Everyone these days is crazy for NFTs. A lot of people are looking for a safe place to buy, sell or store their NFTs and there is no platform better than OpenSea.
You can easily buy NFT on openSea in a few steps. If this is your first time buying NFT, here is a guide for you. The process will help you buy NFT without any issues and avoid common mistakes that people make.
What Is The Best Way To Buy NFTs?
The easiest and most convenient way to purchase NFTs is through OpenSea, a decentralized marketplace for digital assets. You can use your credit card or pay with other cryptocurrencies such as Ethereum based token and Solana based tokens etc.
OpenSea is one of the first exchanges that has been around since 2014. OpenSea offers competitive fees like 0.1% + $0.15 transaction fee in comparison to others which charge much higher prices.
OpenSea is available worldwide, and it’s possible to find all NFTs from any country. The platform also allows users to create their markets to offer specific NFTs at lower prices.
You can easily track the price history of each asset before buying them. If you want to sell an item, just send it back to the seller and get paid instantly.
If you are looking to invest some money into cryptocurrency without having to worry about regulation, security, and high fees – OpenSea is the perfect place to start!
How To Buy NFTs On OpenSea?
Sellers who post NFTs on OpenSea have two options: they may establish a fixed price for an NFT or hold an auction where any purchasers can make offers on an NFT (they can also use both options, similar to eBay).
Firstly, login to your OpenSea account and go to your dashboard.
Steps to Buy NFT on OpenSea:
Step 1: Explore The OpenSea Marketplace
Explore the marketplace for an NFT that you’d want to buy.
Step 2: Explore NFT Information
Examine all of the information you’ve gathered regarding the NFT. Certain qualities may be more valuable for rarer and collectible NFTs.
If you want to delve into the trading element of the marketplace, you’ll also want to look at the price history.
Step 3: Making A Purchase
Simply click the “Buy Now” button when you’re ready to make a purchase.
Step 4: Review All Information
Before completing your purchase, OpenSea may ask you to review a few pieces of information about it.
This is to guarantee that you know precisely what you’re getting and to protect you from scammers who create fake copies of popular NFTs.
Step 5: Complete Checkout
If everything appears to be in order, you’ll be sent to a checkout pop-up where you may verify the total amount of your purchase.
Next, you’ll be asked to agree to OpenSea’s terms of service, after which you can complete your purchase by clicking the “Checkout” button.
Step 6: Complete The Payment
When you click “Checkout,” your wallet will open, and you’ll see a total cost that includes any applicable gas costs based on your blockchain selection.
Next, select “Confirm” from the drop-down menu.
Also Read: How to Make NFTs and Sell Them on OpenSea?
How To Buy NFT On OpenSea Through Auction?
There will be an auction option for some NFTs. This allows sellers to establish a minimum price barrier and compete with other bidders.
Making an offer is a straightforward procedure. Below are the steps to follow to buy such an NFT.
Steps to Buy NFT on OpenSea Through Auction:
Step 1: Locate NFT You Want To Bid
Locate an NFT on which you’d want to make a bid.
Step 2: Review The Bid
To ensure that you may place a bid, review all of the information on the NFT page, including current offers. Submissions must be at least 5% greater than the prior highest offer.
Step 3: Make An Offer
On the NFT page, click the “Make Offer” option.
Step 4: Double Checking All Information
You could be asked to double-check some details on the NFT to ensure it’s genuine.
Step 5: Choosing Currency
Choose the currency in which you want to make your offer. For example, if you offer the cash you have never made a transaction, there may be one-time costs.
Step 6: Offer Value
Enter the value of your offer and the date it will expire.
Step 7: Review List Of Offers
Return to your profile and click the “Offers” link in the led-hand sidebar to view a list of all offers you’ve extended.
Step 8: Wait For Seller Approval
You’re done once you’ve made an offer. All you have to do now is sit back and wait for the seller to accept your offer.
But, of course, if you’re putting a bid on an NFT you want and there’s a lot of activity, you’ll want to hang around so you can keep increasing your offer.
Also Read: How Does OpenSea Make Money?
Different Types Of NFTS
It is essential to know that there are different types of NFTs. For example, there are collectibles, games, artworks, virtual items, merchandise, and more. Every kind of NFT has its characteristics and features. Some examples include:
- Collectible – These NFTs have unique identifiers that allow collectors to verify ownership. They are usually limited edition and rare.
- Game – In general, these NFTs represent characters, creatures, objects, and locations within a game.
- Artwork – These NFTs are created by artists and designers who share their work online.
- Virtual Items – These NFTs function similarly to real-world items. However, they don’t exist physically. Instead, they are represented as digital assets.
- Merchandise – Merchandise NFTs are used for marketing purposes. They usually have branded products with special designs or logos.
The most common NFTs are collectibles. You can use them to decorate your home, office, or garden. They can be used in games and other applications too.
Conclusion
The best thing about OpenSea is that it offers instant payments. This means that when you purchase an NFT, you will receive payment immediately. Moreover, you won’t need to wait days or weeks before receiving your item.
