How to Buy a Non Fungible Token (NFT) For Beginners
A step-by-step guide to buying your first NFT using a MetaMask wallet on the Ethereum blockchain
You are probably here because you are interested in buying your first NFT. If that’s not the case, read this article to understand what an NFT is and why it is worthwhile to learn about them.
There are numerous ways to buy an NFT, depending on the project you are interested in. So, before we start, you will need to know which blockchain was your NFT created on. There is a range of blockchains that are becoming increasingly popular, including:
- Binance Smart Chain
- Flow by Dapper Labs
- and many more
But let’s not get lost in all these names. Ethereum is currently the leading blockchain service for NFT issuance. Some of the most popular and innovative NFT projects such as VeeFriends, Cryptopunks, BAYC, and Beeple are on the Ethereum blockchain.
So, let me cut to the chase and share a step-by-step process for you to buy your first NFT on an Ethereum blockchain. It may seem tedious at first, but this is a one-time set-up that will allow you to easily buy and sell NFTs in a matter of a few minutes.
Step 1 — Set up Your Crypto Wallet
Cryptocurrency wallets are similar to bank accounts in the traditional banking system. They are used to communicate with blockchain networks to safely access, send, and receive crypto funds (i.e. Bitcoin, Ether, etc.) or assets (such as NFTs). There are two types of crypto wallets — custodial and non-custodial.
Custodial wallets are online marketplaces where you can buy, sell and store a variety of cryptocurrencies. Many people make their first crypto purchases on these centralized exchanges, such as Coinbase or Binance, where you can easily trade coins. I started my crypto journey in 2017 when I was in Australia, so I use BTC Markets.