For a long time, Non-Fungible Tokens (NFTs) have been used to represent ownership of virtual items like video files and images. However, they have recently found another use case that involves proving ownership of physical assets.
The demand for NFTs rose significantly in 2021, with several celebrities and big brands hoping into the space.
Most of the popular NFT projects have been built on Ethereum using the ERC-721 standard. As a result, many NFT marketplaces, including Blur and OpenSea, are Ethereum-based.
This guide seeks to help you understand the process of buying an Ethereum NFT. Please keep reading to learn more.
Here are the steps to follow:
Step 1: Buy Ethereum
ETH is the native token of the Ethereum blockchain. Therefore, you will need it to enter the NFT world. So how do you buy this token? The easiest and most common way to purchase ETH is through a centralized exchange. Some of the popular exchanges that have listed the token include Kraken, Binance, and Coinbase.
To buy ETH, you have to set up an account with your preferred trading platform. A phone number, a valid email, and verification documents such as an identification document (ID) or passport are some of the requirements for creating an account.
Step 2: Get a Web3 Digital Wallet
There are numerous wallets that support the Ethereum network. But the most used is MetaMask. This wallet comes as an app or a browser extension. In this article, we will focus on how you can install it as a browser plugin. First, visit the MetaMask website (metamask.io), click ‘Download,’ and then click ‘Install Metamask for Chrome’ on the page that opens up. The extension should start downloading. Once installed, the next step involves creating an account with the wallet. MetaMask will issue you a Secret Recovery Phrase that serves as the recovery key in case you forget your password. Ensure you store it somewhere safe and do not share it with anyone.
Step 3: Send ETH to Your Wallet
This step requires you to transfer the ETH bought on an exchange to your MetaMask wallet. But if you are able to buy an Ethereum NFT through the trading platform, there is no need to send ETH to MetaMask. Also, you can purchase ETH directly on the MetaMask wallet, but the process is a bit complicated for beginners, so we won’t cover it in this guide.
Here is how you can transfer funds from a centralized exchange to MetaMask. First, log in to the exchange and go to the ‘Withdraw’ or ‘Send’ page. Input the amount you wish to transfer and the recipient address, which is your MetaMask account address. After that, click ‘Withdraw’ to initiate the transfer. The ETH tokens should be in your MetaMask wallet within a few minutes.
Step 4: Connect Your Wallet With OpenSea
We chose OpenSea because it is the most popular marketplace for Ethereum NFTs. To buy an NFT, you have to connect your wallet to OpenSea. This process is super simple. First, visit the OpenSea website (opensea.io) and then click ‘Connect Wallet’ at the top-right corner. A list of various supported wallets will pop up. Select MetaMask and enter your wallet password to grant connection.
After successfully connecting your wallet with the marketplace, it’s time to complete your OpenSea account by uploading a profile picture and picking a username.
Step 5: Explore and Buy an Ethereum NFT on OpenSea
OpenSea is one of the few NFT marketplaces with an easy-to-understand user interface. That said, it’s unlikely that you will need assistance to maneuver around the platform. Explore the listed NFTs to find one that you would want to purchase. There are three methods to acquire an NFT on OpenSea. They include ‘Place Bid,’ ‘Buy Now,’ and ‘Make Offer.’
If you want to purchase NFT at a fixed price immediately, then click Buy Now. The other two purchase methods take time, as the sale price has to be agreed upon between you and the seller.
After making a purchase, the NFT will reflect on your profile. And that’s it; you have just acquired your first Ethereum NFT; congratulations!
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