How To Buy Your First NFT: Step-By-Step

Here is a straight-forward step-by-step on how to buy an NFT:

Let’s start:

  1. Go to either Coinbase or Gemini and make an account (two exchanges I personally prefer using). Yes, they ask for your personal ID and SIN number but every legitimate exchange does. There’s nothing to fear and there’s no way around it. Once you sign up on the exchange and deposit money, buy some ethereum.
  2. Go to MetaMask and sign up for a wallet. Please make sure to write down your seed phrases on a piece of paper and don’t share them with anyone! Don’t take a picture of the words on your phone or store then on your laptop, or any device for that matter. If people ever get a hold of your words, you are fucked.
  3. Connect MetaMask to your browser. I use Chrome, but you can use most other browsers. To clarify, MetaMask is an extension to your browsers. It is not a stand alone application. MetaMask has clear instructions on how to connect to your browser.
  4. Now go to OpenSea or LooksRare, currently the two largest marketplaces and connect your MetaMask wallet to their website. There will be a “connect wallet” button at the top right of the OpenSea or LooksRare website.
  5. Transfer your ethereum to your MetaMask wallet. Login to the exchange where you purchased ethereum. Locate the withdrawal button on the exchange and follow the remaining instructions to withdraw your ethereum from the exchange to your MetaMask wallet. Remember to locate the correct “receiving” address for ethereum in MetaMask and copy that address in the exchange you are withdrawing from.
  6. Now you have ethereum in your MetaMask and are ready to buy an NFT. Go to OpenSea or LooksRare and search for the project you are interested in. Locate the specific NFT you’d like to purchase and click BUY. There will always be a “gas” fee associated with your purchase to ensure the transaction gets processed on the blockchain.
  7. Your NFT will be stored in your wallet and you will only be able to view your account when you are signed into your MetaMask and connected to the exchange.
  8. Also, remember to LOCK your MetaMask account when you are done. To do this, locate the circle at the top right of the MetaMask app and you will see the LOCK button at the top right of that smaller box.

That’s all there is to it. If you found this helpful, please like and share!

Thank you,

Wassim

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Investor. Passionate about financial education. Betting on the future of crypto and NFTs. Articles released every Thursday.

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Wassim Kanaan

Wassim Kanaan

Investor. Passionate about financial education. Betting on the future of crypto and NFTs. Articles released every Thursday.

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