The Step By Step Guide To Buying Your First NFT
The NFT world has not only blown up over this past year, but is fast becoming of significant importance for established and emerging creatives and collectors alike.
At MetaFrames, we wanted to ensure that for those looking to purchase their first NFT, they would have an easy-to-follow guide that would direct them to not only the exact location of our first product launch; CineFrames – 100 Years Of Cinema in conjunction with War Child UK; but also on how to step into the world of crypto.
What Are NFTs?
Whether you learnt briefly about NFTs at the soft launch of our CineFrames product, based at Somerset House, or you have luckily stumbled upon us via a Google search, you’ve likely heard of Non-Fungible Tokens (NFTs).
A Non-Fungible Token or NFT is essentially data added to a digital file that creates a unique digital signature. The beauty of NFTs is that it allows ownership and provenance to be securely documented on the blockchain, which creates additional value within the assets.
Nearly every brand from top performing sport teams to catwalk designers have begun looking into the incorporation of NFTs into their portfolio, which is what brings us to explain our NFT pieces.
Now, unlike physical assets, purchasing NFTs means you have to go through a process to set yourself up with the right tools before venturing into the digital world.
If you’re ready, let us (with guidance) explain how you can purchase your very first NFT.
How To Set Up Your Crypto Wallet
To be clear, there are various ways to purchase your first NFT as it always depends on the asset you are looking to purchase – but seeing as you are here and potentially looking to buy a CineFrame, we are going to only focus on one blockchain – Ethereum.
To start, this may feel a little long and arduous, but once you have done it – you’ll never have to do it again – unless you are looking to purchase another asset which does not utilise ETH.
We want you to look at your digital wallet as you would your bank account – you will use your wallet as a way to safely and securely access, send and receive crypto funds, such as Ethereum, or assets – in this case NFTs.
Your crypto wallet is a secure platform which will hold your crypto assets. It is only accessible via a private key, without which you cannot access the funds or assets.
There are different types of wallets, from custodial to non-custodial, to hot and to cold – however, to simplify your purchasing experience, we would advise you to start with a Hot, Non-Custodial Wallet.
For the purposes of this guide, we’re going to break down the set up of a MetaMask Wallet.
However, if you would like to read more about the other various wallets available, click here.
Your MetaMask Wallet
MetaMask is a crypto wallet & gateway to blockchain apps, you will need to download a Chrome Extension for your MetaMask, but you can click here for it: DOWNLOAD.
Add your MetaMask to your Chrome Extension by clicking the top right of the screen ‘Add to Chrome’.
Once this is done, it’ll show you a blue button asking you to ‘Get Started’ – which means…click it.
Seeing as you are new to MetaMask, you will then be shown two options of importing your wallet or creating – in this case, it’s time to create.
Therefore click ‘Create a Wallet’.
Once you have done this, you will now be asked to input a password. Once completed, you will be sent to a new page which will show the below (a video to secure your wallet).
The video outlines that the user will be provided with a secret recovery phrase, which will become your ‘master key’ – you will need this master key if you ever forget your password and is a series of 12 words which will allow you to recover everything.
You MUST make sure you keep your secret recovery phrase secret, if someone gets hold of this phrase, they can take everything from your wallet easily.
Another important note is that if you forget your secret recovery phrase, not even MetaMask can help you recover your wallet OR funds – so keep it safe & keep it secret!
Once this has been done, you will get a screen saying ‘Congratulations’ & reminding you to store it safely. Click ‘All Done’ & let’s start buying some ETH.
How To Buy ETH [Ether]
Once your MetaMask wallet has been created and set up, you will need Ether (ETH) to buy your first NFT, or in this case, your first MetaFrames NFT!
Seeing as you are here, this means you are yet to have ETH – which means you will buying your ETH on MetaMask (or if you do have some ETH, you can transfer it from another wallet).
To buy ETH, you can use either your credit or debit card clicking the ‘Buy’ button underneath ‘0 ETH’.
You will then be shown two options: Wyre & Transak.
We recommend having a custodial wallet set up and transferring your ETH over from either Coinbase or Binance, however, to make life simpler for you here you can click onto Transak (lower fees than Wyre).
Once you click onto this, you will be taken to another page to buy a certain amount of ETH. It will look like below and you can enter the amount you would like to buy.
You have to take into consideration you will be paying slightly ‘more’ due to transaction fee and network fees.
By now, you should have the following:
- A MetaMask Wallet Set Up
- Your Secure Phrase hidden away and safe
- ETH in your wallet
- Eager eye ready to buy some NFTs
How To Set Up Your OpenSea Account
So you may be asking;
Why do I need to set up another account?
Well, the reason for this is because NFTs live on digital marketplaces, and this is where they are stored, displayed and of course exchanged.
So, let’s once again begin!
Firstly, click this link to take you to OpenSea: CLICK ME.
and then, you can go about it in 2 ways – either by clicking the button saying ‘Create’ & directly connecting your MetaMask wallet (this is if you’re creating an NFT, but it is also an easy way to create an account).
Or click the ‘Profile’ icon & then connect your MetaMask wallet once again.
Buying Your First NFT
Now you will have:
- Your MetaMask Wallet
- ETH in your account
- An OpenSea account at the ready
And now it’s time to put all that hard work to the fun stuff – buying your first NFT.
As you are on MetaFrames, we will of course guide you towards our NFTs on OpenSea, however, you can of course follow this method to find other NFT projects.
Firstly, you’re going to search for our NFT; CineFrames or click on the following link: CLICK ME FOR NFT.
From here, you will need to select the one you are interested in & start the bidding or place a bid on the relevant one.
See the images below.
To note, not all NFTs are auction based – some have the opportunity to buy them outright there and then, however in our case we will be utilising an auction as all proceeds raised will be donated directly to War Child.
However, the bidding process does mean that the ETH in your wallet will have to be exchanged into WETH.
Now, before you run for the hills due to another added element ETH and WETH are worth exactly the same amount and can be exchanged directly on your OpenSea profile. Therefore, the next steps are as outlined:
- Click the wallet icon on the top right corner of your OpenSea page.
- Click ‘Wrap’
- A smaller window will pop up asking how much ETH you’d like to convert to WETH, you then need to click onto ‘Convert Tokens’.
- You can convert all your tokens into WETH – as this will support in your bidding process.
- From here you will sign the transaction over and you now have WETH.
Once successful, WETH will appear in the wallet portion of your OpenSea account. You’ll be able to clearly see the difference between WETH and ETH, as WETH has a pink Ethereum diamond logo – however, if you would like a visual step by step for this, please click here for OpenSea’s guidance.
Now you have your WETH, follow the prompts and continue the bidding process until you’re a lucky owner of your own CineFrames NFT.
Additionally you will have to take into consideration any gas fees, which is a transaction fee per NFT purchase. This fee can vary based on the traffic on the Ethereum network.
Buying NFTs may feel a little different to your usual online shopping spree, however, with the progressive rate of these, this is something that many should consider long-term assets.
If you would like further information on MetaFrames or our CineFrames collection, please feel free to reach out to us directly.