For a newcomer in the crypto space, it can be hard to navigate the NFT landscape
I have decided to put post this step-by-step guide on how to buy NFTs specifically on OpenSea or Rarible. Please note that this is not an ‘NFT explainer’ and does not go into any of the ‘what’ or ‘why’ and there has been enough commentary on the minting and selling of NFTs. If you are still unsure about what to value, or how to value a NFT, you can read our other articles.
This is a simple 3-step guide on the ‘how’ for prospective buyers of NFTs — especially those who are new to the crypto space.
This guide is based on Google Chrome on a Desktop computer
Step 1: Install MetaMask On Your Web Browser
- Go to opensea.io, click on the Profile icon on the top right corner and select “My Profile”
- Click on “Get MetaMask”, and download the appropriate extension for your device/browser
- Click “Install MetaMask”
- Once the extension has been added, you should see a page that says “Welcome to MetaMask.” Click “Get Started”
- Select “Create Wallet”
- Create your password
- Take a screenshot and/or write down the secret phrase. This is your backup access to your account. Do not lose this!
- Click “Next” and select the secret phrase in order and tap “Confirm”
- If you arrange the secret phrase correctly, you should land on a “Congratulations” page. Click “All Done”
- If you get a pop-up about swapping Token, click the “X” button to exit
- Click “Next” to connect your OpenSea account with the MetaMask wallet
- Click “Connect” again
- Now you’ll need to buy ETH to put in your wallet
Step 2: Buy Ether (“ETH”) Using MetaMask
You can buy ETH using the MetaMask wallet that was created in Step 1.
- Click on the MetaMask fox icon on the top right corner of your browser
- Click “Buy” or select “Directly Deposit Ether” if you already have ETH in another wallet (i.e. Coinbase)
- Click “Continue to Wyre”
- Choose how much Ether you want to buy. There’s a transaction fee (for Wyre) and a network fee (i.e. mining fee) each time you buy, so make sure you buy enough Ether to avoid additional fees later.
- Choose your method of payment and click “Next”
- Enter your payment info and phone number
- Click “Submit”
- Enter in the payment authentication code you received on your phone
- Authorize the purchase by entering the six-digit code for a pending Wyre transaction in your bank account
- Within a few minutes, you should see your balance update in your MetaMask wallet
Now you’re finally all set to buy some NFTs!
Step 3: Buy Or Make an Offer on NFTs
To Buy a NFT:
- Go to the NFT you want to buy, then click on “Buy Now”
- Check the boxes agree to the terms, then click “Checkout”
- Your MetaMask extension will drop down, and you will be able to see the total purchase price. You’ll see a “Gas Fee.” This is a required fee to process the transaction in the Ethereum network. This fee varies wildly depending on how much activity there is on the network. I’ve seen it range from $30 ~ $140. If you’re not in a rush, I would recommend checking gas prices on sites such as https://ethereumprice.org/gas/ to choose a time when gas prices are cheaper
To Make an Offer on an NFT:
Some NFTs are auctioned, so you will need to place a bid. Even if an NFT is listed as “Buy Now”, you can always make an offer for a lower price
- Click on “Offers” to dropdown the list. You will be able to see whether there are any existing offers for the NFT
- Click on “Make Offer”
- Your bids will be placed in WETH (Wrapped ETH) which is a form of ETH currency that makes it tradeable. Carefully choose the amount of WETH you want to bid (USD is shown on the right side)
- Click “Convert ETH”
- Confirm the amount, then click “Wrap” **each time you convert ETH to WETH, there is a transaction fee, so if you’re planning to bid on multiple NFTs, you may want to convert a larger amount**
- Your MetaMask extension will drop down, asking you to confirm the total amount
- The gas fee for the conversion here is cheaper than when purchasing the NFT. I’ve seen it range around $5 ~ $10
- You will see the updated balance of ETH and WETH in your MetaMask wallet
- Go to “Make Offer” again
- Enter the amount you want to bid and click “Make Offer”
- Your MetaMask extension will drop down, and you will be able to see the total purchase price. For offers, you may only see a “Gas Fee” if it’s your first transaction. This fee is generally lower than the gas fee required to transact a purchase. I’ve seen it range from $10 ~ $15
- Select “Confirm” to finalize the bid
- When the MetaMask extension drops down, click on “Sign”
Congratulations! You’ve successfully placed a bid! You should see your bid show up in the “Offers” section.