OpenSea is a global, digital marketplace in which users can exchange non-fungible tokens (NFTs). Founded in 2017, the platform has quickly grown to become the largest and most popular NFT marketplace, conducting an estimated $20 billion USD in volume through over half a million users and 2 million + NFT collections.
The following will be a step by step guide on how to open a wallet and acquire an NFT through the OpenSea platform.
Step 1: Creating a Crypto Wallet
OpenSea supports many different wallets in which to choose from. A crypto wallet allows you to buy and store an NFT.
Wallets that OpenSea supports are any of the following:
- Coinbase Wallet
- Phantom (Solana)
- Trust (mobile only)
For this guide, we will be using MetaMask. To download MetaMask for a browser or mobile extension, go to metamask.io and click on “Download”. Choose your preferred application and install the extension.
Once MetaMask is downloaded, you can create a new wallet. This will require you to create a password and then generate a seed phrase.
Warning: Like all crypto wallets, if you lose your seed phrase, your wallet cannot be recovered and funds will be lost forever.
This is extremely important – write that entire seed phrase down word for word on a piece of paper and store it somewhere secure, like a safe.
Once you have successfully re-entered your seed phrase on MetaMask, you now have a wallet!
Step 2: Funding Your Crypto Wallet
To purchase NFTs on OpenSea, your new wallet will need some funds. The most common cryptocurrency on OpenSea is Ethereum (ETH). Ethereum can be purchased directly on MetaMask by selecting the “Buy” icon in the wallet:
The more common approach is to use exchanges. ETH can be deposited directly into your crypto wallet by first purchasing it at a centralized exchange such as Coinbase, Kraken, or Crypto.com and sending it to your MetaMask wallet.
Once ETH is purchased, it will show in your wallet:
Step 3: Connecting Your Wallet to OpenSea
To connect a wallet to OpenSea and to see which wallets are available, go to the top right corner on OpenSea.io and click the wallet icon. A list will appear of supported wallets.
Click on MetaMask. Your MetaMask will open automatically with a request to connect to OpenSea. Choose your wallet and hit “Next”. After hitting “Next”, a prompt will appear to connect. Hit “Connect”.
Once you have hit Connect, your wallet is now connected to OpenSea!
Step 4: Purchasing an NFT
Now that we have a funded crypto wallet and have connected it to OpenSea, we are ready to buy our first NFT. On OpenSea.io, scrolling down on the main page will bring you to the ability to browse by category or you can just click “Explore” at the top of the page.
There are many different types of artists creating different NFTs, including art, photography, collectibles,etc. Once you find an NFT you would like to purchase and have enough ETH in your wallet for both the purchase price and gas fees, click on the NFT and then select “Buy Now”:
After selecting “Buy Now”, a pop up will appear that says Authentication required. This will trigger a Signature Request for your MetaMask wallet. When this appears, click “Sign”. After you sign the Signature Request, you will be able to now checkout and purchase your NFT!
Step 5: Viewing your NFT
You can view your new NFT by going to the top right on OpenSea, selecting your profile icon and selecting “Profile”:
This will take you to your OpenSea profile where you can view the NFTs you have collected, any you have favourited, NFTs you have created, and any other activity related to your profile. Remember, your NFT is stored on your MetaMask wallet.
You have now successfully created a wallet, funded it, and bought an NFT off OpenSea!
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- April 22, 2022