What You Need To Get Started With NFTs
If you want to buy your first NFT, but don’t know quite how to go about it, here is a little guide:
There generally 4 things that you will need:
- A place to buy the NFT from
- A digital wallet / crypto wallet to hold your NFT once you’ve bought it
- Cryptocurrency to pay for it
- Making a decision on what to buy
The place where you buy NFTs from are either marketplaces or websites of NFT projects, if the minting is still live.
‘Minting’ means buying the NFT from the original project website and generating it on the blockchain.
Mint prices are the starting prices for an NFT, if you will. Once you’ve minted an NFT, you can sell it on a marketplace, sometimes also referred to as ‘the secondary market’.
Sometimes, when the project is very popular, it can ‘mint out’ in a matter of minutes and you can’t get one (think buying Glastonbury or Coachella tickets). In those cases, your only option is to buy it off secondary at likely higher prices.
Sometimes, when the project is still pretty stealth, it can take time to mint out. This doesn’t mean that these projects are bad or dead in the water. It could just mean that they prefer not to engage in the social media hype and gas wars that popular mints come with, but rather focus on building the right community organically, In other cases, however, it could indeed mean that they bad and dead in the water.
In a good case (i.e. the project is good but not hyped yet), you might find their NFT selling at below-mint prices on marketplaces because the original minter decided to sell for whatever reason.
As for your digital wallet, this is usually a Chrome extension that you can simply install.
is the most popular one and works with the Ethereum blockchain, while Phantom
is a popular wallet for Solana NFTs.
During the installation process, you will receive a seed phrase. This seed phrase is the key to your wallet and the #1 rule in web3 is: never ever share your seed phrase with anyone.
Do not save it on your laptop or your phone. Do not type it out anywhere.
Write it down on a piece of paper (ideally on multiple actually) and put it in a safe place in your home (or multiple places, if you want to have a back up in case you lose one or the dog eats it).
A lot of people have been scammed out of a lot of money because of this, so keep it safe!
So now, once you have your digital wallet, you will need to fund it with some cryptocurrency.
There are different ways to do that and the cheapest way is usually to transfer crypto from a crypto exchange like Coinbase
For that, you will need to create an account and go through the KYC process. Once that is done, you can transfer fiat currency (USD, GBP, Euros etc) to your crypto exchange account and swap it into whatever cryptocurrency you want. From there, you can withdraw that cryptocurrency to your digital wallet.
Make sure, however, that you are withdrawing the right currency to the right wallet. They have to use the same blockchain to be compatible. If you try to transfer Solana to your MetaMask Ethereum wallet, it will never arrive and you will lose your Solana.
If you are just starting out, my recommendation is to stick to Ethereum, MetaMask and OpenSea, and you’ll be okay.
Lastly, and maybe most importantly, you will have to make a decision what NFT to buy.
This is a BIG question that I will elaborate more on in a future post, but for now, I would say consider these questions:
- Do you like the art?
- Is it a more established project or a new project?
- If it’s a more established project, has the project gone through highs and lows or has the price remained relatively stable?
- Do you like the community on Discord and how the project / the founders communicate on Twitter?
- Is there a project roadmap that you feel excited about?
I hope this help in taking the first steps into the world of NFTs.
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