How to Buy NFTs on OpenSea Using Trust Wallet
Learn how you can buy NFTs on the leading crypto collectibles marketplace, OpenSea, directly in your Trust Wallet app.
With sales up 55% since last year and daily trading volumes of up to $6M, it is clear that non-fungible tokens (NFTs) are the crypto crush of 2021.
In this guide, you will learn everything you need to know about acquiring NFTs on OpenSea using Trust Wallet.
What is OpenSea?
OpenSea is an Ethereum-based peer-to-peer marketplace for all kinds of digital artworks and crypto collectibles. It is the largest NFT hub, containing millions of NFTs from numerous DApps, including the best-selling ones you have probably heard about, like NBA Topshot, CryptoPunks, and CryptoKitties.
Currently, there are over 700,000 virtual assets, all groupable by type, price, and date of release, on the buzzing online marketplace.
Buying NFTs on OpenSea: What You Need to Know
Buying an NFT on OpenSea is surprisingly simple, even for beginners. You will not come across any intimidating strings of words in the process of acquiring your NFT. The only thing you need is an Ethereum wallet and some crypto to use the platform.
Here’s a quick walk through the marketplace features.
NFTs can be anything, and OpenSea has done a wonderful job demonstrating that. The Browse 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 you can buy straightaway;
On Auction - NFTs you can place bids on;
New - new listings and;
Has Offer - those with active offers.
This section is embedded in the Browse section and features all NFT DApps available on the platform.
The algorithm sorts the DApps by volumes, and at the time of writing, CryptoPunk is the most traded. Others include Rarible, Sorare, Decentraland, Hashmasks, etc.
The *Activity *section shows you the listing, transfer, bids, and sales history of digital items. It tells you the who, what, where, and when about any specific NFT or collections.
This section ranks NFT DApps in different categories such as Art, Domain Names, Virtual Worlds, Trading Cards, Sports, and Collectibles in terms of trading volumes, price, and total no. of assets. A very helpful feature for newcomers looking to acquire top-selling digital items.
The general search function allows you to search for your preferred items, collections, and accounts.
Qualities to Look For in an NFT
As with any digital asset, you need to run some background checks on NFTs if you plan on selling it for a higher price than you bought it. Here are some things to look out for:
While it’s okay to go for established and highly liquid NFTs like CryptoPunk, Sorare, NBA Topshot, etc., you can also go through the Activity and Ranking pages to spot relatively new and potentially “hot” NFTs. However, they should be actively traded. Otherwise, it may be difficult to find a buyer.
Some NFTs, like Sorare, group their digital cards into rare, super rare, and unique tiers. As expected, the rarer cards are more valuable and can generate hefty returns for collectors. For example, the Cristiano Ronaldo Unique sold on Sorare last month for a whopping $102.5K.
If an NFT brand has a large and active community, it will increase your chances of finding a collector who is willing to pay more for your NFT than you did. So look out for NFTs with lively communities.
Buying NFTs Using your Trust Wallet
Acquiring NFTs on OpenSea has been made easier with Trust Wallet. With Trust Wallet, you don’t have to go through the stress of creating a third-party account to make payments as it contains an inbuilt DApp Browser that supports the Ethereum blockchain.
Your Ethereum wallet syncs automatically with the platform as soon as you enter the page using the DApp Browser.
How to Buy NFTs: A Step-by-Step Guide
Now, let’s go through the process of buying an NFT on OpenSea. For our example, we will purchase a football trading card from the popular crypto collectibles game, Sorare.
Go to opensea.io in your Trust Wallet DApp Browser.
Click ‘Browse’ and filter by your desired metrics. ‘Buy Now’ and ‘Sorare’ in this case.
- Go through the available items and click on your chosen card.
Click on Buy Now, add funds (ETH) to your wallet, and proceed to Checkout.
Finally, you sign the transaction using your Ethereum wallet to complete your purchase.
You will then be able to view the NFT you purchased on your account on OpenSea and in the ‘Collectibles’ dashboard in Trust Wallet.
And that’s it!
Buying an NFT on OpenSea using Trust Wallet is that simple.
**Pro tip: **Ethereum gas fees fluctuate and are on the high side at the moment. So take Ethereum transaction fees into account when you make your purchase decisions.