How to buy NFTs? A step to step guide on how you can start investing in NFTs
From setting up a Metamask account to purchasing your NFT, this guide has got you covered.
The world of Non-Fungible-Tokens (NFT) is exciting and its market size is just starting to grow. In fact an NFT titled “Everydays the first 5000 days” recently sold for 69 Million dollars (read here). Therefore, we believe that an educated investor should be able to buy and sell NFTs. This article will talk about how you can set up your Metamask account, Transfer funds into your metamask, and buy your very own NFT.
1. Download Chrome browser on your desktop
Using Chrome to buy and sell your NFTs will make your life a lot easier. If you don’t already have Chrome installed on your computer, you can download Chrome from this link.
Afterwhich, click on “Download Chrome”.
2. Download Metamask extension on Chrome
Metamask is an electronic Ethereum-based wallet that allows you to buy and store most types of NFTs. A Chrome extension allows you to seamlessly transact cryptocurrencies without the hassle of changing tabs.
To download the Metamask Chrome extension, simply click on this link and click on “Add to Chrome”.
When prompted, click “Add extension”
When the extension has fully downloaded, this screen will appear automatically. Simply click on “Get Started”.
If you’re new to MetaMask, simply click on “Create a Wallet” to set up an account on MetaMask.
You can choose to click on either “No Thanks” or “I Agree”. Agreeing to data gathering is not essential to creating a MetaMask account.
After agreeing or disagreeing to data collection, you will be prompted to create a password. Make sure you use a unique password with at least 8 characters. This password can be used by anyone to access your funds. Please do not give this password to anyone, including those who claim they are from MetaMask.
After typing in your password, simply click on “Create”
Upon successful registration of your password, you will be prompted to secure your account with a secret recovery phrase. Do watch the video to ensure you completely understand the functionalities of this secret recovery phrase. Please do not share this phrase either. Click “Next” once you understand the usage of the secret recovery phrase.
The Secret recovery phrase will be shown to you. Make sure you write it down physically or copy it into an encrypted password folder.
The recovery phrase for this dummy account is “tortoise pudding box zebra mind auction swim bonus romance ripple merit right”.
Do note that there are no commas or punctuation, with all words in small caps.
To confirm that you have written down the recovery phrase, MetaMask requires you to list down the secret recovery phrase in chronological order.
Next, click on the word which corresponds to the recovery phrase in chronological order. Afterwhich, press “Confirm”
You’re all done! Simply click on “All Done” to finish.
3. Configuring Metamask
After setting up Metamask, the next step is to send some funds over. Metamask is only able to store Ethereum based tokens out off the box.
However, since the transaction fees for Ethereum are extremely high, we recommend sending over Binance Tokens (BNB) instead, as most major NFT marketplaces accept BNB. We will go through how to link up the Binance Smartchain network on your Metamask wallet.
To send BNB to your account, simply click on “Ethereum Mainnet” on the top right-hand corner.
A list should appear. Click on “Custom RPC”
A few rows will appear where you will be prompted to fill in details of the Binance Smart Chain. Simply fill the details in as such.
Network Name: Binance Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
ChainID: 56
Symbol: BNB
Block Explorer URL: https://bscscan.com
The details are displayed above so you can easily copy and paste into the blanks. For more information, check out this post by Binance Academy.
Once you are done, click on “Save” and the Binance Smart chain will be saved onto your Metamask.
To check if the network was successfully integrated, simply return to the main page and you should be able to see “BNB” instead of “ETH”.
4. Sending BNB to Metamask
To send BNB to Metamask, you would first have to have purchased some BNB in a cryptocurrency exchange. To find out how you can buy BNB, check out this article by Binance. Otherwise, simply contact fubi2021@gmail.com and we’ll assist you in purchasing BNB.
Once BNB has been purchased, return to the Metamask page.
Click on the string of numbers “0xec7…8EC2” and copy to clipboard.
Next, return to the cryptocurrency exchange you have purchased your BNB from and paste your Metamask address into the receiving address. Make sure to always double check that all the numbers and alphabets are accurate. Once the transaction is sent, it cannot be reversed.
To find out how to withdraw funds from a cryptocurrency exchange, you can click on one of these links:
Binance.com : link
Huobi global: link
Coinbase: link
Kucoin: link
FTX: link
Bitfinex: link
Gate.io: link
Once funds have been fully transferred, your MetaMask should look like this. In this example, the wallet currently has 0.1849BNB.
Do note that there are transaction costs related to sending funds. The amount of funds left in your wallet may be slightly lower due to the network fees.
5. Registering on an NFT marketplace
After finally setting up your Metamask account, you are ready to go!
Firstly, decide on an NFT marketplace. Fortune Coin lists its NFTs on OpenSea.io and treasureland.market.
OpenSea.io lists popular NFTs such as Crypto Punks and Bored Apes while Treasureland lists smaller NFT projects which may have huge potential.
For this article, we will focus on Treasureland.
When you first enter Treasureland, you will be prompted to connect your Metamask wallet. Click on “Connect” on the top right corner.
Next, click on MetaMask.
A pop-up will appear prompting you to login with your MetaMask account.
When you are done, the top right hand of your page will show your MetaMask wallet address.
6. Buying an NFT
To choose an NFT to buy, simply click on “NFT Market” to browse the available NFTs or type in the NFT that you are interested in.
For illustration purposes, we will be taking a look at Fortune Coin’s NFTs.
The address for Fortune Coin’s homepage is: https://treasureland.market/homepage?address=0xD580a10C917f040640cDbc1Fb11966E683258D51
In this example, we see that the NFT titled “Salmon Suhi” is on sale. To buy it, we just nee to click on it.
After clicking on the “Salmom Sushi”, we see that it is on sale for 0.05 BNB. To purchase the NFT, simply click on “Buy”.
The system will then prompt you to checkout. Click on “Checkout” to confirm your transaction.
After clicking on “Checkout”, you will have to confirm on MetaMask once again if you would like to complete this transaction. To complete the sale, click on “Confirm” on the MetaMask pop-up.
Once completed, the NFT will be transferred to you in a few seconds.
The NFT now belongs to you! Thereafter, you can choose to sell it (by clicking “Sale”) or send it to someone (by clicking “Send”).
To check if the NFT has been credited to you, click on your profile on the top right corner. The NFT should be reflected as such!
7. Selling your NFT
After buying it, you may decide on selling the NFT for a profit. To do so, simply click on “Sale”.
You will then be asked to initialise your account. Click on “Confirm” to initialise. This step requires some network fees.
After initalising has been completed, indicate your desired sale price and the amount you want to sell. Then, click on “Confirm” In this case, I have listed the NFT for 0.1 BNB. If successful, this sale would provide me with a profit of 0.05 BNB.
Once again, sign this step with MetaMask by clicking on “Sign” and you’re good to go! Your NFT is now on sale.
Conclusion
Buying and selling NFTs doesn’t have to be difficult! Simply follow these steps of the article and you’ll be owning your very own NFT in no time!
If you’re interested to buy Fortune Coin’s NFTs, simply click on this link!
This article is purely educational and not intended to be financial advice. Please perform your own research before making any investment decisions such as purchasing an NFT.
