Follow the steps below to buy your first NFT.
Steps:
1. Buy Ethereum to purchase an NFT:
- Create an account in anyone cryptocurrency exchanges like Binance, Coinbase, Poloniex etc. Provide all the KYC particulars and deposit USD to the account you created.
- ETH will be cryptocurrency used to buy NFTs. This is because NFTs are minted on ERC-721 compliant contracts deployed to the Ethereum blockchain. This is the “gold standard” and the most widely supported format for digital collectibles.
- Buy ETH using the USD you deposited in the exchange account.
2. Setting up non custodial wallet (To purchase NFT and store it):
- Join Metamask, which will be your personal digital wallet where you can store all your NFTs.
- Transfer the ETH you purchased from the exchange to your Metamask wallet.
3. Purchase NFTs from the marketplace:
- There are various NFT market places available, such as,
- Signup to anyone of the above marketplaces and connect your metamask wallet to the respective marketplace account. Once you to marketplace account with the metamask wallet, you are free to buy/bid/sell the NFT in the open market.
Conclusion:
Congratulations! You now know how to buy an NFT. This is new to many of us, but many believe this technology will help shape the future across varying industries.