More

    How To Buy an Ethereum NFT?

    Non-fungible tokens, or NFTs, are blockchain-based tokens that establish ownership of digital assets like photos, video files, or (less typically) real assets. NFTs have exploded into the mainstream in 2021, with big brands and celebrities creating and buying NFTs, as well as increased trading volumes.

    Many of the popular NFT projects, such as Bored Ape Yacht Club, CryptoPunks, and Pudgy Penguins, are Ethereum-based ERC-721 tokens. OpenSea, an Ethereum-based NFT marketplace, dominates the NFT trade: in September 2021, OpenSea accounted for 97.8% of all Ethereum-based NFT activity.

    Buy Ethereum

    NFTs, or non-fungible tokens, are blockchain-based tokens that establish ownership of digital assets such as pictures, video files, or (less commonly) actual assets. In 2021, NFTs became widespread, with prominent businesses and celebrities building and purchasing NFTs, as well as rising trade volumes.

    Many prominent NFT initiatives, including as the Bored Ape Yacht Club, CryptoPunks, and Pudgy Penguins, use the Ethereum-based ERC-721 token standard. The NFT trade is dominated by OpenSea, an Ethereum-based NFT marketplace: in September 2021, OpenSea accounted for 97.8% of all Ethereum-based NFT activity.

    Get a crypto wallet

    There are a plethora of Ethereum wallets available. MetaMask, on the other hand, is by far the most popular (which, like an editorially independent Decrypt, is funded by Ethereum incubator ConsenSys).

    MetaMask is a browser extension that works best with Chrome and Brave. It allows you to store Ethereum and Ethereum-based tokens after it is installed.

    It may appear difficult to set up a cryptocurrency wallet, but it is usually simple and painless. Download and install MetaMask from their website, and then click the small fox emblem when it displays in your browser. It will guide you through a series of simple steps. The most crucial thing you’ll do is create a password.

    Send Ethereum to your wallet

    If you could buy an NFT immediately with Ethereum on your exchange account, you wouldn’t need to go through this procedure. However, because NFT trade is similar to going to a farmer’s market that doesn’t accept cards, you’ll want to keep cash in your wallet.

    On MetaMask, you can also buy Ethereum directly, which we won’t go over here. Fees for this option are higher than other exchanges. Thankfully, transmitting Ethereum to MetaMask is simple enough!

    Go to the “send” or “withdraw” page on your exchange to transfer funds to a crypto wallet. It will prompt you to enter the amount you wish to transfer as well as a blockchain address, so copy your Ethereum public address from your MetaMask (starts with 0x). Think of your Ethereum address (or “addy” in crypto slang) as a blockchain-based bank account number, sort of.

    Sync your wallet with OpenSea

    NFTs are traded on NFT exchanges, the most prominent of which is OpenSea, which is based on Ethereum.

    It takes just a few clicks to join OpenSea. The wallet icon can be found in the upper-right area of the OpenSea website. When you click it, you’ll see a big list of crypto wallets that are supported. If you’ve already downloaded MetaMask, go ahead and select it. Choose the proper wallet from the list if you’ve chosen an alternative; many wallets support the WalletConnect protocol for connecting to websites.

    Buy an NFT on OpenSea

    The cryptocurrency industry isn’t known for having user-friendly platforms and applications. OpenSea, on the other hand, is an exception: the site is mainly intuitive and feels like any other e-commerce platform. However, its customer service is practically non-existent, albeit you’re unlikely to require much assistance.

    After you’ve decided which NFT to purchase, you’ll have three choices on OpenSea: buy now, make an offer, or place a bid.

    NFTs can be advertised by their owners at a predetermined price (the “current price”), which is usually denominated in Ethereum. By paying the asking fee, you can purchase that NFT. To do so, go to “purchase now” and follow the on-screen instructions. Before you go any further, make sure you have enough Ethereum on MetaMask.

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    You might also like...