How To Purchase Your First NFT
Step 1: Pick your piece and in turn which Marketplace
You will purchase your NFT on a marketplace. The most popular is OpenSea but there are many others like Rarible, SuperRare, Foundation, and SolSea. If you want to buy an NFT that is not on a marketplace then you will have to find the owner and negotiate a purchase off-market.
When you find an NFT you want to purchase on a marketplace, you will want to check the details and make sure it is exactly what you want. Read the description and any attached text. Look at the image or video. And finally, check the price. Prices for NFTs can range from a few dollars to hundreds of thousands so it is important to know.
Step 2: Preparing Your Wallet
Once you have your NFT selected, you will need to make sure you have a wallet set up. Metamask is the most popular and widely used, but there are other wallets like Rainbow or Coinbase Wallet. You will likely need to purchase your NFT with crypto – though many marketplaces are working on having an onramp for normal currencies like the US Dollar or Euro.
The NFT will list the floor price, meaning the minimum amount someone is willing to sell a piece in that collection for. Each piece will have a price listed as well. If you want to buy the NFT, you’ll need to have that much of the listed cryptocurrency in your wallet.
The final thing to remember in preparing your wallet for the purchase is there will usually be a small transaction fee associated with buying an NFT, this is called a gas fee. This is what goes to the miners who confirm your transaction and add it to the blockchain. Make sure you have enough in your wallet to cover this fee as well.
Step 3: Begin Your Purchase
Once you have found the NFT you want to purchase, go ahead and click on “Buy Now” or something similar. At this stage, you will be prompted to connect your wallet. The marketplace will list which wallets you can connect.
Step 4: Connect Your Wallet
Depending on the marketplace, you might get the option to connect your wallet before the purchase process (typically in the upper-righthand corned). But if not, there is the option during the purchase. Click on “Connect Wallet” and select Metamask, for example. A pop-up from Metamask will appear asking you to confirm the connection. Once you’ve confirmed, the “From” address on the NFT purchase page should populate with your Metamask wallet address.
Step 5: Immediate Purchase or Bidding
Some NFTs will be set up to buy immediately while others might be an auction. If this is the case, the next thing you’ll see is the “Bidding” page. Here, you’ll see the current highest bid, how much time is left in the auction, and a place to input your bid. Every NFT will have a different ending time, so make sure to check that before making your bid. If you are the current highest bidder when the clock runs out, you win the auction!
Step 6: You are officially an NFT Owner
The NFT will deposit directly into your wallet. It’s time to show off your new digital asset to all your friends. Maybe even change your Twitter profile picture, if you feel so inclined. Welcome to the world of NFTs!