In our previous article, we discussed the ten (10) best NFT marketplaces. Since OpenSea is the largest marketplace by all-time volume, we would be using the platform as a template you can examine to get started on many NFT marketplaces.
How to get started on the OpenSea NFT marketplace
To begin using OpenSea NFT marketplace, you must possess cryptocurrency, maintain a crypto wallet, and maintain an OpenSea account. Once you have these, you can start buying and selling digital collectibles on the platform.
NFTs can only be bought with fungible tokens (fiat currencies or cryptocurrencies)
If you want to use fiat currencies, they must be converted to digital currencies. One of the digital currencies that have become synonymous with NFTs is ether (ETH) due to Ethereum’s hold on the NFT market.
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You must buy ETH
You’ll need to buy the digital currency to mint or buy an NFT or pay gas fees for transactions. With ETH, you can access projects like the BAYC, CryptoPunks, and others.
You need a crypto wallet to be able to use an NFT marketplace
Cryptocurrency wallets facilitate access to a blockchain and also serve as a non-custodial storage facility for traders who would want to have absolute control over their tokens.
While many crypto wallets facilitate access to OpenSea, representatives of the platform shared in a blog post that the majority of users have settled on MetaMask when accessing the marketplace via the desktop.
MetaMask
Android-powered smartphone users can access MetaMask via the Google Play Store. IOS-powered devices such as iPhones, iPads, and tablets – users can also download MetaMask from the Apple Store.
You can download MetaMask on your desktop, and it supports browsers like Opera, Edge, Brave, Firefox, and Chrome directly.
Due to its extensive security features, MetaMask serves more than 30 million users, and the platform allows them to buy, sell, and exchange NFTs built on Ethereum and Binance Smart Chain, two of the biggest NFT blockchains in terms of all-time sales volume.
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Coinbase Wallet
Coinbase Wallet has also become the wallet of choice for OpenSea users who buy and sell digital collectibles using their mobile phones. Similar to MetaMask, Android-powered smart devices can find and download Coinbase Wallet from the Google Play Store.
You can also access it on the Apple Store. You can download the Coinbase Wallet Extension to your desktop. The wallet has millions of users, so you should know you are in good company. Coinbase Wallet supports BTC, Dogecoin (DOGE), Stellar Lumens (XLM), Litecoin (LTC), Bitcoin Cash (BCH), and other ERC-20 tokens (tokens housed in the Ethereum ecosystem), such as ETH, DAI, and USDC.
Aside from MetaMask and Coinbase Wallet, you can also use TrustWallet and Rainbow Wallet to access OpenSea.
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TrustWallet and Rainbow Wallet
If you locate either of the wallets, you have to download and install them on your device. Upon completion of this phase, you will automatically generate a minimum of 12 and a maximum of 24 words. You must write down and store these private keys in a secure location. Losing your private keys could lock you out of your account forever.
Send Ethereum coins from Coinbase to your unique Coinbase Wallet address, securing your assets in a personal wallet space.
Navigate to the OpenSea NFT marketplace
After clearing the first two steps, you head to OpenSea to continue the process from there. Once you open the wallet, head to Profile to Connect Wallet. If you own MetaMask, Coinbase Wallet, TrustWallet, or Rainbow, OpenSea will request the passcodes for your wallet.
Once you do this, a new page will open where OpenSea will ask for permission to connect to your wallet.
Once you hit CONNECT, you will be taken back to OpenSea, where you can search for your favourite NFT collection and make a purchase.
Despite the differences in monthly volume, all NFT marketplaces follow the same process outlined above.
Holding crypto in a supportive wallet for your NFT’s blockchain is a key step to becoming a digital art collector.
15 Comments
Looking forward to seeing how NFTs continue to innovate and disrupt traditional markets.
The hype around NFTs seems to have died down. Is the market stablizing?
How do NFTs handle copyright and ownership disputes? Important questions to consider.
The potential for NFTs is in industries like gaming and real estate is vast.
The community aspect of NFT marketplaces is one of the most exciting aspects of this sector of the space.
Not sure I understand the value of NFTs. More education is needed.
I have been looking for a reliable NFT marketplace. Any recommendations?
What about the tax implications of NFT trading? Anyone have insights?
Thanks for breaking down the process of buying and selling NFTs. Very helpful.
I have had some bad experiences with NFT marketplaces. Hope the new platforms improve user experience.
Love the diversity of NFTs available. From art to collections, I believe there is a digital art for everyone.
The fees associated with some NFT marketplaces can be steep. Wish there were more cost-effective options.
I have been extremely hesitant to dive into NFTs. This article made it seem more approachable.
Security is key when trading NFTs. Thanks for the tips on safe practices.
Great guide for beginners. Excited to start exploring NFT marketplaces.