What are NFTs?
In the last article, we had already covered what NFT are and where you can buy them. If you haven’t gone through it, here’s the link
In brief, A NFT is a new kind of digital asset that is unique and can never be duplicated. So, you can think of them as particular digital gadgets that no one else owns.
You could use various currencies to buy NFTs. We’ll show you how to get in at the NFT craze using the famous platform OpenSea.
And we’ll also show you ways to convert virtual assets into NFTs and promote them if you’re an artist who desires to sell something.
In this article, we will reveal how to buy and sell NFTs on a leading NFT platform OpenSea.
How to Buy NFT on Opensea
You must have heard about these types of artists and different people selling NFTs. It would help if you began your series, but wherein do you start?
You can purchase them online through numerous marketplaces. OpenSea is a significant marketplace to buy and sell NFT’s.
Consider it an online gallery where you could browse virtual art, trading playing cards and different collectables.
It works like an auction house, in which you provide bids on items and desire you’re the winner. However, a few listings will let you “purchase now” for a hard and fast fee.
There are 3 types of buy orders in Opensea:
1. Buy Now
It refers to the basic buying order where you can put in the amount and own the NFT at a price mentioned by the seller
2. Place Bid
Takers for buy orders with addresses other than the null address are bids.
A bid is made in response to the establishment of an English auction.
Bids are unique to the author of the auction and are eligible to be automatically matched with the auction’s initial sell order at the end of the auction.
An auction creator may opt to accept an offer before the auction concludes.
3. Make Offer
Offers are buy orders having a null address as their takers. Unsolicited offers are made.
Any owner of an asset having an offer on it can accept it, even if the present owner was not the asset’s owner when the offer was made.
We’re going to expose you to how to buy NFTs on OpenSea in this blog. However, there are a few matters that must be addressed first.
Create a digital wallet to buy NFTs
Before you begin, you should deposit funds into an online/digital wallet from which you will be able to spend.
OpenSea uses Ether, a cryptocurrency that you’ll need to buy. Think about it as an arcade.
You stroll in, and also, you want to play a few video games. However, earlier than when you play video games, you want to buy a few tokens.
The premise is the same, except the tokens are called Ether. Instead of buying a large number of tokens, you’ll probably start small, with fractions of Ether.
OpenSea suggests the usage of a plug-in for the Chrome browser known as MetaMask however helps masses of different digital wallets.
How to add Metamask?
- At the top right of the OpenSea website, tap the profile icon.
- Click on “Get MetaMask.”
3. Select “install MetaMask” for Chrome or the supported browser of your desire. This installs a Chrome plug-in.
4. Select “Get started.
5. Choose “Create pockets.
6. Select “No thanks” for sharing feedback
7. Create your password.
8. Write down the name of the secret phrase it gives you, it is your backup to login to your account. Please don’t lose it
9. Tap “next” and verify the secret code.
10. Click on “next” to connect your OpenSea account with the MetaMask virtual wallet you’ve just created.
11. Click “connect” once more.
Now you’ve got a digital wallet linked to OpenSea. Now you need to buy some ether that you could spend on NFTs.
How to buy Ether?
You’ll need a digital wallet to shop for NFTs.
To buy cryptocurrency, you can utilize a variety of programmes. Binance is a well-known cryptocurrency exchange.
However, for the sake of simplicity, let’s buy Ether with MetaMask since we’re currently using it as a digital wallet and have already linked it to OpenSea.
Inside the ultimate step, we set up the MetaMask plug-in for Chrome. We will use that same plug-in to buy some ether. To try this:
- Tap the little puzzle piece icon on the top corner of Chrome at the bottom of your URL field.
- Click on the MetaMask fox icon.
- Tap “purchase.” Or, pick “immediately Deposit Ether” if you have already got some in any other account.
- Click on “proceed to Wyre.”
- Choose the amount of Ether you’d like to shop. There’s a $5 transaction fee plus a $4.88 community fee, so acquire as much Ether as you can now to save money on transaction fees.
Get used to such costs; there will be more charges when you buy something.
6. Click “next.”
7. Input your payment information and contact number.
8. Click “Submit.”
9. Enter the authentication code you received on your smartphone.
10. Enter the six-digit number for a pending Wyre transaction for your bank account to authorise the purchase.
Now you’ve purchased some ether. In a couple of minutes, you’ll see it to be had to your MetaMask account, which means you’re equipped to shop for NFTs.
How to buy NFTs on Opensea?
Now you’re ready to bid on and purchase NFTs. In OpenSea. you can browse around by tapping “discover.”
You’ll discover all kinds of pics on the market, whether or not they’re rotating items, flashing icons, or just text sayings.
Eventually, you could encounter something you want to buy:
- Tap “buy now.”
- Choose “Checkout.”
- Click on “submit.”
- Subsequently, you have to affirm a “gas fee” the Ethereum network requires to proceed with the transaction.
Now you own the NFT.
How to create and sell NFT on Opensea
You have a few fantastic digital artworks that you’d want to sell. Let’s turn that into an NFT and put it on the market right now.
- Visit Opensea.com and tap “Create” at the top right.
- Create a single or more than one collectable — the latter for a collection of, say, pix or gathering cards you’ve created.
- Choose “select files” to upload a PNG, GIF, MP3 or some other file kind. The max size limit is 30MB.
- Input within the amount you’d like or leave “placed on sale.”
- Give your NFT a name and a brief description.
- Set your royalties. You’ll receive a commission if it resells on the secondary market. This is based totally on the cutting-edge sale price
- Select “join wallet and create.
- Join your wallets, which we set up in the earlier phase above. So, tap “MetaMask
- To process the listing, Pay the “Gas” fee.
- Click on “begin” to sign the sell order using your virtual wallet.
- Click on “sign” within the MetaMask pop-up.
That’s it! Now it’s indexed. On the sale page, offers will emerge.
The proceeds will be transferred to your digital wallet whenever ever sells.
Then you’ll be able to use them to buy more NFTs or cash them out using an app like Coinbase.