This is a simple step by step guide on how to buy and store NFTs, crypto-collectible and rare items from Opensea using MetaMask as recieving Wallet.
- MetaMask was developed by ConsenSys Software Inc. a full stack Ethereum developer company in 2016 as a browser extension mobile App.
- Metamask allows users to buy, store, send and swap token
- Metamask has over 5 Million Monthly active users.
- Metamask was first developed as an Ethereum wallet.
- You can use Metamask to store NFTs (Non-Fungal Tokens).
- Opensea is the first and largest digital marketplace for crypto collectibles and non fungible tokens.
- The NFT and collectible market is currently worth over $2.1Billion so far.
- They are currently over 7000 NFTs and crypto-collectible listed on OpenSea.io
In this article, you will learn step by step how to buy NFTs on Opensea, one of the world’s largest marketplaces for NFTs using Metamask as your receiving wallet. Before we proceed to go into the subject matter, a few questions we would love to answer about NFTs generally and the Metamask wallet.
What is MetaMask wallet?
MetaMask wallet is was developed by the Ethereum incubator company consensys as a web browser extension wallet for holding Ethereum but now holds erc20 token smart contracts and NFTs. Metamask can be installed like every other plug-in in browsers like Firefox, Brave, Chrome and Microsoft Edge.
How safe is Metamask?
MetaMask is relatively safe. Since it’s creation,they haven’t been any major hacks. One of the key security features of the MetaMask Wallet is that it uses Hierarchical Deterministic settings which enable users to back up their accounts by providing them with seed phrase, a list of phrase that can be used to regain access to account if lost. Please note that once your seed phrase is lost you cannot gain access to your account as Metamask does not safe your seed phrase for you. You must ensure that your seed phrase is stored securely out of the reach of anyone.
Is MetaMask only for Ethereum?
Metamask has grown over the years to play a major key role in the cryptocurrency industry. Today, MetaMask is used to store almost all Erc20 tokens, MetaMask is used to access blockchain decentralized applications like cryptokitties, cryptoarcades for developers building games on blockchain and most recently, MetaMask can be used to store digital arts, crypto collectibles and NFTs.
OpenSea is based peer-to-peer marketplace for all kinds of digital artworks and crypto-collectibles. Opensea is currently market place for NFT. Currently, there are over 700,000 virtual assets listed on the opensea.
You can do the following on Opensea.
- Buy NFTs and crypto-collectibles
- Create your own NFT
- Mint NFT
- Explore the NFT Marketplace to see latest happenings in the NFT market.
The OpenSea NFT Marketplace Features
Some of the features will include the following;
NFTs are anything that has been given value through blockchain encryption, and OpenSea has gone an extra mile in making them accessible. The Search section contains groups of NFTs, including digital art, trading cards, collectibles, virtual worlds, domains, and even tokenized physical goods. Each section features NFTs from numerous DApps and projects. You can filter by:
- Buy Now – active NFTs ;
- On Auction – NFTs you can place bid for;
- New – new listings and;
- Has Offer – those with active offers.
This section is beside the search bar and showcases all NFT DApps available on the platform.
The opensea algorithm sorts the DApps by volumes, CryptoPunk is the most traded. Others include Art Blocks Curated, ON1 Force, Bored Ape Club etc.
The stats shows ranking of top NFTs by trade volume, owners, number of assets
The Stats section also shows your recent activities; the listing, transfer, bids, and sales history of digital items.
In this section you will find helpful resources that will help you navigate and understand the NFT marketplace and other resource material. You will find help center, partners, suggestions, discord community etc and social media handles.
Here, you will be able to create your NFT but you will have to sign-in to your Metamask wallet.
There’s a profile symbol that shows the data of the user, it includes profile, your collections of Nfts, your collections and preferred settings.
HOW TO USE METAMASK TO BUY NFT
MetaMask is easy to use when buying NFTs, even if you are new to crypto
first; you can have to download the MetaMask app from your apple app store or goggle play store for android or you can add it as a browser extension to your Chrome, Firefox or Brave Browser. Then follow the following steps
- BUY ETH: You need buy ether from an exchange like CoinBase. Create your Coinbase account by clicking here , it is quite easy to use and you can buy crypto directly from your bank account.
- Create an Account with MetaMask – go to MetaMask.io and create a free account or use the mobile and copy your eth address from your MetaMask wallet Make sure to add the Chrome extension for easy access.
- Send your eth to your MetaMask eth address
This is quite an easy step but you have to be very careful not copy the wrong address.
- Go to the browser section of your metamask and search opensea.io.
5. Create an account on Opensea and connect your Ethereum network account to your opensea account.
6. After signing in to your MetaMask wallet, Browse through opensea and see any digital art you love to buy, click on the art, check out and click on buy now or make offer.
In the “Make offer”, in this section you are allow to place a bid on any NFT up for bidding, click on the make an offer option, and bid. You can buy now and once your payment is completed. Go to your MetaMask wallet and go to the NFT’s sections to find your NFTs and other collectibles.
I hope this step by step guide will answer all your questions on how to buy and store NFTs using MetaMask. Feel free to ask your questions in the comment section, I will be happy to answer them.