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How Do I Buy My First NFT?

Hello and welcome to the wonderful world of NFTs! In this article, we’ll teach you how to get your first one. Let’s get right to it!

1. Prepare Your Wallet and Crypto!

To begin, you’ll need a web3 digital wallet and some cryptocurrency (but there are more platforms accepting credit cards to purchase an NFT now). A wallet is a place where you may keep your crypto and NFTs. It also has an address and records all of your transactions. MetaMask, Trust Wallet, and Coinbase Wallet are the most popular digital wallets that enable NFTs.

If you don’t already have a digital wallet, I recommend MetaMask. It’s simple to set up and operate, and it’s one of the most popular ways to buy and sell NFTs. It is available as an app and as a Chrome plugin. We have an article ready for you on How to set up a free MetaMask account in minutes.

Now, go buy some cryptocurrency. Different rules apply depending on the country, or even state, you live in. As a result, we’ll keep it easy and recommend Coinbase or Gemini. You can connect it to your bank and transfer money (fiat is the name for real money) into such accounts to buy cryptocurrency. There are several Blockchains, however we will concentrate on Ethereum (ETH) for this article. 

You will need to buy some ETH and then transfer it to your MetaMask Wallet. We recommend that you Google each network and read their FAQs to have a better understanding of how each platform does their transfers. “How to send ETH from Gemini to my MetaMask” is a good search term.

A general point to keep in mind is that there will always be some sort of transaction fee, known as Gas. Gas costs fluctuate widely from minute to minute and skyrocket when the network is congested. As a result, if you intend to purchase an NFT for 0.007 ETH (about $18.38 at the time of writing), you will require far more than 0.007 ETH in your wallet to execute the transaction. Other blockchains, such as Polygon (MATIC), are gas-free, and more are trying to reduce gas expenses.

Once you've deposited some ETH to your MetaMask, you may start having fun... but with caution.

2. Look for a Trustworthy NFT Marketplace

There are numerous options available, but not all of them are safe or dependable. Make sure you do your homework and choose a trusted website. Look at platforms like OpenSea, Nifty Gateway, SuperRare, Sound.xyz, and MintSongs, among others.

Remember how we mentioned that you might be able to utilize a credit card? MintSongs now supports this. Do you want to buy concert tickets? Then take a look at YellowHeart.

And now that you have a Wallet, you can link to other sites and maybe build playlists and content to sell — check out what Token||Traxx is working on for the music business and creators.

Your first NFT should be enjoyable and inexpensive. My first NFT was an 8-bit squirrel wearing a rubber ducky on its head. I bought it for 0.0005 ETH (about $1.31) and I love it.

When you’ve located an NFT you’d want to purchase, make sure you thoroughly read the listing. This will teach you everything you need to know about the NFT, including its pricing, who can buy it, and what it can be used for. Many NFTs have ‘utility,’ which means they can be used as a membership card to access other websites, metaverse events, or discord servers, and much more. You will see traits and percentages to show how rare it is. Some even have unlockable content that can only be viewed by the owner.

But be cautious; don’t just connect to any site and buy an NFT right away. Do your homework. Many NFT creators have websites which include roadmaps and lite/whitepapers to help you learn more about their mission. Many of them host Twitter Spaces or run Discord servers. These are some of the places to go if you want to learn more about NFTs. Perform Twitter searches to see what people are saying. Connect with, and follow others in the NFT space to see what they’re up to.

Yes, there are scammers out there; you may hear the term ‘rug pull,’ which you do not want to hear. The NFT community, on the other hand, is quite outspoken and will call out bad actors if they smell one.

Be wary of hype and ape-ing in (NFT community slang for rushing in) on anything simply because others are doing it. Be patient and conduct thorough research. Many musicians are eager to chat about their NFTs and answer questions, so don't be hesitant to reply to a tweet or DM them.

3. Make Your Choice

When you’re satisfied with your search results, it’s time to make your purchase. Simply follow the steps on the marketplace’s website to purchase your NFT in no time! It really is that simple.

Okay, there are a few points to consider. If you wish to buy something from a marketplace, you should first create an account that is linked to your MetaMask (or other wallet) Some marketplaces may or may not display your NFTs on their platform that you purchased on another marketplace. Create an OpenSea account, for example, by connecting to your MetaMask, and personalize it with your name and photographs. Many people prefer the anonymity of the Blockchain, therefore you won’t see many people using their real names… come up with a creative alt name.

When you locate an NFT on OpenSea that you want, simply click buy (check to make sure it’s not a bid — that’s more complicated for this post). You might be asked to reconnect your wallet. It will then appear and prompt you to sign. This causes the transaction to be recorded on the Blockchain. It will check to see if you have enough ETH, then display the gas fees and inform you whether you have enough. You will click accept (or reject if you change your mind), and the process will commence.

It will give you a transaction number that you can click on to view the blockchain in all of its numerical grandeur, and it will progress through the confirmations. A transaction might occasionally take up to 15 minutes to complete, so go get a drink and when you return, hit refresh on your account and it should be there.

Congratulations!

You have now purchased your first NFT; be sure to click the icon to share it on social media and watch everyone cheer you on!

As with most NFT owners, you’ll need to edit your Twitter profile pic (also called a pfp) to show it off once you’ve purchased one.

I hope you found this post useful and that you enjoy purchasing your first NFT as much as so many others have!

We offer weekly conversations in Twitter Spaces, so keep an eye out for the MIC weekly mailer for details or follow me on Twitter to know when to participate. You can also ask me questions in the comments section or on the Public Square, and I’ll personally respond.

Happy NFT’ing!

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