OpenSea is one of the largest Ethereum based NFT marketplaces currently available. If you wish to read more about NFTs and what they are, please go through our guide here.
Once you are familiar with NFTs and wish to purchase one, visit the OpenSea platform here. This will take you straight to the homepage. Find the wallet link on the top right-hand corner and link your wallet. MetaMask is one of the most popular options but OpenSea also offers other wallet alternatives.
The process may seem complicated but it is pretty simple and this guide from AltCoin Reviews will help you to navigate through the OpenSea site.
What is OpenSea?
OpenSea was founded in 2017 and has become one of the finest NFT marketplaces. It runs on the Ethereum network and hosts some cool collectibles.
OpenSea hosts more than 80 million NFTs, is home to 600k+ users, and has already surpassed $10 billion in traded volume. It hosts many categories of NFTs such as Music, Art, Domain names, Virtual world, Sports etc.
How to use wallets?
For more information on wallets, head to our guides on MetaMask and TrustWallet. It explains in detail the entire process of creating an account. We have selected MetaMask as the wallet for OpenSea transactions but the process is similar for all other wallets.
Creating an Account on OpenSea
Sign in to your MetaMask wallet and click on the MetaMask wallet option on OpenSea under the My wallet section. Please select the Ethereum network as OpenSea uses this blockchain. You will also need to add some funds before you can purchase an NFT on OpenSea. Add some Ether (ETH)
into your wallet and you are all set.
You will receive a notification from OpenSea asking you to sign a contract, please sign it to proceed as shown below.
Once done, your account on OpenSea will be created and you can head to the profile tab to personalize your account settings as shown below. You can add a username, a biography, and other details of social media channels too.
Purchasing an NFT on OpenSea
Then, click on the Explore tab and it will display a dropdown menu as shown below. Select a category or if you wish to view randomly, click on “ALL NFTs”. It will open a new window where you can view the NFTs and select the one you wish to purchase.
Select a Currency
You can select the currency as ETH or US dollar as shown below. The final checkout will also include transaction costs (gas fees).
Once, you have selected a currency, click on an NFT and check its price. If you wish to buy, please click on the buy button that will take you to a checkout page that wilkl display the final costs you need to pay for purchasing that NFT.
Click on the terms and conditions page and complete the check out process.
How to Purchase by making an offer on an NFT?
The above process describes the purchase of an NFT directly but you can also participate in a purchase by making an alternate offer for any NFT that you like. Select a relevant currency such as WETH, DAI or USDC and add the expiration time as shown below. The offer will expire if it is not exercised by that time.
You can also change the offer later or wait for the seller to accept it.
How to purchase an NFT through an Auction?
You can also decide to go through the auction route to purchase an NFT. Select the auction tab as shown below and it will display all NFTs that have been put up for auction by their creators.
You will then need to place a bid and you get the NFT if the seller agrees to it as shown below. Scroll down to view relevant information such as average bidding price etc. There is no guarantee that you will receive the NFT through an auction. It is dependent on whether your offer is considered good enough by the seller. If you need to purchase an NFT immediately without waiting, consider buying one directly as explained above.
To view your purchased NFTs or your wallets, head to the profile section and click on the relevant tabs. All current offers can also be reviewed under the Offers tab as shown below.