Follow 5 general steps to buy your first NFT on the Ethereum blockchain.
We explain how to buy an NFT on Ethereum using the most popular software wallet MetaMask. Depending on crypto wallet and NFT marketplace some aspects may vary, but the process is similar on other blockchains and with other crypto wallets.
A hardware wallet is much more secure compared to a software wallet. With a software wallet, you risk losing your assets if you click on a malicious link, while with a hardware wallet you always need to physically verify transactions with the hardware device. We strongly recommend that you purchase a hardware wallet if you plan on buying NFTs or cryptocurrencies you don't want to risk losing.
However, in the rest of this guide, we'll walk you through how to buy an NFT with the MetaMask software wallet to get you off to the fastest possible start. You later have the opportunity to connect MetaMask with a hardware wallet.
A couple NFT marketplaces offer trading using traditional payment methods (which often means higher fees) but the majority mainly provide trading of NFTs using cryptocurrency where Ether (ETH) is the leading cryptocurrency for NFT transactions.
To buy ETH you need to create an account on a crypto exchange such as Coinbase, Gemini, Binance or Kraken where you later can buy cryptocurrency with a bank account or card. Normally, the fees are lower when buying via a bank account. To buy cryptocurrency, you first need to link your bank account to your newly created account on the crypto exchange. Then, once you have transferred funds from your bank account to your account on the crypto exchange, you can buy ETH.
Click 'Install MetaMask for Chrome'. You will then be directed to Chrome's webshop
Click 'Add to Chrome'
In the pop-up window, click 'Add extension'
When setting up your MetaMask wallet it is extremely important that your seed phrase (recovery phrase) never is save digitally or shared with anyone as it gives access to all the NFTs and cryptocurrencies your wallet gives you access to. Save your seed phrase physically in several secure locations.
Sign in to your account on Coinbase, Gemini, Binance or Kraken and transfer the previously bought ETH, to your MetaMask wallet. Always double check that the wallet address you transfer to matches your wallet address. Never enter the wallet address manually, copy and paste instead.
Identify which marketplace you want to trade on and which NFT you want to buy. With MetaMask, you can easily connect to all NFT marketplaces on Ethereum. Always make sure you connect your wallet to the official website of the NFT marketplace.
When you have found an NFT you want to buy, there are usually two options on NFT marketplaces: 1) If an NFT is for sale, you can buy it at the specified price; 2) If an NFT is not for sale, you can place a bid which the owner then can evaluate.
When you decide to buy an NFT, you will be asked to sign a transaction, which confirms that you are interacting with a smart contract that manages the NFT purchase.
Always prioritize safety
When it comes to signing transactions, you should be extremely careful as this is an attack vector for malicious actors. Always double check the origin of the transaction and never sign a transaction until you are sure of what the transaction involves.
Congratulations, you have now purchased an NFT
When signing the transaction, your ETH balance will be reduced while you, via your wallet, is given access to the NFT. Then you are the new owner and can display your NFT in the way you want, or resell it on an NFT marketplace.
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