Beginner’s Guide To NFTs: How To Buy An Ethereum NFT


NFTor non-fungible tokens, are block chainbased tokens that prove ownership of digital items such as images, video files, or (less commonly) physical assets.

Over the course of 2021, NFTs have become mainstream, with big trademark and Famous creating and buying NFTswhile trading volumes have burst.

Many of the NFT projects driving the craze, such as Bored Monkeys Yacht Club, cryptopunks and chubby penguinsis it so ERC-721 tokens built on Ethereal block chain. And on Ethereum, the OpenSea NFT marketplace dominates NFT trading: in september 202197.8% of all Ethereum-based NFT activity took place on OpenSea.

In this guide, we will walk you through a few simple steps to start buying your first Ethereum NFT:

  • Buy Ethereum on a cryptocurrency exchange like Coinbase or Kraken.
  • Get a crypto wallet like Metamask.
  • Send Ethereum from your cryptocurrency exchange to your wallet.
  • Sync your wallet with an NFT marketplace like Opensea.
  • Buy an NFT on that market with Ethereum stored in your wallet.

1.Buy Ethereum

You need Ethereum to enter the world of NFTs because it is the native currency of the blockchain network of the same name, and most NFTs are based on Ethereum.

To get Ethereum, you will need to go to a cryptocurrency exchangesuch as base of coins or Binance.

Not all exchanges allow you to buy and sell all CRYPTOCURRENCIES. But as the second largest cryptocurrency by market cap, Ethereum is listed on almost every exchange. And if you are absolutely new to crypto and have no idea which exchange to use, here you go. A guide to help you make a decision.

Although most NFTs are on Ethereum, there are plenty of other alternatives as well. Something like NBA top shotare based on Flow, an early NFT-centric blockchain designed as an alternative to Ethereum. And more recently, NFTs were based on the so-called Ethereum-killer Solarium have too burst.

Ok, back to Ethereum-based NFTs. In the second stage: get a crypto wallet!

two.Get a crypto wallet

There are many Ethereum wallets out there. but from afar The most popular is metamask (which, as an independent publisher decipheris funded by the Ethereum incubator ConsenSys).

MetaMask is a browser plugin and works best with Google Chrome or Brave. Once installed, it allows you to store Ethereum and Ethereum-based tokens.

Setting up a crypto wallet can seem daunting, but it’s often quick and hassle-free. Download and install metamask through their website, and once the little fox logo appears in your browser, click on it. It will take you through a few quick steps. The most important thing is that you will create a password.

Separately, MetaMask will assign you a “Secret Recovery Phrase”, which you should keep in a safe place, such as on a piece of paper in a safe place. It is a twelve word phrase that can be used to unlock a MetaMask wallet.

Be very careful with your crypto wallet. Phishing scams targeting MetaMask Users are common in social networks. Sometimes they can be so realistic that even experienced NFT collectors have fallen in love with them. But there’s no need to panic: you’ll be safe as long as you don’t share your seed phrase.

3.Send Ethereum to your wallet

Now that you have Ethereum (step 1) and MetaMask (step 2), it’s time to fund your wallet with Ethereum.

You would not need this step if you could buy an NFT directly with Ethereum on your exchange account. But the way NFT trading works is a bit like going to a farmers market that doesn’t accept cards, so you’ll want to carry cash in your wallet.

It is also possible to buy Ethereum directly in MetaMask, which we do not cover here. That option incurs higher fees than exchanges. Fortunately, sending Ethereum to MetaMask is pretty easy!

Go to the “send” or “withdraw” page of your exchange that allows you to move funds to a crypto wallet. It will ask you to enter the amount you want to send and a blockchain address, so you’ll need to copy your public Ethereum address as shown in your MetaMask (starts with 0x). Think of your Ethereum address (or “addy” in crypto parlance) as your bank account number on the blockchain, more or less.

Remember, MetaMask automatically generates a public Ethereum address for you when you set up the wallet. In the future, you can separately create as many addresses as you like.

Four.Synchronize your wallet with OpenSea

NFTs are traded on NFT markets, and OpenSea is by far the most popular when it comes to Ethereum-based NFTs.

Registering with OpenSea requires a few clicks. In the upper right corner of the Open Sea website, you will see a wallet icon. Click on it and it will show you a long list of supported crypto wallets. Choose MetaMask, if you followed the previous step and got MetaMask. If you have opted for an alternative, select the appropriate wallet from the list; Many wallets support the WalletConnect protocol to connect to websites.

Once you choose MetaMask from that list, OpenSea will display a popup that says “Connect with MetaMask”. Click next and your profile will be created automatically. And that’s it!

Until you personalize your OpenSea account with a profile picture and username, your profile will be “no name” and will only contain your public Ethereum address. But don’t worry about adding details to it. After all, OpenSea is not a social media platform.

5.Buy an NFT at Opensea

The cryptocurrency industry is not known for its user-friendly platforms and applications. But OpenSea is an exception: the site is mostly intuitive and feels like navigating on any other e-commerce platform. But on the downside, their customer support is almost non-existent, though you’re unlikely to need much support.

After deciding which NFT to buy, you will have three options on OpenSea: buy now, make an offer, and make an offer.

Buy now

NFTs can be listed by their owners at a fixed price (“current price”), often denominated in Ethereum. You can buy that NFT by paying the asking price. For that, you will need to click “buy now” and follow the steps. Make sure you have enough Ethereum in MetaMask before continuing!

If you want to buy an NFT at a fixed price, you’ll need to pay transaction fees, known as “gas” on Ethereum, which are anything but fixed. The price fluctuates frequently, which can be confusing for newcomers.

You can check the gas status here—an NFT transaction would incur gas similar to an “ERC20 Transfer”, so you can use that as a rough estimate. MetaMask will suggest an amount depending on the current network conditions, so you don’t have to calculate it yourself.

Make Offer

But maybe you feel like haggling and think your counteroffer will be tempting. If so, you can make an offer and see if the seller accepts it or not.

And if you make an offer on an NFT and the seller accepts your offer, then the seller pays for the gas.

Make Offer

Some sellers like a little competition for their NFTs, so they will auction them instead of selling them at a fixed price. Your only option is to bid at a price you feel is fair.

But your offer must be at least 5% higher than the previous offer. The highest bidder will win the auction, if they also meet the minimum bid requirement.

And finally, there are some NFT owners who do not post their NFTs for sale, either at a fixed price or by auction. But that doesn’t mean you can’t try to entice them with an attractive offer. Those NFTs will only have a “make offer” option available. If you don’t ask, you don’t receive.

If you’ve followed the steps so far and have already made a purchase, congratulations on purchasing your first NFT! Click on your profile in the top right corner and you will see your NFT purchases listed there.

You can choose to hide your NFTs on your profile (just like Visa, Coca Cola and Budweiser should have!). But remember, you can’t hide them from your public Ethereum address (visible on block explorers like etherscan). Unlike traditional finance, cryptocurrencies are extremely transparent.

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