Steps To Buy An NFT
A Beginner’s Guide To Setting Up Your Wallet
NFT’s, or Non Fungible Tokens, are proof of ownership tokens hosted on the Blockchain. These can be in the form of images, audio, or video.
Over the course of the year 2021, NFT’s have exploded, and notable brands and celebrities creating and buying NFT’s, the volume over the past year has exponentially risen in NFT land. I expect 2022 to propel NFT’s even further.
In this guide to buying an NFT, we will go over the most crucial steps:
- Do your research
- Buy Crypto
- Get a Crypto Wallet, such as Metamask
- Send Crypto to Wallet
- Sync Wallet to a Marketplace, such as Opensea
- Buy an NFT
1: Do Your Research
This is an important step in the process of buying NFT’s, but one that is often forgotten.
Do your research.
Know what it is you are buying. Are you looking into buying something for its artistic value or are you trying to buy an NFT to be a part of a community, and gain the utility attached to holding said NFT.
Whatever it is you’re looking for, make sure you understand the risks of buying an NFT. You want to be aware of who is creating the NFT’s, and what their goal is.
2: Buy Crypto
For the sake of this guide, let’s stick with Ethereum for now. Currently, the majority of NFT’s live on the Ethereum Blockchain, it’s the largest community of NFT’s, and the one most will look to create their projects and sell NFT’s on.
To get Ethereum, you must buy it from a Cryptocurrency Exchange, such as Coinbase or Binance. Coinbase might be easier if it’s your first time based on their user friendly design.
Not all exchanges sell every type of cryptocurrency, but as the second largest by market cap, Ethereum will be on most, if not all, exchanges.
There are alternatives to Ethereum, such as Solana, Tezos, and Cardano based NFT’s, but for now, we’ll stick with Ethereum.
Make sure you have enough Ethereum to cover gas fees, which I’ll explain in Step 6.
3: Get A Crypto Wallet
You need a crypto wallet to hold all your NFT’s and cryptocurrency, for Ethereum, I recommend Metamask. It is incredibly user friendly, and most, if not all, sites have Metamask able to be connected easily. Metamask is a browser plug-in and extension. Google Chrome and Brave browsers work the best with it.
Download and install Metamask through their website, Metamask.io. It’ll take a second to load, and then ask you to create a password. Do so, and you’ll receive your Secret Recovery Phrase, or your Seed Phrase. This is a 12 word phrase that can be used to access your account from anywhere, so write it down on a piece of paper, and secure it in a safe spot. Do not ever give this out to anyone because it will allow them complete access to your Metamask wallet. A lot of scammers try to get this out of you, but as long as you never give them your seed phrase, you should be safe.
If you would like to buy NFT’s on one of the other Blockchains, I recommend the Phantom Wallet for Solana, and the Kukai Wallet for Tezos.
4: Sending Funds To Your Wallet
This part is easy, but it scares a lot of people the first few times they do it.
Go to your exchange, and find the “Send” button. Figure out how much you want to send over to your wallet. In the space where it asks where you are sending it to, that is where you put your public address.
Open up your Metamask wallet, and find your Ethereum Public Address. In Metamask, it should start with 0x, and show up right under your Account Name. Click it to copy the address, and paste it into the exchange. This address is unique to your wallet, and is similar to an email address or a banking account number.
This is the same for the other wallets.
5: Sync Wallet To Marketplace
Find the marketplace you wish to buy an NFT from, we’ll use Opensea.io since it is the largest Ethereum NFT marketplace. In the top right corner, you’ll see a wallet icon, click it, and connect to Metamask.
This should link your wallet to the site, and you can setup your own collections, and see your profile, showing all your owned NFT’s while connected.
There are other marketplaces, such as Rarible.com, which is the one I use for my Flavor Emblems NFT project.
6: Buy an NFT
Look around the site, you can explore the many collections, and find an NFT you want to buy. After clicking an NFT, you can find its collection, and usually there are buttons to the creator’s twitter, website, and discord. Use these for your own research.
Once you have decided on something to buy, you can click on it, and click “Buy Now” to buy for the listed price or “Make Offer”, choosing what to offer for the NFT, which necessitates the owner to accept it before it goes through. Whatever you choose, know that there will be a gas fee, a transactional fee in addition to what you are buying. The price of gas fluctuates, and can be quite high, but you can check the current state of gas on sites like etherscan.io/gastracker. Try and buy when gas is lower to save some money on the transaction. This part can be overwhelming at first for new users.
There are also NFT’s that are up for auction, and you can “Place Bid” on these, and if you’re the highest bidder by the time the auction’s up, the NFT is yours!
It’s worth noting, blockchains such as Solana and Tezos have significantly lower gas fees than Ethereum, but doesn’t have as many users as the Ethereum blockchain just yet.
Buying your first NFT can seem overwhelming at first, but I hope this guide eases some of your worries. Once you buy one or two, you’ll be sure to have the hang of it in no time, and you can really start to have fun in the space.
It’s worth noting that blockchains such as Solana and Tezos also have NFT’s, and while it’s still early in the process, the incredibly small amount needed to pay for gas during transactions, currently it’s about 1/100th of a cent, is something to pay attention to. You will need a Phantom wallet to purchase on the Solana network, and a Kukai wallet to purchase on the Tezos networks.
You can use this guide and replace Metamask with Phantom or Kukai, and Ethereum with Solana or Tezos, if that’s the path you please.
I hope you’re able to buy your first NFT with ease after reading this guide.
- Check out the Flavor Emblem NFT’s here.
- Join the FlavorVerse Discord, Danathon James’ Community.
- Follow @DanathonJames on Twitter.
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