A step-by-step approach to securing the virtual collectable of your wildest imagination
NFTs have been the most talked about topic in the cryptocurrency world in 2021, ranging from CryptoPunks to pet pebbles. It is not difficult to make your first purchase of a digital collectable; all you need is a little bit of direction.
To purchase an NFT, the process goes as follows:
To get started, you will need a cryptocurrency wallet that is compatible with Ethereum as well as some ETH. You can buy some Ethereum from an exchange such as Coinbase and then send it to your dapp wallet within the main Coinbase app or to your Crypto Wallet like Metamask.
In order to set up your wallet, all you need to do is follow the simple instructions provided. A wallet is a place where you can store some of your cryptocurrency, as well as a location where it can be sent or received, and it also serves as your portal to the expanding universe of cryptocurrency apps. (If you’d prefer looking at NFTs on a computer, you can also download Metamask extension for Google Chrome).
There are several non-traditional financial marketplaces, such as Rarible and OpenSea. For the purposes of this guide, we will be focusing on Coinbase NFT, which is a Web3 social marketplace for NFTs that operates in a manner that is very similar to that of a decentralised eBay. You will be requested (and given instructions) to link your wallet to Coinbase NFT after you navigate to nft.coinbase.com. After clicking on “Sign In,” you will be able to connect your wallet to Coinbase NFT.
Start looking around! The cost of an item can range from almost nothing to hundreds of thousands of dollars or more for something really uncommon. Some of the things are put up for bid in an online auction, while others can be purchased right away by clicking the “Buy now” option.
You will still be required to pay costs in order to complete the transaction, regardless of whether or not the NFT was free or inexpensive. The Ethereum blockchain is used for all of the digital collectibles that are sold on Coinbase NFT. This blockchain requires a “gas” fee to be paid in order to complete transactions such as NFT sales. The price of gasoline might go up or down depending on how crowded the roads are.
Pick an NFT that appeals to you, and ensure that you have sufficient ether on hand to cover any associated costs. After you have purchased it, you will be able to access the NFT through your cryptocurrency wallet until such time as you decide to sell it.
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