In this article, we will be going over all the basics of buying an NFT on the Ethereum blockchain, ranging from setting up and funding a wallet to purchasing the NFT on marketplace aggregators.
While it should be noted that even though the NFT industry is expanding, that does not equal that all NFTs will be going up in price from the time of your purchase.
How To Set Up a MetaMask Wallet
Step 1: Download the MetaMask Chrome extension to your PC/Mac or download the MetaMask app on Google Play or the Apple App Store.
Step 2: From there you’ll hit ‘Get Started’ and be met with the option to import an old wallet or ‘Create a new wallet,’ select the ‘Create a new wallet’ option.
Step 3: After you create a new wallet, MetaMask will prompt you to create a password, once confirming your password you’ll then be brought to the Secret Recovery Phrase, also known as a seed phrase, portion of setting up the wallet. This phrase will be 12 words long and is the gate standing between your wallet and others. It is crucial to write down your recovery phrase and secure it in a safe place as if you lose your recovery phrase you will lose access to your wallet. Forever. Your seedphrase will be 12 words long and is what is standing between your wallet and malicious actors trying to get in your wallet. Another person gaining access to your seedphrase gives them access to your entire wallet, so if you lose the seed phrase, you can also lose access to your wallet and or the assets within that wallet. Stay tuned in to our blog for the best security practices in web3.
Step 4: Congratulations, you have successfully created your Web3 Wallet! All that you have to do now is fund the wallet which can be done by either purchasing Ethereum within the MetaMask app itself or sending your newly created wallet Ethereum from your centralized exchange of choice such as Coinbase and Binance. You can send Ethereum from those exchanges by clicking the copy button on the under “Account 1” and pasting your new wallet address into the send destination for your Ethereum within your Ethereum wallet on your selected centralized exchange.
Step 5: Wait for the transaction to confirm and the ETH to your wallet, once confirmed, you are ready to start your journey in NFTs.
If you’re exploring Ethereum, check out Fire!
How To Buy an NFT
Now that you have set up and funded your wallet, you are now able to purchase your first NFT. For ease of use, we will be using OpenSea as the marketplace for purchasing your NFTs.
Stay tuned for tutorials on how to use other NFT Marketplace aggregators in the future!
Step 1: Download the free Fire Chrome extension to see EXACTLY what you are approving and sending out of your wallet before you sign. With Fire, you don't have to worry about getting scammed.
Step 2: Navigate to opensea.io within your MetaMask on your browser. Once there hit the three white lines in the top right corner of the page and scroll down and select ‘Connect wallet’ and select the wallet type use wish to connect. Once connected sign the prompt that presents itself and you are ready to navigate the open seas of OpenSea.
Step 3: Search for the NFT that you wish to purchase, for this example we will be using LaMelo Ball Collectibles as the NFT.
Step 4: Click the ‘Add to cart’ option under the NFT or hit the lightning button next to it to do an instant purchase.
Step 5: With the help of the Fire extension, after starting the process of your purchase, you will be met with a prompt that shows what you are going to allow by purchasing the NFT. It should show the amount of ETH that will leave your wallet and who you are sending it to along with the NFT you selected for purchase for the receive. Once Fire shows you the correct transaction, sign the prompt that OpenSea created for you and hit confirm.
Step 5: Once the transaction is confirmed, which can vary in time and can be checked by clicking on ‘Activity’ in your MetaMask wallet then selecting the transaction and clicking ‘View on block explorer,” you will have successfully purchased your first NFT! It will show up in your collection which you can check by clicking your profile icon on the OpenSea website.
Now that you own an NFT do not forget that malicious actors will be trying to steal your NFTs through social engineering scam attempts varying from a fake free mint to a supposed NFT trade. Make sure that you have the Fire extension downloaded to your browser so that you can always confirm what you will be approving prior to signing off on a transaction.