Non-fungible tokens (NFTs) are gaining popularity in the blockchain community. Most NFTs represent unique crypto collectibles that are just like any other cryptocurrency. But there are cases where they can represent “real world” assets such as real estate, artwork, and even other cryptocurrencies.
If you’re just getting started in the world of cryptocurrency you might want an overview of how to buy NFTs. This guide aims to provide a comprehensive overview of what NFTs are and how to buy them.
So, you’re thinking about buying some NFTs — what do you need to know? Keep in mind that none of this is financial advice, and we’re not responsible if you lose money — like all new technology, the crypto industry is volatile and risky.
Here’s a guide on how to buy NFTs on the OpenSea
If you’re looking to buy NFTs, there are plenty of options. And while the details may very, the general process will be the same. For this example we will be using the OpenSea NFT marketplace.
Why use OpenSea?
- It’s easy to use: just sign up, connect your wallet, and start shopping!
- OpenSea is currently the world’s largest NFT marketplace and hosts a huge veriety of different NFT collections.
- You can sell your own NFTs on the marketplace— and even make money off them!
It’s an online marketplace where you can buy and sell NFTs with other users. This makes it easy to find what you’re looking for and get it quickly, without having to go through any complicated transactions or wait days for a transaction to complete. They have over 1 million active user wallets on their platform and users can browse by category or search for specific items by keyword. OpenSea offers a wide range of NFTs, including ones that are rare or hard to find elsewhere. They also offer crypto-to-crypto trading so you don’t need to pay any fees when buying your item.
If you’ve never purchased non-fungible tokens — congrats, you’re opening yourself up to a whole new world (pun intended)! In this guide, we’ll go step-by-step through the process of purchasing NFTs on our favorite marketplace: OpenSea.
Step 1: Buy crypto on exchanges
Buying crypto on exchanges is a fairly straightforward process, but it can be a little overwhelming if you are new to the cryptocurrency market. The good news is that things will get easier as you gain more experience with the terminology and processes involved.
First, let’s talk about how to get started:
1) Find an exchange that suits your needs and requirements. There are many options available, including:
2) Sign up for an account using these links:
Binance US: https://usethebitcoin.com/recommends/binance.us/
3) Verify your account by providing proof of ID and address
4) Deposit funds into your account by using one of their methods (e.g., credit card or wire transfer)
5) Purchase cryptocurrency! (If you’re looking to buy NFTs on OpenSea, the best crypto to use is Ethereum.)
- Add the Metamask extension to your browser
- Okay, Let’s get started!
- Choose “Create a Wallet”
- Create a Password that you will need every time you open your Metamask wallet
- The most important thing here is to save the Secret Recovery Phrase. If you lose access to your wallet, your coins will be lost forever. You need to keep it safe, and you should not share it with anyone else.
- Congratulations you created a new Metamask wallet!
We’re sending your Ethereum to your Metamask wallet so you can buy an NFT on OpenSea. In this example, we will use Binance as your crypto exchange.
- Login to your Binance account. Go to your Wallet > Fiat and Spot
- Deposit some Ethereum to your Metamask wallet. Select the coin Ethereum, make sure you select the correct “Network” which is ERC20 and paste your Ethereum address in the “Address” field.
Note: You can find your Ethereum address by logging into your Metamask wallet. All Ethereum wallet addresses start with “0x.”
- Congratulations! You successfully deposited Ethereum in your Metamask wallet
Step 4: Purchase NFT on the marketplace
Buying NFTs on OpenSea is super easy. Once you’ve found what you’re looking for in the marketplace, then click “Buy” and follow the prompts to confirm your purchase. It’s that simple!
Let’s buy your First NFT on OpenSea
- Connect your Metamask wallet to OpenSea by clicking the wallet icon
- Accept and sign, then confirm all the prompts that will show
- Find the NFT you want to buy on OpenSea by searching or browsing listings
- Assuming that you find one, just click “Buy Now” and “Checkout”
But what are some of the most popular NFTs on OpenSea? Here are our top picks!
CryptoPunks is a project started in June 2017 by Larva Labs. The project’s goal is to create a new crypto-collectibles ecosystem by combining the popularity of blockchain, crypto collectibles, and digital art. They originally released 9,000 CryptoPunks for free to anyone who had an Ethereum wallet
Mutant Ape Yacht Club
If you’ve been lucky enough to find one, congratulations! You’re now part of something truly rare—a collection of up to 20,000 Mutant Apes that can only be created by exposing an existing Bored Ape to a vial of MUTANT SERUM or by minting a Mutant Ape in the public sale.
Doodles is a collection of 10,000 NFTs with different colors, sizes, and shapes, but they all have one thing in common: the best part of owning a Doodle is getting to vote on community-driven features, products, and events. They’re a great way to add some fun flair to your profile pages and collections. So what are you waiting for? Get your hands on some Doodles today!
Are you ready to buy your first NFTs?
Once you’ve purchased your first NFTs on OpenSea, feel free to share your experience in the comments below. We’re curious to know what you think—have you gotten good value for your money? Does it meet your expectations of how it will function? Will you be buying more in the future? For now, we wish you the best of luck in navigating this new and exciting world of blockchain.