How to buy your first Ethereum NFT
Step-by-Step guide on buying your first NFT on the Secondary Market
So Anon, after looking at everyone but yourself own an NFT, you want to own one for yourself. You have come to the right place. (Assuming you want to own an ETH NFT). Before you buy NFTs, ask yourself what is the purpose, for the art, the experience, or to earn money, NFTs may seem like easy money buy the truth is the majority of NFT investors lose money. NFTs are essentially the same as leveraged tokens.
Setting up Metamask
The first step would be setting up a Metamask wallet. MetaMask is a software cryptocurrency wallet used to interact with decentralized applications with the Ethereum blockchain or other blockchains.
Head over to Chrome Web Store and add MetaMask. You can pin the extension on your chrome browser to make it easily accessible.
Metamask will provide you with a 12-word seed phrase (Secret backup phrase) for you to store. This phrase will allow you to import your wallet into multiple devices and reset your account.
- NEVER SHOW/SHARE THIS PHRASE WITH ANYONE
- DO NOT STORE IT ONLINE (Write it down on a piece of paper stored safely)
The second step is to buy $ETH, how much you need depends on what the price is for the NFT you are planning to buy & extra for Gas fees. I personally use FTX but any broker will do. After you have purchased $ETH, you will need to withdraw $ETH to your MetaMask wallet.
Address: Found under Account name, copy and paste to ensure it is 100% correct, sending to a wrong address would mean losing your $ETH
Set up an Opensea Account
The third step is to open an Opensea account, Opensea is the largest secondary market for NFTs on the ETH blockchain.
1) Go to Opensea.io
2) On the top right-hand corner, click on the rightmost wallet logo
3) The first Metamask popup will ask you to pick an account to connect, and the second will be a signature request to connect.
4)You are now able to buy NFTs sold on the secondary market!
I hope this short guide/article has been helpful for those looking to pick up their first-ever NFT from secondary markets. I will be coming up with articles mainly focused on NFTs on the Ethereum Blockchain, future topics include minting NFTs during public sales, gas wars, and how to do research if a project will do well! For those who may be interested in my relation to NFTs, I have been trading/flipping/investing in NFTs since the start of September and have been pouring many of my waking hours into this space and I am very excited to share what I have learnt with everyone! Stay Tuned!