network congestion. They typically vary from a few euros to tens of euros.

You can buy Ethereum from all popular cryptocurrency exchanges. We won’t go through the process of opening an account in an exchange or buying cryptocurrencies in this guide. If you want more detailed instructions on this step, check out this article: How to Buy Ethereum (ETH).

Next, transfer Ether (ETH) from your exchange account to your MetaMask wallet. The required amount depends entirely on the price of the NFT art you buy. NFT prices range from a few euros to even a few million euros. You can browse the collections at OpenSea to determine how much Ether you need.

Connect MetaMask to OpenSea

Once you have transferred ETH to your MetaMask, you can go to the OpenSea marketplace for NFT shopping. Open the URL opensea.io to your web browser. Next, your MetaMask wallet needs to be connected to the OpenSea marketplace. This is done by clicking the “Connect wallet” button in the site’s top right corner.

The following view will open on your screen, showing the wallet options supported by OpenSea. Select MetaMask from the available options.

opensea connect

MetaMask will ask for a signature before connecting to the OpenSea marketplace. At this point, you also choose which MetaMask wallet you want to connect to the service. Note that one MetaMask app can include an unlimited amount of crypto wallets. Be extremely careful every time you approve any action with your MetaMask wallet!

Once you’ve connected your wallet, OpenSea will create a user profile for you.

Buy an NFT

OpenSea offers a wide range of different NFTs. You can view popular collections from OpenSea’s homepage or the categories in the top menu, where different NFTs are sorted based on their characteristics.

Once you’ve found an interesting NFT collection and opened the page of the NFT you’re interested in, you’ll find details about its issuer, a description, and its purchase history. If you want to buy that particular NFT, you can do so by clicking the blue “Buy now” button.

buy nft

It’s important to note that bidding on an intriguing NFT is a viable option instead of making a direct purchase. In both cases, the buyer must approve the transaction in their MetaMask wallet.

After the purchase, the NFT should be visible on your OpenSea profile page. Click the “Profile” button in the top right corner of the site to view your OpenSea profile and the NFT artworks you own. If you want to sell an NFT you own, you can do so through your user profile.

That’s all! Note that the NFT is in your MetaMask wallet and not held by OpenSea. You can transfer the NFT to any other Web3 wallet or, for example, to a Ledger Nano X cold wallet.

What is an NFT?

An NFT can be any unique digital asset stored in a blockchain. NFTs have gained popularity among investors in recent years. The most expensive NFTs have sold for tens of millions of euros!

NFTs made a significant breakthrough in 2021 when they became known to the broader masses for the first time. The NFT market has grown steadily over the past few years, and more high-quality NFT projects have emerged.

It’s essential to keep in mind that not all NFTs are equal. The term NFT covers various categories, which we’ll go through next.

  • Art has always been the most popular category in the NFT market. NFT art can include digital images, audio files, and short videos. NFTs enable a new earning model for artists. NFTs have also caught the attention of art collectors, as most of the biggest NFT deals in recent years have been sales of NFT art.
  • Collectibles: Interest in rare collectibles has always been high among investors. Due to their uniqueness, NFTs can be considered digital collectibles. The NFT market has numerous digital collectibles that have gained tremendous popularity among collectors. NFTs differ from traditional collectibles because their authenticity is verified using blockchain technology.
  • Video games: Many who have played video games certainly understand the potential potential of NFTs. In the crypto industry, various blockchain games have been built for a long time, in which NFTs have been a central part of the gaming experience.
  • Utility NFTs: As the name implies, a utility NFT is an NFT built for a specific use case. Utility NFTs can create passive income for their owners or entitle them access to various events. NFTs offer sports clubs and concert organizers a new way to sell event admission tickets.

Read more about NFT technology in the comprehensive guide from our website: What is an NFT?

Investing in NFTs

Investing in NFTs differs significantly from investing in cryptocurrencies. The most significant difference between NFTs and cryptocurrencies is their interchangeability. Cryptocurrencies are interchangeable, but NFTs (non-fungible tokens), as their name suggests, are not. Each NFT has its serial number (token ID) by which it can be identified.

The common factor between cryptocurrencies and NFTs is the blockchain technology, which both utilize. Cryptocurrencies typically use the blockchain to store transactions and verify transfers. NFTs most often utilize the Ethereum blockchain, but other blockchains (Solana, Polygon) have also gained popularity in recent years.

The value formation of an NFT differs significantly from that of cryptocurrencies. In the case of cryptocurrencies, their value often stems from their usability as a means of payment or as an investment. On the other hand, the value of an NFT is typically linked to its artistic value, popularity, or uniqueness. As a result, the value of an NFT is much more complicated to measure than cryptocurrencies.

Below is a picture of the popular Bored Apes collection from OpenSea.

opensea bayc

One of the key characteristics of the NFT market is its lower liquidity than the cryptocurrency market. This means it is impossible to sell an NFT in the same way as cryptocurrencies. Additionally, due to the uniqueness of NFTs, the seller and buyer’s needs must always align for a transaction to be possible.

When selling an NFT, you need a buyer who wants to purchase your specific NFT. Of course, some buyers may also make offers on NFTs from particular collections, allowing anyone with an NFT to accept the offer. However, this approach does not guarantee the best price for your NFT.

In conclusion, it should be noted that NFTs have gained popularity as an investment in recent years. However, investors should remember that NFTs are not uniform, encompassing several smaller subcategories.

How to store NFTs safely?

The safest storage method for an NFT is a cold wallet. Even if the MetaMask browser extension was used to purchase the NFT, transferring the most valuable NFTs to your cold wallet after the transaction is advisable. We recommend a cold wallet for long-term storage of NFTs.

The most popular cold wallet on the market is called Ledger Nano X. The Ledger Nano X looks similar to a USB stick and can be connected to a computer via a USB cable. If necessary, you can also manage your Ledger via a Bluetooth connection. Use this link to safely buy the Ledger Nano X from the manufacturer’s website.

AboutBitcoin Team

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