Are you ready to join the world of NFTs? Here’s a step-by-step guide on how to buy an NFT:
Step 1: Buy Ethereum To get started with NFTs, you need Ethereum, which is the native currency of the Ethereum blockchain network. Head to a cryptocurrency exchange such as Coinbase or Binance to purchase Ethereum.
Step 2: Get a Crypto Wallet, Like Metamask The most popular wallet for Ethereum is Metamask, which is a browser plugin that works best with Google Chrome or Brave. Download and install Metamask through their website and follow a few quick steps to set up your wallet. Metamask will assign you a “Secret Recovery Phrase,” which you should store somewhere safe. Once you have your wallet set up, you’re ready to fund it with Ethereum.
Step 3: Send Ethereum to Your Wallet The way NFT trades work is similar to going to a farmer’s market that doesn’t take cards, so you’ll want to carry cash in your wallet. Go to your exchange’s “send” or “withdraw” page that lets you move funds to a crypto wallet. It will ask you to enter the amount you want to send and a blockchain address. Copy your Ethereum public address as displayed on your Metamask and paste it as the blockchain address.
Step 4: Sync Your Wallet with OpenSea NFTs are traded on NFT marketplaces, and OpenSea is one of the most popular ones for Ethereum-based NFTs. Signing up for OpenSea takes a few clicks. At the top-right corner of the OpenSea website, you’ll see a wallet icon. Click on it, and it will show you a long list of supported crypto wallets. Choose Metamask and sync your wallet with OpenSea.
Step 5: Buy an NFT on OpenSea Once your wallet is synced, you can browse and select the NFT you wish to buy. On OpenSea, you will have three options: buy now, make offer, and place bid.
5.1 Buy now NFTs may be listed by their owners at a fixed price, denominated in Ethereum. You can buy that NFT by paying the asking price. For that, click “buy now” and follow the steps. Make sure to have enough Ethereum on Metamask before proceeding! You will also need to pay transaction fees known as “gas” in Ethereum.
5.2 Make offer If you want to haggle and think your counter-offer will be enticing, you can make an offer and see whether the seller accepts it or not. If your offer is accepted, the seller will pay the gas.
5.3 Place bid Some sellers like a bit of competition for their NFTs, so they’ll put them up for auction instead of selling them at a fixed price. Your only option is to place a bid at a price that you think is fair. The highest bidder will win, and the seller will pay the gas.
Now that you know how to buy an NFT, happy shopping! Remember to always do your research and only invest what you can afford to lose. Good luck!
