Purchasing your 1st NFT

I know to many of our readers this article may be a complete Chocolate Teapot as the majority of you will be experienced  Collectors, Artists or even Developers. Let us spare a thought for the people out there who have just managed to wrap their melons first around the new and wonderful world of Crypto Currencies.Then they have then gone on to lose all their gains by endlessly switching between all the different currency codes that Coinbase have to offer, and then sit back with the sense of a job well done and think what next? Well NFTZine will save your grey matter and tell you………… You go and buy yourself a NFT. What self respecting Multi Currency Wallet holder is happy with an empty “Collectibles” slot? It’s like having a plush new Gucci wallet full of cash but without a picture of your best gal or guy to stare at wantonly, while you appreciate your assets appreciating. 

In this piece we are going to run through the process of buying one’s first NFT using ETH with a MetaMask (https://metamask.io/) wallet linked to Rarible (https://app.rarible.com/). We know that many other fine crypto currencies, wallets and NFT marketplaces exist, but for now we are going to focus on the above. Please be rest assured that we will be covering other blockchains, wallets and NFT functions in later articles and editions.

  1. To open your MetaMask wallet. Go to https://metamask.io/. The extension works well with most browsers. I personally like to use it with Mozilla Firefox. Not only do I like to keep things consistent with the Fox theme but I have found it to work seamlessly not only with https://app.rarible.com/, but also with all the other ETH based vendors (https://opensea.io/ & https://superrare.co/). If you have managed to open yourself accounts on crypto exchanges (Coinbase/ Binance etc) this will be a sinch. One thing that we cannot drill into you too deep is RECORD COPY AND FILE YOUR SEED PHRASE in a safe place. Copy it to an email folder, write it down, print it out. Whatever you need to do to keep it safe, and at the same time retrievable do it. There is no password reset function. This is the same as many other wallets, in short, if you fail to record and retain your seed phrase and you lose your phone, tablet or laptop, and have been relying on the device to remember your password and you don’t YOU WILL LOSE EVERYTHING. Once your MetaMask wallet is open you will have to get some sweet sweet ETH in it. You can either buy some directly through MetaMask (using your debit card via their partnership with Wyse) or fund it with ETH from another wallet or exchange.

  2. Go to your chosen NFT vendor, for the purposes of this article we are using Rarible (https://rarible.com). You are able to browse all the listed and available goodies without connecting your wallet. We are going to assume that you have browsed your chosen artist on your chosen market place and are ready to take the plunge. So once you are and you have come to the conclusion that this is both a fantastic investment opportunity and a way to support your favorite Digital Artiste, your finger is finished hovering with pensive apprehension above the buy button you will be presented with the following screen https://app.rarible.com/connect. Simply click on the MetaMask icon and give the permissions as requested. This is no more than a few clicks and gives permission for the wallet to connect and therefore make payments to Rarible and ultimately the artist. At the time of writing this article, on a NFT worth 0.05 ETH the network fee (otherwise known as gas) was 0.001 ETH. For the mathematicians out there that is a total of 0.051 ETH for the entire transaction. If you don’t believe us please double check the figure on your calculator, we are pretty sure that it is correct. Once you have clicked “Buy”, are happy with the fees click “Proceed to Payment”. There will then be some digital whirring and clicking while the ETH Network and its Miners do their thing. Once these computations finalise (which takes a few minutes) the newly purchased NFT will appear under the “My Collectibles” tab on Rarible.

  3. Sit back and enjoy your shiny new piece of blockchain immortalised Intellectual Property. Show your friends, show your parents, show your Nan. You may have a headache by the time you’ve dealt with all the blank “I don’t understand” faces, but your first NFT purchase is something to shout about. Get on to social media and shout about it more. There are lots of NFT communities out there who will be interested to know that you are supporting the scene. Get involved in these community groups as there are plenty of free giveaways (Airdrops) . The NFT scene is worldwide, so pretty much any time day or night there will be goodies up for grabs for no more than a like, a share, maybe a tag or three and your public ETH Wallet address (please note that openly publicising your ETH address is not a security risk, it is useless without the exchange of private keys which is agreed in the mining process when transactions are initiated).

There really are Art based NFTs out there to suit all budgets. The above example found on Rarible came to a total of 0.051 ETH at time of writing this equated just North of $30. There have been some NFTs of late that have exchanged for eye watering amounts. I will include some links to the stories at the bottom of this article. But remember NFTs at a starter level are some fun, with the potential to appreciate massively. If you check out CryptoPunks (https://www.larvalabs.com/cryptopunks/forsale ), the NFT Pioneers you will see that a bit of fun has turned into a serious money making investment exercise with early editions being exchanged for serious money. We will be writing about the history of NFTs in more depth in future articles. The mantra for the NFT noob would probably buy what you like, or what makes you laugh. Get involved in the community as they are a fantastic bunch and last but not least, KEEP YOUR WALLET SEED PHRASE IN A SAFE, OBTAINABLE PLACE.

Happy collecting and have fun. A|s promised there are some article links below on some of the recent NFT sales that have been breaking the news recently.

https://news.bitcoin.com/non-fungible-digital-artwork-sale-shatters-records-picassos-bull-nft-sells-for-55k/

https://www.coindesk.com/nft-painting-of-buterin-in-harlequin-garb-sets-record-in-weekend-crypto-art-sale

https://www.prnewswire.com/news-releases/record-cryptoart-sale-matt-kanes-right-place–right-time-a-programmable-artwork-that-changes-with-bitcoin-price-volatility-sells-for-over-100k-on-async-art-301134356.html

https://decrypt.co/34364/nft-token-sales-hit-100-million-as-virtual-economy-booms

Written by : Benny Steele

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