In this lesson, we’ll walk you through a few simple steps to get started with buying your first Ethereum NFT

You need Ethereum to enter the world of NFTs because it’s the native currency of the eponymous blockchain network, and the majority of NFTs are built on Ethereum.

Buy Ethereum

To get Ethereum, you’ll need to head to a cryptocurrency exchange, such as Coinbase or Binance.

Get a crypto wallet, like Metamask

There are many Ethereum wallets out there. But by far the most popular is MetaMask.

MetaMask is a browser plugin, and it works best with Google Chrome or Brave. Once it's installed, it lets you store Ethereum and Ethereum-based tokens.

Setting up a crypto wallet may sound daunting, but it’s often quick and seamless. Download and install MetaMask through their website, and once the little fox logo appears on your browser, click on it. It will take you through a few quick steps. Most importantly, you’ll create a password.

Separately, MetaMask will assign you a “Secret Recovery Phrase,” which you'll need to store somewhere safe, like on a piece of paper in a secure spot. It’s a twelve-word phrase that can be used to unlock a MetaMask wallet.

Now that you have Ethereum (step 1) and MetaMask (step 2), it’s time to fund your wallet with Ethereum.

Send Ethereum to your wallet

You wouldn’t need this step if you could buy an NFT directly with Ethereum on your exchange account. But the way NFT trade works is a bit like going to a farmer’s market that doesn't take cards, so you’ll want to carry cash in your wallet.

It’s also possible to buy Ethereum directly on MetaMask, which we don’t cover here. That option incurs higher fees than exchanges. Fortunately, sending Ethereum to MetaMask is straightforward enough!

Go to your exchange’s “send” or “withdraw” page that lets you move funds to a crypto wallet. It will ask you to enter the amount you want to send and a blockchain address, and so you will need to copy your Ethereum public address as displayed on your MetaMask (starts with 0x). Think of your Ethereum address (or “addy” in crypto slang) as your bank account number on the blockchain, sort of.

Go to your exchange’s “send” or “withdraw” page that lets you move funds to a crypto wallet. It will ask you to enter the amount you want to send and a blockchain address, and so you will need to copy your Ethereum public address as displayed on your MetaMask (starts with 0x). Think of your Ethereum address (or “addy” in crypto slang) as your bank account number on the blockchain, sort of.

Sync your wallet with OpenSea

NFTs are traded on NFT marketplaces, and OpenSea is by far the most popular when it comes to Ethereum-based NFTs.

NFTs are traded on NFT marketplaces, and OpenSea is by far the most popular when it comes to Ethereum-based NFTs.

Signing up for OpenSea takes a few clicks. At the top-right corner of the OpenSea website, you’ll see a wallet icon. Click on it, and it will show you a long list of supported crypto wallets. Choose MetaMask, if you’ve followed the earlier step and got yourself MetaMask. If you've opted for an alternative, select the appropriate wallet from the list; many wallets support the WalletConnect protocol for connecting to websites.

Buy an NFT on Opensea

Crypto industry isn’t known for user-friendly platforms and apps. But OpenSea is an exception: the site is mostly intuitive and feels like browsing any other e-commerce platform. But on the negative side, its customer service is nearly non-existent, though you’re unlikely to need much support.

After you decide on which NFT to buy, you will have three options on OpenSea: buy now, make offer, and place bid.

Buy now

NFTs may be listed by their owners at a fixed price (“current price”) often denominated in Ethereum. You can buy that NFT by paying the asking price. For that, you’ll need to click “buy now” and follow the steps. Make sure to have enough Ethereum on MetaMask before proceeding!

If you want to buy an NFT at a fixed price, you’ll need to pay transaction fees—known as “gas” in Ethereum—that are anything but fixed. The price frequently fluctuates, which can be confusing to newcomers.

You can check the state of gas here—an NFT transaction would incur gas similar to a ”ERC20 Transfer” so you can use that one as a rough estimate. MetaMask will suggest an amount depending on the network conditions at the time, so you don’t have to calculate it yourself.

Make offer

But perhaps you fancy haggling and think your counter-offer will be enticing. If so, you can make an offer and see whether the seller accepts it or not.

And if you make an offer on an NFT and the seller accepts your offer, then the seller pays the gas.

Place bid

Some sellers like a bit of competition for their NFTs so they’ll put them up for auction instead of selling them at a fixed price. Your only option is to place a bid at a price that you think is fair.

But your bid must be at least 5% higher than the previous bid. The highest bidder will win the auction, if it also meets the minimum bid requirement.

And finally, there are some NFT owners who don’t list their NFTs for sale—either at a fixed price or for auction. But that doesn’t mean you can’t try and lure them with an appealing offer. Those NFTs will only have a “make offer” option available. If you don't ask, you don't get.

If you’ve followed the steps so far and have made a purchase already, then congratulations on acquiring your first ever NFT! Click on your profile at the top-right corner, and you’ll see that your NFT purchases are listed there.

Cheat Sheet

Steps to take when buying an Ethereum NFT:

• Buy Ethereum on a cryptocurrency exchange like Coinbase or Kraken.
• Get a crypto wallet like Metamask.
• Send Ethereum from your cryptocurrency exchange to your wallet.
• Sync your wallet with an NFT marketplace like Opensea.
• Buy an NFT on that marketplace with Ethereum stored on your wallet.

Up Next

Now you know how to buy an NFT.  Next, we learn how to mint one!