For all those who want to enter the exciting world of NFTs, we have prepared a special guide that details all the stages of the process of trading Non-Fungible Tokens on the most popular shopping platform – OpenSea.
Currency – Ethereum
Trading in OpenSea is based on two currencies: ETH and MATIC, of which Ethereum is the most popular payment instrument, and this guide will be dedicated to shopping in this currency.
ETH purchases occur through traditional money exchanges, so-called fiat currency for cryptocurrency. This exchange can be done through one of the most popular exchanges, which standardizes the process of converting traditional currency into digital currency.
Coinbase is our choice in this regard. It is an open company in NASDAQ with a market capitalization of more than $ 70 billion since April this year. It is a safe and common way to exchange digital currency.
Step 1 – Buy ETH
The steps to get a currency are simple, but it requires us to prepare the information. To buy ETH on this exchange, we must:
- Create an account on Coinbase – the whole registration process is available in Polish.
- Prove your identity by presenting a photo ID;
- Add a means of payment – for example, a debit or credit card
Creating a Revolut account for Coinbase payments is also a good idea. On the one hand, it allows you to create virtual payment cards that can be freely deactivated, on the other hand – it provides an efficient currency exchange method that allows you to avoid additional costs associated with currency conversion.
After completing all of the above steps, we can move on to the acquisition of digital currency. After logging in to our Coinbase account, there are two buttons in the upper right:
In the first step, we use the Buy / Sell button. Thanks to it, we will be able to convert currency into Ethereum. The second button next to you will work later, so remember it’s here.
- After clicking the “Buy / Sell” button, we stay on the tab al (defined by default).
- We enter the amount we want to exchange. We leave the choice “One-time purchase”(because we are primarily interested in one-time transactions).
- We choose the type of digital currency we want to exchange money for – in this case ETH.
- The last field depends on the choice of payment method previously made during configuration.
- When everything is set up, click on “Pre-Purchase” to make an initial estimate of the transaction.
In the next step, we will see the ETH equivalent that we will get after the exchange. The screen also shows the current ETH rate. It is worth paying attention to operating costs (Coinbase fee) included in the sum of transactions
- After confirming that the operating parameters are correct, click Buy it now to conclude.
After a while, the funds in ETH currency should be in our Coinbase account.
Step 2 – Virtual Wallet, ie transfer funds to Metamask
The next step will be the transfer of funds to a virtual wallet – a tool that will support us in the process of verification and procurement in the world of Web 3.0.
MetaMask is the most popular virtual wallet, a gateway to the ecosystem of solutions based on blockchain technology. Crypto wallets do not work as resource storage accounts. Their job is to keep private keys that allow the user to access their funds in the blockchain.
These wallets are used to check the user in the Web 3.0 space, as well as allow him to shop and store NFTs.
For the convenience of its users, MetaMask works as a plug-in for a web browser. This way, you can access the wallet functionality from the browser window, regardless of the icon displayed. The plugin can be downloaded from the manufacturer’s website. The installation is 100% secure, takes place in our browser area, and is standard for this type of solution.
After registering and creating our wallet in Metamask, we can return to Coinbase to download our Ethereum to our cryptocurrency wallet.
This time we use the button on the right – Send / Receive.
- In the bookmark SendWe define the amount of currency we want to transfer to the default wallet.
- Then in the first selection box This is: We need to enter your MetaMask wallet address (very important!). We can find it in our MetaMask profile – in the center point below the “Account” entry – with the right mouse button.
- We can omit the second field or add an annotation to it, which will allow us to define the operation more easily.
- In the third field, select the type of currency, ie as before – Ethereum.
- After pressing a button Continue we will be sent to the transfer view, where we will be informed about the amount of the transaction fee (network fee). The transfer fee is minimal compared to the currency conversion fee.
- After confirming the details of the operation, press the button Send now. The money should reach our Metamask wallet within 10-15 minutes.
Step 3 – Register with OpenSea
After purchasing cryptocurrency on the Coinbase platform and transferring funds to the Metamask virtual wallet, we are approaching NFT.
The next step is to register on the OpenSea platform, the leading market platform in the field of NFT. OpenSea is the aftermarket market for the most popular projects.
Registering an account in the OpenSea system is very simple and involves connecting your virtual wallet.
- Go to the OpenSea.io website and click on the wallet icon on the right. You will see a list of supported wallet types, including MetaMask.
- We click on it and the website will recognize that we have entered our wallet in the browser and will perform automatic pairing.
- After a successful connection, we can personalize the account by clicking on the gear (Settings). There, we will be required to confirm the security rules before adding the information.
How to get NFTs in OpenSEA?
Buying NFT is similar to other auction sites. We have the classic “buy now” options (Buy it now) or “offer” (Offer), but for the purposes of this guide, we will focus on the “buy now” option.
If we do not have a specific item with a specific address, on the OpenSea homepage we can click the Research button to start reviewing the entire list of offers on the market. We can now select the Al status option here to show the offers we can get immediately.
If we decide to buy NFT:
- Click “Buy Now”.
- We will be directed to the “payment” window where we must confirm the intention to purchase.
- In the next step, the operation moves to the level of our Metamask portfolio, where we will be informed about the operating costs associated with the so-called operation. gas fees.
What is the gas fee?
Gas is a term used to describe the amount of conversion power required to perform any operation on a blockchain. Depending on the distribution of data on the blocks, the number of operations to be performed may be more or less, depending on the volume of processing capacity.
It is expressed in terms of conversion value gwei, Is a smaller denomination of Ethereum. One gwei is equal to 0.000000001 ETH. Its exact price in dollars is usually indicated by a summary of each fare. To be aware of the amount of payments, we can use websites like Etherscan to track their changes. gas tracker.
Price gas fees The default provided by Metamask is usually inflated by the price we will finally have to pay. The wallet informs us about the amount of payment, which guarantees a quick transaction. To try to reduce the height gas feeswe can use the following method.
- First, we check the current amount of the fees gas tracker Like Etherscan.
- Then, in the Metamask wallet, click on the option in this trade view Edit.
- Enter a value equal to High Gwei from the gas tracker in the maximum payment field – 15/20 gwei. We also appointed Maximum priority fee At the level of 1.5.
However, the operation is likely to take a little longer gas fee should be lower than initially suggested by Metamask.
This solution is especially useful when we do not care about the speed of the transaction (we can assume that the NFT we receive will not be received quickly by another user who may exceed the proposed amount. gas fee).
After setting the level gas feepress the button Confirm. The purchase must be made within the next few minutes and will be confirmed in a separate notification from our Metamask wallet.
And voila! After confirming the transaction, we should be able to see the NFT received in the gallery in the OpenSea account.
You can find our gallery on the tab Profiles available in the account menu.
Ready to buy
Thanks to this guide, you will learn all the basics and steps needed to become an NFT owner. In the next articles in this series, we will describe ways to optimize gas fees, including the so-called individualization, and we will focus on more nuanced aspects of using OpenSea.