NFT is a data unit that is stored in form of a digital ledger which is called a blockchain. You can buy and sell NFTs. There are many ways by which it can be used for earning purposes.
How to buy NFT?
There are many markets from where you can buy NFT. You can search for the “best NFTs markets”. for buying an NFT you must have a web3 wallet that is attached with the market from where you are purchasing NFT. You should also have cryptocurrencies for funding your wallet. You have to purchase different currencies on different NFT’s marketplace.
The step to step guide is provided here, which can help you in purchasing NFT. Following are some main steps that you must follow while purchasing NFT:
- Create a Web3 Wallet:
The first step for purchasing NFT is to create a web3 wallet ( Ethereum-compatible crypto wallet). A crypto wallet can be used to purchase, sell, store and swap crypto assets. Read more about How to make money with NFT? Complete guide
On OpenSea you can see which crypto wallets you can use because OpenSea is connected with all Ethereum web3 wallets. However, MetaMask is more popular than OpenSea. So, it’s better to use MetaMask.
- To download MetaMask, visit io/download. Chrome, Firefox, Edge, and Brave are supported. After visiting this site, you have to select your Browser.
- Once you have selected your browser then click on “Get Started”.
- After it, click on “Create Wallet”. Then a seed phrase will be shown on the screen. This seed phrase is a series of words created by the MetaMask. It is very important, so you should save it because you’ll need it in the future for the purpose of recovering your wallet.
- This seed phrase is the only way of getting your funds back, if you lose it then you can’t get your funds back.
- The last step for downloading MetaMask is confirmation you have to confirm your seed phrase with the phrase shown on the screen. After it, MetaMask will be downloaded successfully and it will appear on the right corner of your windows.
- Connect your wallet:
After downloading MetaMask, you have to connect it to the OpenSea. For this purpose, you have to sign in. Connecting MetaMask with OpenSea is not a must for purchasing NFTs. You just have to connect your wallet for buying NFT.
- Fund your Metamask wallet with Ethereum:
Ethereum cryptocurrency is required to buy NFT. You can buy it through central exchanges like Binance, Coinbase, or Kraken.
- For purchasing it a verification process is required for which you have to provide an ID or password.
- Once you have verified, then you are eligible to buy Ethereum. First, you have to make a payment by credit card but by the next time you can also transfer money by bank transactions.
- You can transfer Ethereum from the exchange to your wallet.
- In the case of some cryptocurrency exchanges, there might be an additional security step like Two-Factor Authentication (2FA), and in this case, you need to enter a verification code.
- Usually, Ethereum transactions are very fast but if the network is busy then it may take up an hour.
After funding your NFT you can buy NFT.
- Search an NFT:
There are millions of NFTs on OpenSea. The explore will show you all the active NFTs. All the information is provided under the status tab ( here you can see the most demanded collections in the last 24 hours, seven days, 30 days, or more). Select which NFT you want to buy, after selecting it you have to click on it to view it.
- Buy NFT:
There are two options on the page:
- Buy now 2. Make offer
If you click on buy now then you purchase NFT on the price set. However, if you click on “make an offer” then offers are provided you to on only these three methods WETH, USDC, and DAI. Some owners select timed auctions to sell their NFTs. If you want to buy it then you need WETH to create your bid. For creating your bid you have to click on the Bid button. The last step for purchasing NFT is to confirm the transaction on your MetaMask wallet.