OpenSea: How to buy NFTs on the leading marketplace

Trading NFTs moves millions every day, not only in famous gatherings like CryptoPunks or Bored Ape Yacht Club. Here we explain how to buy your first NFTs from the leading marketplace OpenSea.

NFTs (Non-fungible Tokens) have become a well-known growth segment in the crypto industry since late 2020. Smart investors were not only able to make big profits with top projects like Bored Ape Yacht Club or CryptoPunks. If you want to start trading NFTs yourself, it’s easier than you might think. We will explain how it works.

The first place to go to buy NFT is OpenSea. The platform is the undisputed market leader, there you will find almost all known NFT collections with thousands and thousands of individual pieces. So there is no way around OpenSea to buy NFT. Important from a technological point of view: At OpenSea, NFTs are traded on the basis of Ethereum (ETH), which is still the gold standard for this sector. In addition, OpenSea also supports Buy NFT under Solana (SOL), a foundation that is gaining market share.

Buy First Steps for NFT at OpenSea

When checking OpenSea, we recommend using Chrome as your browser because you will be using an external wallet when buying NFT. Chrome makes it easy to link the wallets because they are available as extensions. When it comes to NFT trading with Ethereum, Metamask is the most known and proven wallet. For purchasing NFT with Solana, we recommend Phantom Wallet.

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Now back to buying NFT from OpenSea: As you browse the offers, you will quickly notice that there are two options. On the one hand, NFTs are offered at a fixed price (“Buy Now”) and on the other hand they are auctioned off (“Bid”). You may already know the principles of eBay and other online trading platforms.

Buy and sell NFTs on OpenSea with Ethereum

Buying NFT is of course easiest when a fixed price has been set, and trading with OpenSea can therefore take place immediately. You simply click “Buy” and you will be shown the price in Ethereum plus the Creator Fee. Now you will be redirected to your Metamask wallet where the Ethereum transaction fees will be added. Then you confirm the purchase and a little later the selected NFT will appear in your Metamask Wallet.

If you have decided to participate in a buy NFT auction on OpenSea, the process is a bit more complicated. You can recognize auctions with bids in OpenSea by the red symbol for Ethereum. Strictly speaking, however, ETH is not offered at all, but is calculated in Wrapped Ethereum (WETH). This saves fees and this trick also makes it easier to block bids. To have WETH in your Metamask wallet, you can exchange it for ETH there, but it costs 9 US dollars and more. Alternatively, you can exchange Wrapped Ethereum 1:1 for Ethereum yourself at OpenSea or buy WETH at Binance (with a 10 percent discount on fees via our link). Now you place your bid and if successful you will soon discover the auctioned NFT in your Metamask wallet.

Basically, NFT trading at OpenSea runs in the opposite direction. You offer an NFT from your collection on OpenSea for sale, either at a fixed price or at an auction. As soon as the trade is closed, the buyer’s Ethereum will be transferred to your Metamask wallet. From there you can send the ETH to Binance, exchange it to Euros there and finally get the amount transferred to your bank account.

Tips for choosing when buying NFT from OpenSea

There has been some adjustment in the NFT market, by mid-2022 the focus of specialist retailers will be on well-known collections and low-quality mass-produced items will struggle. But it also leads to more and more free riders who want to connect with well-known names such as Bored Ape Yacht Club (BAYC).

OpenSea always provides you with information about collections that you can use to check whether you have originals or copies of no great value. The number of NFTs in a series as well as the number of different owners give you clues that you can compare with a project’s web presence. The “Floor Price” reports the current average selling price of NFTs in a collection, volume counts the realized sales. If you see little or no volume in a rally, it’s best to stay away – because that’s where NFTs rally around which no market has developed.

Buy NFTs with Solana at OpenSea

Buying NFT with Solana at OpenSea is very similar to how it is organized for Ethereum. You can find the offers under the menu item Solana NFTs. Now you use your Phantom Wallet to make NFT instant purchases or place a bid. Purchased Solana NFTs will be transferred to your Phantom Wallet after a successful trade. Well-known NFT collections under Solana are, for example, Degenrate Ape Academy and Solana Monkey Business. As with Ethereum NFTs, you should do your own research when buying Solana NFTs.


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Conclusion: Round out the crypto portfolio with the purchase of NFTs

Some of the typical NFT buyers see themselves as collectors and are therefore less interested in resale. But the other part of those who buy NFTs belong to the traders and try to take advantage of price increases of successful projects. With a skilled hand in the selection, there is still the possibility of large profits here in the NFTs division. To round out your crypto portfolio along with Bitcoin (BTC) and Altcoins, NFTs are such a good idea. Buying NFT arbitrarily is unlikely to benefit you, so decide based on proven history and liquidity. With the rollout of NFTs on Instagram and Co. may the market for buying NFTs also experience positive impulses in the near future.

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