How to Buy NFTs on OpenSea
38.0 | Explore NFTs on OpenSea & A Conversation With Mark Richardson of Bancor
Explore the OpenSea
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A Conversation With…Audio Series 🎙
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Opensea
Non-Fungible Tokens, or NFTs, are all the rage in 2021. The year began with NBA Top Shot skyrocketing, followed by a record $69 million dollar Beeple sale and has continued with massive price appreciation in CryptoPunks, Bored Apes, and CoolCats collections, just to name a few. We’ve covered NFTs throughout the year and most directly in volume 11.0 and 31.0. As the explosive growth continues, NFTs are expanding into the mainstream with an ecosystem growing vastly beyond artwork.
Many of you are still wondering…where and how do I get an NFT? The majority of marketplace sales are currently occurring on OpenSea, or what we like to call the “eBay of NFTs.” OpenSea is a blockchain-based NFT marketplace where you can mint (create), authenticate, buy and sell NFTs.
To do this though, it’s slightly different than a traditional website:
Instead of a username and password, OpenSea connects to a crypto wallet mobile app, such as the Coinbase Wallet or MetaMask Wallet (available on iOS and Android smartphones). When you connect your crypto wallet to the OpenSea website, you have “logged in.”
Make sure you have Ethereum in your wallet to cover both the cost of the NFT and the transaction (gas fee). Gas fees will vary depending on the congestion and complexity of transaction on the Ethereum network at a given time.
Similar to any asset class, researching trends, understanding the true level of community and doing your own analysis is a major key. NFTs are potentially a new gold rush while society and individuals become more accustomed to digital ownership.
As with many emerging technologies, growing pains can correlate with explosive growth. Last week, an employee of OpenSea resigned due to insider trading. On Wednesday, OpenSea issued a blog post saying “Yesterday we learned that one of our employees purchased items that they knew were set to display on our front page before they appeared there publicly.” Once this news surfaced, the employee quickly resigned from OpenSea.
To begin your journey, download the recently released OpenSea mobile app from the iOS store directly or click the graphic below. You don’t need an account or mobile wallet to view the NFTs on the platform.
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The Audio Series
Last month, we launched our audio series “A Conversation With” on Twitter Spaces. In our third episode, we welcomed Mark Richardson, the Senior Research Associate at Bancor. He shared his past as a Research Scientist, his vital role at the Bancor Protocol, the importance of the BNT token and his take on the future of blockchain. We archived this insightful conversation for anyone who missed it or wants to listen again.
📆 Wednesday, October 13
MoonCats mania takes over as we welcome the (CatDad) @jakegallen to chat about his cats being auctioned at Sotheby’s + more.
The Week Ahead
🟣 Messari Mainnet 2021 3 day conference in Midtown Manhattan (9/20-9/22).
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