With the interest in NFTs constantly on the rise, a lot of investors want to take a dip. Surprisingly, even new investors with zero background in cryptocurrencies have also joined the latest trend in the market. CryptoPunks #5822 has set a new record after being sold for 8,000 ETH or $24M. It holds the record as the second “most expensive NFT” sold by a single purchase with Beeple’s Everydays as the record holder. Some even made fortune by buying and holding NFTs and selling them later on when the price skyrockets. Even creators have found financial refuge on NFTs just like Emily Yang a.k.a Pplpleasr. After delving into NFTs first by creating short video clips for DeFi projects, she was later tapped by Uniswap to create a video for the V3 launch and the rest was history. To date, she has generated $1.3M from her NFT creations and is now one of the top NFT influencers in the space. Not everyone can be an NFT creator though but there’s always an opportunity to join the NFT bandwagon as a buyer.
Most NFTs are on the Ethereum network with the majority being traded on OpenSea, the largest NFT marketplace. In this article, we will give you the basic steps on how to buy an NFT on OpenSea using ETH (ethereum). There are 150 cryptocurrencies supported by OpenSea but for this one, we will be using ETH (ethereum) as the payment mode. Here’s how.
- You need to create an account with a crypto wallet compatible with ETH (ethereum) where you will store your cryptocurrencies and NFTs. Here is a list of compatible crypto wallets with OpenSea.
- Coinbase Wallet
- Fortmatic / Magic
- After setting up your wallet, you can now purchase ETH/ WETH. To acquire your digital asset, you need to create an account with a reputable crypto exchange like Binance, Coinbase, and other leading crypto exchanges To set up one, all you need is a bank account or a debit card. When signing up with exchanges, you need to be ready with your valid ID since most platforms now require KYC from their users. Once you set up your account, you can now purchase your ETH / WETH. For some exchanges like Coinbase, your balance will only be reflected in your wallet after 3-5 days. But with trading platforms like Binance, you will receive your purchased digital asset instantly.
- After receiving your crypto into your exchange wallet, you can now send it to your Ethereum compatible wallet. Open your crypto wallet, then copy your ETH wallet address. Go to your exchange wallet and choose your ETH (Ethereum) balance, click withdraw or send then paste the address of Ethereum compatible wallet. (Before you click “withdraw or send”, do not forget to double-check the address again since this is irreversible. Once sent, you can no longer retrieve your crypto asset so better be sure than to be sorry later.)
- You now have your crypto wallet set up so you can now proceed with creating your OpenSea account. Go to Connect Wallet tab in the Menu section and link your Ethereum compatible crypto wallet to OpenSea. You will need to approve the process by confirming and to do that, you will need to connect your wallet to OpenSea. Once done, proceed to your Profile and complete your details in the Settings (input your username, bio, email address, social media links, and profile picture). Once completed, you are set to go! You can now make your first NFT purchase.
Buy That NFT!
Once your OpenSea account is already set up, you can now make your first-ever NFT purchase on the platform. You can use the Explore tab to check for NFTs available for purchase. But if you already have an NFT in mind, you can use the Search tab to check its availability. Once you found your NFT, select then click Buy Now but if you want to make an offer, then click Make Offer and input your bid price. In both cases, you will need to sign before the transaction proceeds. But what is the difference between the two transactions? Here’s to enlighten you.
If you click Buy Now, the transaction appears immediately after you sign to process the purchase and will only take a few minutes before your NFT appears in your wallet. But if you click Make Offer, you will need to wait for the buyer to either accept or reject your offer. You can opt to cancel your offer but be noted that you will need to pay the gas fee. If the transaction is successful, is there a way to verify? Yes, just go to the platform’s Menu, then go to your Account then click Profile but be sure you are in the Collected tab. This is where you can find all your collected NFTs on that wallet. But since new NFT purchases may take some time to appear in your OpenSea account, you may opt to verify it using Etherscan.io.
So simple right? With a lot of NFT projects being launched every day by creators, it may be quite difficult to choose where to invest. Here’s one that may interest you. Unbanked has recently launched “The Bankers NFT Collection” which was initially a collection of 10,000 NFT collectibles. But when the minting was over, all unsold “Bankers” after the drop was burned creating scarcity. Now, there were only 1,932 Bankers left but wait there’s more. The Bankers is an NFT with DeFi utility. With Bankers, you can enjoy lending/borrowing on the UNBNK protocol with zero charges for life. On top of this, you can also enjoy 20% more return on yields through the Unbanked Yield program. You also get shared IP rights with owning a “Bankers” NFT. The NFT collection was created by Antione Mingo, the digital artist behind “Pudgy Penguins”. Although most NFTs are struggling to look for use cases, the “Bankers” NFT already have one so sustainability is out of the question. You can check the collection on OpenSea here: https://opensea.io/collection/unbanked-bankers-nft. With less than 2,000 Bankers collectibles, it’s only a matter of time before the price skyrockets.