You’ve done your research and want to make your first purchase - but how DO you buy an NFT?

Pick a Project

Before anything else, decide on what you want to buy and do your own research. Remember that the value of an NFT doesn’t solely depend on the image, video, GIF, etc. itself - it’s also based on demand from the market (see our previous article, “What is an NFT?”) For walkthrough purposes, we’ve chosen the Neo Hunter #2974 NFT as an example.

Choose a Platform

Great - after researching, you’ve made an informed decision to buy Neo Hunter #2974. The next step is to choose an NFT platform. There are several - some of the most popular ones are OpenSea, Magic Eden, Axie Marketplace, and NBA Top Shot Marketplace. As you did with your NFT, do your research. Below are some factors to consider.

Different platforms support different types of NFTs which can range from images to video games in the metaverse, such as the classic Bored Ape Yacht Club NFT to Axie Infinity, a Pokemon-esque pet collection game.

You have to find the right platform to support the right NFT. Additionally, make sure that the cryptocurrency in your wallet (which we will set up in the next step) matches the cryptocurrency used on the platform of your choosing. Finally, consider platform security. Almost all are online, but some are more susceptible than others. Take note of what users are saying about their experience.

To buy Neo Hunter #2974, we’ve chosen to use OpenSea (the most popular platform.) Once you’re on the website, use the search bar at the top to type in the name and click on the NFT.

To the side, you can view more information about the NFT including who it is owned by, its price history, and other details. It’s recommended you skim through it to get a better sense of your NFT’s value.

Beware of Fakes

Unfortunately, there are a lot of fake NFT listings out there. Pay attention to some key indicators. First, all official NFT and NFT collections should be verified on platforms like OpenSea. Look for a blue checkmark.

Second, make sure the NFT project’s official website, Twitter and other social media all refer to the link you’re visiting. If it’s not there, chances are you’ve stumbled across a fake. Finally, compare the price listed to the floor prices of the NFT collection you’re looking at. If it feels too good to be true, it potentially is. Taking these three steps can go a long way.

Create a Crypto-Wallet

You’ve found an NFT and a platform - all you need now is a crypto-wallet! Again, look at the most widely used options such as MetaMask (which manages ethereum), Coinbase Wallet (supporting bitcoin, ethereum, and litecoin) and Zengo (which uses several), to name a few. Each crypto-wallet offers different features and benefits. Similar to the thought process you’d go through when choosing a type of credit card, again choose a wallet based on your needs.

For our example, we’re using MetaMask. Once you download the extension, click the small fox icon on the top right. From there, click “Create A Wallet”, where Metamask will give you a unique “Secret Recovery Phrase,” or a sequence of words associated with your crypto-wallet. Make sure to take a photo of the phrase or, even better, write it in a notebook. If you forget your password, this is the only way to recover your wallet.

After setting up your wallet, you will see a sequence of numbers and letters, along with a QR code at the top. This sequence will be shared for your incoming and outgoing transactions. With everything in order, you can load your wallet with cryptocurrency by clicking “Buy.” Metamask will give a number of third-party services for your transaction. Choose one, enter your card information and you’re all set.

Purchase

You’re finally ready to purchase your first NFT! You should have your chosen NFT pulled up on an NFT platform. All you have to do is click “Buy Now” or “Make an Offer,” load up enough cryptocurrency necessary for your purchase and check out.

I’ve Bought an NFT - Now What?

Congratulations! You now own your first NFT. Whether you decide to grow your NFT collection or sell them for profit, it’s important to continue to do your research. Follow along with people’s discussions and updates in the NFT community. Overall, have fun exploring this new and exciting area - this marks only the beginning of your NFT and Web3 journey.

Now go check out Shil.me to interactively display and share your new purchase! Shil.me is a lightweight, customizable, link-in-bio solution for displaying your NFTs. Visit shil.me to share your NFTs with the world, and join the great shilling!

This is not financial advice.