Trading in NFTs moves millions every day, not only in popular groups like CryptoPunks or Bored Ape Yacht Club. Here we explain how to purchase your first NFT from market-leading OpenSea.
NFTs (Non-fungible Tokens) have become a well-noted growth segment in the crypto industry since the end of 2020. Not only have savvy investors been able to make big profits through big projects like Bored Ape Yacht Club or CryptoPunks. If you want to start NFT trading on your own, this is easier than you think. We explain how it works.
The first place you go to buy NFT is OpenSea. The platform is the undisputed market leader, where you will find almost all known NFT kits with thousands upon thousands of individual parts. So there is no way to get around OpenSea to buy NFT. Technologically significant: In OpenSea, NFT is traded on the basis of Ethereum (ETH), which remains the gold standard for this sector. Additionally, OpenSea also supports Buy NFT under Solana (SOL), which is essentially gaining market share.
Buy First Steps for NFT at OpenSea
When controlling OpenSea, we recommend that you use Chrome as your browser because you will be using an external wallet when purchasing NFT. Chrome makes it easy to link wallets because they are available as extensions. When it comes to NFT trading with Ethereum, Metamask is the most popular and well-established wallet. To purchase NFT with Solana, we recommend Phantom Wallet.
Tip: If you don’t have any Ethereum or Solana balance yet, you can buy them through our link on Binance at a 10 percent discount on fees. Binance is the largest crypto exchange in the world and therefore guarantees fair prices and high security. Our link here guarantees you a 10 percent lower fee on Binance.
Now back to buying NFT from OpenSea: when browsing through the offerings, you’ll quickly notice that two options prevail. On the one hand, NFTs are offered at a fixed price (“Buy Now”) and on the other hand they are auctioned (“Bid”). You may be familiar with the principles from eBay and other online trading platforms.
Buying and selling NFTs in OpenSea using Ethereum
Of course, buying an NFT is easier when a fixed price is set and so the deal with OpenSea can take place immediately. Simply click on buy and you will see the price in the Ethereum plus Creator Fee. You will now 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 the NFT purchase auction on OpenSea, the process is a bit more complicated. You can identify auctions with bids on OpenSea by the red Ethereum token. However, strictly speaking, ETH is not introduced at all, but is computed in Wrapped Ethereum (WETH). This saves fees and this trick also makes it easy to block bids. In order to have WETH in your Metamask wallet, you can exchange it for ETH there, but that costs $9 and more. Alternatively, you can exchange Wrapped Ethereum 1:1 for Ethereum yourself at OpenSea or buy WETH from Binance (10 percent off fees through our link). You are now placing your bid and if you are successful, you will soon discover the NFT that was auctioned in your Metamask wallet.
Basically, NFT trading in OpenSea works in reverse. You are offering NFTs from your collection on OpenSea for sale, either for a fixed price or for auction. Once the transaction is closed, the buyer’s Ethereum will be transferred to your Metamask wallet. From there you can send ETH to Binance, exchange it for Euros there and finally transfer the amount to your bank account.
Tips for choosing when buying an NFT from OpenSea
A certain adjustment has been made in the NFT market, in the middle of 2022 the focus of specialty traders will be on well-known groups and low-quality mass-produced goods will have a hard time. But this is also leading to more and more riders wanting to associate themselves with well-known names like Bored Ape Yacht Club (BAYC).
OpenSea always provides you with information about collections that you can use to check if you have originals or copies of little value. The number of NFTs in a chain as well as the number of different owners gives you clues that you can compare with the project’s presence on the web. The “Minimum Price” shows the current average sales price of the NFTs in a group, and the volume calculates the sales achieved. If you see little or no volume in a group, you better walk away – because that’s where NFTs gather, around which no market has developed.
Buy NFTs with Solana at OpenSea
Buying NFT with Solana in OpenSea is very similar to how it is organized for Ethereum. You can find the offers under Solana NFTs List. You are now using Phantom Wallet to make instant NFT purchases or to bid. Solana NFTs purchased will be transferred to Phantom Wallet after a successful transaction. Well-known NFT groups under Solana, for example, Degenrate Ape Academy and Solana Monkey Business. As with Ethereum NFTs, you should not do without your research when buying Solana NFTs.
You can find out everything you need to know in this video.
Conclusion: Close your crypto portfolio by buying NFTs
Some typical NFT buyers see themselves as collectors and are therefore less interested in reselling. But the other part of those who buy NFTs belong to the traders and try to take advantage of the high prices on successful projects. With a skilled hand in check, it is still possible to make big profits here in the NFTs division. To round out your wallet of cryptocurrencies besides Bitcoin (BTC) and Altcoins, NFTs are a good idea. It is unlikely that NFT will benefit you without discrimination, so decide based on proven history and liquidity. With the roll out of NFTs on Instagram and Co. The NFT buying market could also witness positive impulses in the near future.
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