2021 was definitely the year of the NFT: the only digital asset accompanied by a blockchain-based certificate of ownership. Some people buy them as a collection, and some see them as an investment, with the prospect of reselling them in the future at a higher price for a profit. So, how to buy NFT? In this quick guide, we break down how to buy an NFT using eToro, MetaMask, and OpenSea in five easy steps.
1.Buy Ethereum on eToro
Most NFTs can be purchased with Ethereum, which you can easily buy on eToro.
If you don’t have an eToro account, register, verify your identity and deposit funds. With your verified and funded account, you can then browse Ethereum and choose how much you want to buy.
Once you buy Ethereum, you will need to transfer it to your eToro wallet. Do this by going to the Portfolio button on your eToro account, selecting Ethereum and pressing Transfer to Wallet.
Note: If you have your eyes on a specific NFT, be sure to buy enough Ethereum to leave room for maneuver for the cost of network fees. The price of transactions can rise and fall significantly depending on the levels of blockchain activity.
MetaMask is a crypto wallet that serves as a gateway to decentralized finance based on Ethereum (DeFi) and the NFT ecosystem. It is available both as a browser-based add-on for Firefox and Google Chrome, and as a mobile app for iOS and Android.
Whether you choose to use the mobile or desktop version, you will need to download the app from MetaMask.io, create a wallet, set a password, and save the recovery phrase.
Important: The secret recovery step is used to restore your MetaMask wallet if you forget your password. This phrase effectively represents ownership of everything in the wallet, so be sure to keep it in a safe place where it cannot be lost or stolen.
3.Send Ethereum to MetaMask
Now you are ready to send Ethereum to your new MetaMask wallet.
First, open the eToro wallet and hit Send under Ethereum.
Then open MetaMask, copy the address of your new wallet and paste it into the address field on eToro. From there, specify the amount of Ethereum and press Submit again.
Depending on how busy the Ethereum network is, you can expect your transaction to take anywhere from a few minutes to over an hour.
4.Connect to an NFT marketplace
When your Ethereum has arrived in MetaMask, go to an NFT platform. This guide covers the largest NFT platform of all: OpenSea.
First, go to the top right corner of the OpenSea homepage, press the wallet icon and choose MetaMask. You will be prompted to connect your wallet.
Once connected, you can start browsing! OpenSea is home to a vast ocean of avatars and collectible artwork, with prices ranging from a few cents to hundreds of thousands of dollars.
Connecting to other platforms
Most NFT platforms, including Rarible, have the same connection method as the OpenSea wallet. Others, such as SuperRare, require users to create a profile before connecting.
Once you’ve found an NFT that piques your interest, you’ll typically have two options: Buy Now and Bid. This gives you the option to buy the item at the listed price right away or to bid.
- Make an offer
Press the Bid button, check the details and enter your offer for the NFT. At this stage you will need to convert your ETH to WETH before confirming the transaction.
- Buy Now
Press the Buy Now button to review your purchase details, then go to Checkout and review your gas rates. Finally, click Confirm to become the proud new owner of the NFT.
How much does an NFT cost?
The price of an NFT varies due to numerous factors, especially the fame of the creator who proposes it and the collection to which it belongs. The investment required to take the first step in this fascinating world is really minimal: the equivalent of a few cents if it is a work unknown to most, while for an article in the Bored Ape Yacht Club series, it reaches hundreds of thousands of dollars.