OpenSea is the premiere NFT marketplace where anyone with a crypto wallet can buy and sell any NFT. In this article, we will walk you through how to buy a NFT on OpenSea. Let's dig in.
How to buy a NFT on OpenSea
There are two options for sellers listing NFTs on OpenSea — they can set a fixed price for an NFT or set up an auction where any number of buyers can make offers on an NFT (they can also use both options, similar to eBay). We're going to walk you through both types of purchases.
Buying Items With A Fixed Price On OpenSea
- Find an NFT you'd like to purchase by exploring the marketplace.
- Review all the collected information about the NFT. For rarer and collectible NFTs, there can be specific properties that are more valuable. And you'll want to check the price history if you're looking to get into the trading aspect of the marketplace .
- When you're ready to make a purchase, simply click the “Buy Now” button.
- You may be prompted by OpenSea to review a few details about your purchase before finalization. This is to ensure you know exactly what you're buying and to help you avoid scammers creating similar, but not authentic versions of popular NFTs.
- If everything looks swell, you'll proceed to a checkout pop-up where you can review the final cost of your purchase. You'll be asked to agree to OpenSea's terms of service, then you're free to click the “Checkout ” button to finalize your purchase.
- Hitting “Checkout” will open your wallet where you’ll get a final cost including applicable gas fees depending on your blockchain choice, Click the “Confirm” button and you’re the proud new owner of an NFT.
- To see the NFT in your wallet, return to your profile, and select “In Wallet” on the left side of the page. There might be a slight delay until it shows up due to processing time.
Making an offer on an NFT
Some NFTs are going to have an auction option. This gives sellers a chance to set a minimum price threshold and pit buyers against each other. The process for making an offer is quite simple.
- Find an NFT you'd like to make an offer on.
- Review all of the information on the NFT page, including current offers to make sure you can place a bid. Bids must be at least 5 percent higher than the previous bid.
- Click the “Make Offer” button on the NFT page.
- Again, you might be prompted to review some details on the NFT to make sure it's authentic.
- Select the currency you'd like to make your offer in. There may be one-off fees if you offer a currency you've never made a purchase with before.
- Enter the amount of your offer and an expiration date. The expiration date allows you to pull your offer at that time, giving the seller a timeframe to make a decision on accepting an offer on non-competitive NFT auctions.
- You can see a list of all offers you've extended by returning to your profile and finding the “Offers” tab in the led-hand sidebar.
- Once you've made an offer, you're set. Just kick back and wait for the seller to accept your offer. Of course, if you're making an offer on an NFT you really want and there's a lot of action, You'll want to stick around to keep upping your offer.
How to buy a NFT on OpenSea? Well, these are the basics of buying NFTs on OpenSea. But note that before you purchase any NFT, you should do your own research to reduce the risks.
