Do you want to enter the NFT game but you don’t which NFT to buy or how to buy it? Are you overwhelmed by the excessive number of NFT projects that are emerging?
Well then, you are in the right place! Allow me to guide you through the process of buying your first NFT.
Follow these four simple steps to buy your first NFT:
- Choose your blockchain and the appropriate cyrptocurrency (common NFT blockchains include Ethereum, Polygon, Tezos, and Wax)
- Get a web3 wallet such as Metamask or Rainbow Wallet
- Choose an NFT marketplace (popular choices are Opensea, Foundation, and Coinbase NFT)
- Find the right NFT to buy according to you and your goals
1. Choose your blockchain
The first thing you should figure out before buying your first NFT is choosing what blockchain you want to buy your NFTs from. Deciding which blockchain you want to buy NFTs from first will help you determine what web3 wallet will be most appropriate for you and your goals.
Ethereum is the most popular blockchain used for buying, selling, and creating NFTs. However, some people may prefer using a different blockchain for a number of reasons. Some reasons you may want to use a blockchain other than Ethereum would be for lower gas fees, quicker transaction times, and ease of use.
Blockchains such as Polygon and Wax offer users a cheap and efficient way to transact on the blockchain, however, they are not the preferred blockchain for purchasing quality NFTs. After selecting your preferred blockchain, you will know which wallet you need to get crypto and buy your first NFT.
2. Set up your web3 wallet
Setting up a web3 wallet is as easy as downloading an App such as Metamask, and then creating an account. Your web3 wallet serves as your key to exploring the decentralized web. Two of the most popular NFT wallets include Metamask and Rainbow Wallet.
The reason you need a web3 wallet is so you have a place to store your crypto and NFTs. Furthermore, your wallet includes your blockchain address which is forever stored on the blockchain, and lists all of your transactions. Personally, I use Metamask, but you can use other wallets like Rainbow Wallet, Coinbase Wallet, Bitski, Formatic, etc.
Setting up your own Metamask wallet is easy, just follow this step-by-step guide on How to Set Up Your MetaMask Wallet. It can be done in five minutes or less. Once your web3 wallet is set up, the next thing you will need to do is exchange some money for crypto.
Metamask offers this feature directly through the wallet or you can use a crypto exchange such as Coinbase or Gemini. Once you have some crypto in your wallet, you are just about ready to buy your first NFT.
3. Pick your NFT marketplace
Next, you will need to decide on an NFT marketplace that you will buy your NFT from. There are several NFT marketplaces to choose from, and some remain more popular than others for numerous reasons. The top NFT marketplace to buy NFTs from is Opensea. However, it really depends on the type of NFT you wish to buy. Opensea is the supercenter for different NFTs ranging from art, music, trading cards, virtual worlds, and more.
For example, if you are looking specifically for the top NFT marketplaces to buy NFT art, then you may want to explore Foundation or any of the other art-focused marketplaces.
If you want to explore all of the best NFT marketplaces for buying NFTs, that’s okay too. Ultimately, once you find a marketplace you like you will be ready to buy your first NFT.
4. Find the right NFT for you
Lastly, and surely the most important step to buying your first NFT is finding the right NFT for you, your interests, and any goals you want to achieve from purchasing an NFT. When looking to buy the right NFT for yourself, you should first ask yourself what do you wish to gain from the purchase of the NFT, and do you believe that specific NFT will succeed in helping you reach your goals?
If you can answer these questions first and honestly, then you can better find an NFT you’ll actually enjoy. Also, you won’t cry if the monetary value falls to zero, which is very possible. Here are some more tips for finding the right NFT to buy for yourself.
Do your own research
Now that you have found potential NFTs you want to buy, it’s time to put in the work and do your own in-depth research. You should try to commit to at least 20 to 40 plus hours of research before spending your money on an NFT.
I usually start my research by visiting the NFT brand’s official website. There I like to check the project details, the quality, the type of utility the NFT will have, launch dates, pre-sales, and the creators behind the brand. Next, I check the roadmap. The roadmap is a general idea of where a brand wants to take its NFT project. A successful NFT brand usually has a well-defined and long-term roadmap with transparent and attainable goals.
Keep in mind, a roadmap is only an idea and is not guaranteed. The execution of a roadmap is what actually matters. Without proper execution, a roadmap simply remains an idea.
Moreover, most dedicated projects will have a well-balanced team with complementary roles. You can usually find out more about a team on the brand’s website. Additionally, if creators are transparent with their intentions they will link to their social accounts and Discord server.
The right projects won’t just come to you, you have to find them. I personally use Twitter and Discord as well to research new NFT projects and projects that have already been launched. This will help you learn more about the humans behind the project and their commitment to the brand.
Twitter is the place to be
At the moment Twitter is the best social media platform to discuss and discover anything web3 related, and they are adapting their product roadmap accordingly. Twitter is all in when it comes to NFTs and it is the platform for discovering new NFT projects and attracting potential consumers.
Twitter is the house of all truths in the web3 space. You can discover a lot about an NFT brand through its interactions on Twitter, the quality and consistency of its Tweets, and whether or not they give off a good vibe.
Join a popular community platform like Discord
Many NFT projects and web3 brands are leveraging the social communication platform, Discord to help promote their projects and make announcements, but more so to provide services such as purchasing instructions, project technicalities, and fostering a community.
In my case, joining a great community like ONE37pm will provide you with value and spark your curiosity. If you find a brand that you believe is helpful to you, it’s a good idea to follow them on all the platforms they are on. Find the right group of people and you will likely have great discussions on a variety of topics.
Discord is a crucial part of researching your NFT. There you can judge the perspective of the community, which are the people that are considering buying the same NFT as you. Ensure the Discord community has an overall optimistic outlook on the brand. Also, dedicated projects will have team members active in the chat, ready to assist wherever they can. This shows that the brand encourages good customer service.
Additional tips to consider when buying your first NFT
- Buy what you like. Your NFT collection reflects who you are as a person, so make sure you are buying something you truly like
- Don’t let FOMO cloud your judgement. When you choose to live with FOMO, your actions may lead to making bad decisions, cause anxiety and even depression
- If you are buying an NFT as an investment, only spend money you can afford to lose. There are no guarantees that a brand will be successful in fulfilling your investment goals
- Do not rush into things, do your own research. Avoid taking someone else’s word regardless of who is telling you it’s a good NFT. Make your own observations and decisions, it’s your money after all
There is a ton of supply when it comes to NFTs, and the supply will continue to increase. That’s why it’s so important to understand the questions and reasoning involved in buying your own NFT. Knowing what you want and making an intuitive decision that you will get what you desire from your NFT purchase is up to you.
I hope this article has given you the tools needed to help you buy your first NFT. Web3 is a fun space to explore, and the opportunity is abundant. Have fun buying your first NFT!