How do you prove authenticity and ownership of your digital assets? NFTs (non-fungible tokens) make it possibly for anyone to do so. Whether it is an image, video, audio, or physical assets, you can build your collection all thanks to the blockchain.
The popularity has seen an exponential growth with brands and celebrities jumping into the fun with non-fungible tokens.
CryptoPunks were the first on the seen and we’ve seen others gain momentum such as Bored Ape Yacht Club, Hashmasks, and Beeple’s Everydays.
The blockchain with the most traffic and activity with NFTs is undoubtedly Ethereum. Platforms like Rarible and OpenSea make it easy and less intimidating for people to interact and play.
When this guide is over you’ll learn how to buy an NFT on one of these platforms. Let’ get started.
In order to get started with NFTs, you’ll need ETH. While there are other NFT platforms that use other cryptocurrencies such as Tezos, WAX, and Solana, the most notorious NFT blockchain is Ethereum. In future guides, we’ll cover those other NFT blockchains/platforms.
To buy ETH you can do so directly on MetaMask with a debit card or Apple Pay by clicking “Add Funds”. While this way is more convenient, you will have to pay higher fees. To cut down on fees, head to an exchange like Coinbase.
You’ll need a wallet since you never want to leave crypto on an exchange. The easiest and most popular one to use is MetaMask. Download MetaMask via the Chrome Web Store or metamask.io as a browser extension. Alternatively, you can download MetaMask to your Android or iPhone.
Set up a strong password and write down your secret recovery phrase. You always want to remember to store your secret recovery phrase in a safe place as anyone who has access to this has access to your crypto.
Send ETH to MetaMask
If you didn’t directly buy ETH within Metamask and did so via an exchange, you’ll need to send your newly purchased ETH to your MetaMask wallet.
On your exchange look for a “Send” or “Withdraw” option. Decide how much you’d like to send. Copy your MetaMask ETH address and send it there.
You are free to have as many accounts and addresses you wish on MetaMask. You may want to organize your crypto this way.
Sync MetaMask With OpenSea
The most popular NFT platform is OpenSea. It is a marketplace where you can buy, bid, and sell NFTs.
To get started, click the wallet icon in the top right of the screen. Choose MetaMask as your wallet. Other options include Coinbase Wallet, WalletConnect, and Fortmatic.
After choosing MetaMask, you’ll see a pop-up window telling you to “Connect with MetaMask”. Click “Next” and your profile is now created. By default your profile with be “Unnamed” with your Ethereum public address. You can leave it as is or update your profile with a profile pic and username.
Buy an NFT
You will feel right at home on OpenSea. The largest NFT platform is intuitive and straightforward. There are 3 ways to buy an NFT on OpenSea: buy now, make an offer, and place a bid.
“Buy Now” is where you’ll be buying the NFT at the owner’s fixed price. You’ll need to be sure you have enough ETH to cover the NFT price including gas (transaction fee). MetaMask will calculate and suggest a gas price for you. You can always set the gas price yourself too and check the current status here.
If you’d like to make a counteroffer rather than buying outright you can by making an offer. The seller can either accept or deny. If the seller accepts, then they will pay the pas fee and the NFT is yours!
Rather than setting a fixed price for an NFT, the seller may decide to set up an auction. In this case, you can click “Place bid” on a price you find competitive and fair (at least 5% higher than the previous bid). If the highest bidder meets the minimum bid requirement, they win the auction.
Some NFT owners won’t list their NFTs for sale. You can always try your luck and make an offer though.
Congrats on buying your first NFT. Check your NFT purchase right in your profile and on the Ethereum blockchain. Feel free to show off your collection or set one as your profile picture.
Stay tuned for more intel on all things NFTs in our informative guides. Happy collecting!
Learn Solidity Course
Solidity is the programming language of the future.
It gives you the rare and sought-after superpower to program against the “Internet Computer”, i.e., against decentralized Blockchains such as Ethereum, Binance Smart Chain, Ethereum Classic, Tron, and Avalanche – to mention just a few Blockchain infrastructures that support Solidity.
In particular, Solidity allows you to create smart contracts, i.e., pieces of code that automatically execute on specific conditions in a completely decentralized environment. For example, smart contracts empower you to create your own decentralized autonomous organizations (DAOs) that run on Blockchains without being subject to centralized control.
NFTs, DeFi, DAOs, and Blockchain-based games are all based on smart contracts.
This course is a simple, low-friction introduction to creating your first smart contract using the Remix IDE on the Ethereum testnet – without fluff, significant upfront costs to purchase ETH, or unnecessary complexity.