How to Buy Your First NFT: A Step-by-Step Guide

Many people love the idea of owning a piece of digital art in the form of non-fungible tokens (NFTs) but aren’t quite sure how to go about getting ahold of them. 

If you’re new to NFTs, this guide is for you. Read on for a simple step-by-step guide that shows you how to buy your first NFT.

What Is an NFT?

NFT stands for non-fungible token, a unique digital file on the blockchain that cannot be replicated to produce infinite copies of it. The file can be digital art, audio, video, or any other form of content that is of sentimental or (even) financial value. 

Basically, an NFT is a unique digital creation on the Internet. Owning an NFT is like owning an original painting, but instead of hanging it on your wall, you have it in a digital wallet. 

Thanks to blockchain technology, NFTs are immutable and secure. In layman’s terms, they are really hard to fake or replicate.  

How to Buy an NFT, Step by Step

To buy an NFT, you’ll need a wallet, some crypto, and an NFT marketplace. For this step-by-step guide, we will use the Magic Eden marketplace, which offers one of the most intuitive user interfaces for browsing, buying, and selling NFTs.

Now, let’s get started! 

Get a Crypto Wallet

The first thing you need to do is to get yourself a crypto wallet. This is the place where you are going to keep your digital assets. 

The Magic Eden marketplace allows you to pick a wallet from a long list of options. For this guide, we are using the platform’s native Magic Eden Wallet, which is very easy to set up.

Just go to the Magic Eden website and click on ‘connect wallet.’ Then, follow the instructions that appear on the screen to install the wallet. 

The wallet is available as a mobile application and browser extension. The browser extension is more convenient for accessing the marketplace from your desktop. 

Fund Your Account

Once your wallet is set up, it’s time to add funds. 

NFTs are usually purchased using cryptocurrencies like SOL, ETH, or BTC. The cryptocurrency you need depends on which blockchain the NFT you want to buy resides on. For example, if it is on the Solana blockchain, then you’ll need Solana (SOL) tokens to buy the NFT. 

To load your wallet, you can send crypto from another wallet or buy it within the Magic Eden wallet using Moonpay (using your bank card). 

Connect your Wallet to an NFT Marketplace

Now that you have a funded wallet, you’re ready to connect it to Magic Eden.

Visit the Magic Eden marketplace. Click the Connect Wallet button in the top right corner, choose your wallet from the list, and approve the connection. 

Once connected, you will see your wallet balance displayed on the marketplace. 

Select the Blockchain

Make sure the NFT you want to buy is on a blockchain compatible with your wallet. For example, Magic Eden supports Solana, Ethereum, and Bitcoin.

Check the blockchain type on the NFT’s listing page and confirm you have enough funds in the corresponding cryptocurrency. 

Search Your NFT

Magic Eden has a wide range of NFT collections, and you can find what you are looking for by searching. 

Use filters like blockchain type to narrow down your searches.

Select the NFT to buy

Once you find it, click on the NFT to buy it. Before making the purchase, review the cost, including the network fees. 

For example, Bitcoin Puppets on the Bitcoin blockchain may show a breakdown of fees, as shown below. 

Complete the Purchase

Once everything looks good, click the ‘Buy Now’ button and approve the transaction in your wallet. Wait a few moments for the transaction to process. 

Your new NFT will appear in your wallet once the purchase is complete and the transaction has been confirmed on the blockchain. That may take a few minutes. 

How Do You Store Your New NFT?

After purchasing your NFT, it’s essential to store it securely. Your NFT will typically appear in your crypto wallet under the “NFTs” or “Collectibles” section.

For additional security, consider moving your NFT to a hardware wallet. And remember, it is very important to back up your wallet’s recovery phrase and private keys. 

Bottom Line

Buying your first NFT is straightforward and easy once you get the hang of things. Hopefully, this guide has given you the helping hand you needed to buy your first piece of crypto art or your first digital collectible.

Just remember, NFTs can lose all of their value so never spend more than you can afford to lose.