How do I buy an NFT?
Here is how to buy an NFT on OpenSea.io.
So you want to buy an NFT and you have no idea what to do. It is unlike any purchase you have ever made before. There are so many ways to make a mistake and lose a lot of money.
The first thing you need to do is decide which NFT you want to buy. The most reputable seller of NFTs is OpenSea.io. At OpenSea you can purchase Bored Ape Yacht Club, Vee Friends, Meebits and a lot of the other most popular NFTs. OpenSea doesn't sell Crypto Punks. If you are looking to purchase a crypto punk, you need to do it at https://www.larvalabs.com/cryptopunks
So now that you have selected an NFT to purchase, you need some crypto to buy it. You also need it in a crypto wallet that will connect with OpenSea. The most popular wallet to use is MetaMask. It is a browser based wallet and pretty easy to use. It was the first wallet I used.
So you need to install Metamask on your computer. I suggest you use a PC to do all of this. Get it setup and now you have an Ethereum wallet but no money. You need Ethereum. You can buy it from a bunch of places in many different ways. The least expensive way is to purchase it with Coinbase Pro using a direct connection with your bank account.
It will take about 5-6 days before Coinbase let's you s3nd out the cypto you buy so keep in mind that this is a process and you won't have your shiny new NFT quite yet.
After a week, Coinbase will let you send your Ethereum to your Metamask wallet. Once you have Ether in you wallet, you can go to OpenSea.io and connnect to the platform. This is Web3 in action. Make sure you are on the real open sea. There are lots of fakes trying to steal your money.
If the NFT you want has a price, you can click buy and your wallet and OpenSea will walk you through the transaction. You will need more than the cost of the NFT. If your NFT costs 5 Eth, you should have 6 Eth in your wallet. You need Ethereum for transaction fees. There are transaction fees to purchase the NFT and to move it. If you run out of Ethereum, your NFT will be stuck in your wallet. You will need Ethereum to move it.
Now as an alternative to using Ethereum and Coinbase, you could also go the Binance route. There is a competing blockchain to Ethereum called Binance Smart Chain. There are NFTs on Smart Chain and many of them are way less expensive and the transaction fees are cents instead of hundreds of dollars. There are also NFTs on Avalanche and Cronos and pretty much every major blockchain but the most populare NFTs and the ones the celebrities are buying are all on Ethereum.