OpenSea is the most popular NFT trading platform. This popularity attracts collectors, however, creators have to pay a significant commission for listing a token - $ 50-100, depending on the time of placement, network demand, and many other factors. The platform supports tokens on the Ethereum and Polygone blockchains. In this article, there is information on how to buy an NFT on Opensea.
Many users are asking the question: “ How do you buy an NFT on Opensea?”. Finding NFTs to buy is not very difficult. Go to OpenSea and you'll find an endless catalog of NFTs there. The huge selection of NFTs that are replenished daily can overwhelm any novice shopper. So, purchasing an NFT on Opensea will take not much time. The main thing is to find the collection or item that you like and fits the price. Also, keep in mind that some items may go up in price. It depends on many factors. For example, from the fame of the author or the company that created the collection.
NFT collections are produced by groups of people who come together to launch the NFT project. The NFT project is a team of people who create, sell, and promote NFTs.
Collection-based NFTs are different from NFTs traded on exchanges such as SuperRare. NFT 1:1 means that there is only 1 NFT of this kind in the collection. The value of NFT 1:1 is subjective since it is based on the fame of the artist who created this or that art. And if you're serious about NFTs as an investment, you need to understand why some NFTs are more valuable than others.
Like traditional art, the rarer and more unique the NFT collections, the more valuable they are.
Rarity is set in two ways:
Most NFT collections have between 5,000 and 10,000 pieces of unique art. In this regard, it would be logical to assume that an NFT in a collection of 5,000 units would be more valuable than an NFT in a similar collection of 10,000 units.
Each NFT in a collection will have properties that can make it rarer than other NFTs in the same collection.
The OpenSea marketplace supports tokens that are stored on the Ethereum blockchain. This site allows you to create a token for free, you will need to pay a commission if you put up an NFT for sale.
In general, the algorithm for creating unique tokens is similar on all platforms. If you deal with OpenSea, then there will be no problems with other marketplaces.
Step 1. Create a crypto wallet
If you already have a crypto wallet, skip this step and move on to the next one. If not, we will create it without leaving the browser.
To do this, on the main page of OpenSea, click the "Create" button in the upper right corner.
There will be a list of wallets that the marketplace supports. We click on the desired wallet - in our case it is MetaMask, it is easy to use and well-suited for beginners.
Step 2. Authorize the platform
When the wallet is created, you need to log in to the site. To do this, click on the icon of our wallet again - a small window will appear. Click "Next" and then "Connect".
Step 3. Create an NFT
This is the most popular wallet among NFT collectors. It is easy to use, has a web version and a mobile app, and is supported by an Opensea account. MetaMask can be installed as a browser extension or downloaded as an app to your phone.
After clicking, we get to the MetaMask website, where we will be asked to install the wallet in the browser extension. List of browsers supported by MetaMask:
To download the wallet, we press the Install MetaMask button and we find ourselves in the extension store, where we press "Install".
The registration form opens. Filling it out takes no more than 5 minutes - you need to come up with a password and save a secret phrase of 12 English words, which will help restore access to assets if it is lost.
The phrase will be generated automatically - no need to rack your brains. The wallet is tied to a Google account, so you do not need to come up with a login.
You must fund your wallet with Ether so that you can then pay for the gas required to buy NFTs. You can also purchase Ether directly from MetaMask or transfer Ether from a cryptocurrency exchange.
If your cryptocurrency exchange has a mobile app that supports QR codes, you can generate your public address as a QR code by clicking on the three dots in the upper right corner of MetaMask and then clicking "Account Information". This will generate a QR code that you can scan with your exchange's mobile app instead of copying and pasting your public address. This avoids any possibility of typos or errors when copying a public address into an outgoing transaction.
Almost anything that can be digitized can become an NFT object. For example, the artist Pokras Lampas digitized his canvas painting, projected it onto the Chirkey hydroelectric power station, digitized the result again, and sold it as NFT.
The token can be issued for literally any content:
Press the Create button - the form for creating a token will open. The site offers to upload an image, video, audio, or 3D model. The same page lists the file types supported by OpenSea. The file size should not exceed 100 megabytes.
The token must be unique, so it's important to only use files that belong to us. We will make a token from a photo.
In addition to the token itself, you need to fill in information about it. Only the name of the NFT will be a required field. You can make it in every language because OpenSea is an international platform.
You can also add a link to an object—in our case, a digital photo. It may be a link to a personal site. Further, there are fields for describing the token and binding the NFT to the collection.
You can also choose the blockchain on which the NFT will be stored. The platform offers a choice of Ethereum and Polygon. When all the information is filled in, press the blue Create button. The token is ready!
Now you can put the NFT up for sale. To do this, click the blue Sell button. You can sell the token at a fixed price or put it up for auction.
At the same time, there is no guarantee that someone will buy NFT, and you cannot change the price. This is where the difficulty lies: it is simply unprofitable to sell NFTs that are too cheap - you can go broke on commissions, and you may not buy too expensive ones.
To save on fees, you can create an NFT on the Polygone blockchain rather than Ethereum. In this case, you need to pay once for hosting the entire collection, and not just one token. In our case, the commission was $41.
When you have paid the commission and put the NFT up for sale, all that remains is waiting for someone to become interested in the token. Marketplaces do not involve promotion, but some tricks will help attract buyers:
Make a description of the token - for example, the history of its creation, which could hook potential buyers.
Consider creating a collection of tokens - NFTs from collections sell for more than individual tokens.
Promote NFT in external channels - for example, on a blog with a loyal audience.
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