Beginners Guide to NFTs - How to Buy Your First NFT on Ethereum Step by Step (5 Steps) Using Metamask Wallet
How to Buy your First NFT on the Ethereum Network Step by Step:
1. Buy Ethereum
2. Transfer Ethereum to a Crypto Wallet
3. Purchase on an NFT marketplace
4. Don't get Scammed or Hacked
5. Done
1. How to Buy Ethereum
Start buy purchases Ethereum on a reputable and safe crypto exchange.
Some safe exchanges and available in most ports of the world include:
A. Coinbase
B. Binance
C. Crypto.com
D. Gemini
E. FTX
(Note: You can purchase a whole coin or even a partial amount of one Ethereum.)
2. How to Transfer Ethereum from an Exchange to Your own Private Wallet
The most popular and widely used Ethereum Wallet is Metamask. You can download the browser extension for Chrome or Brave. See here how to download and set Metamask for the first time. You will need to write down your seed phrase and store it somewhere safe. Then copy the public address of your Ethereum Wallet. On Metamask, you can simply hit copy under "Account 1".
The address will begin with "0xABC123 etc etc etc". This is your public address. It is similar to your home address. Providing this number will allow other users to view your account, but they will not be able to access your account. Only the private keys (seed phrase) will allow other users to access your funds. NEVER NEVER NEVER SHARE YOUR SEED PHRASE WITH ANYONE. Even if this person claims to be your mother! Anyone who has your seed phrase has full access to your account and can wipe your account to ZERO.
Next, login to your exchange account (ie: Coinbase). From the exchange account, transfer or withdraw the Ethereum to be sent to your Metamask wallet. With your Public address, paste this sequence of numbers and letters into your send address. Depending on which exchange you use, there may be a transfer fee associated with the transfer. The transfer may take a few minutes to go through, but once it's been completed, you can verify the Ethereum funds will show up in Metamask.
Metamask Wallet
3. How to Purchase an NFT on a Secondary Marketplace
Next you can now open from your browser any reputable NFT secondary marketplace. The most popular marketplaces are:
1. Opensea
2. MagicEden
3. Looksrare
4. Coinbase NFT
There are others, but the liquidity and selection may not be as big.
There are many tools on the market on how to snipe deals. When you find an NFT or collection that you like, you can now connect your Metamask wallet to the website to check out using your Ethereum.
Once the transaction goes through, the funds will be deducted from your wallet. Then the NFT will be transferred to your wallet. If you are using marketplaces such as Opensea.io, the NFT will also show up in your collection (purchases). Now you are the proud owner of your very first NFT. It is unique and identifiable. Nobody else in the world can own that NFT.
4. Don't Get Scammed or Hacked when purchasing your First NFT
There have been plenty of stories of people losing hundreds of thousands of dollars worth of NFTs. Be very vigilant. Do not click on links you do not recognize. If a deal seem too good to be true, then it's probably is. Reach out to trustworthy discord groups or twitter accounts to ask for help. Do not rush in to buying anything. Never trust anyone sending you a DM (direct message). Nobody is trying to reach you. So assume any DM you receive is a scam.
5. Done. Congratulations!
You now hold a piece of history. Enjoy!