Buying An NFT For The First Time

Go to the sales platform where the artwork is being sold. Some, like Nifty Gateway, give you the choice of paying with a credit or debit card. Others won’t. In that case, you will be given the option to open a crypto wallet when you press ‘buy’.

For Ethereum that is likely to be MetaMask where you can exchange ordinary money into Ethereum.

Note: you can also acquire cryptocurrencies from exchanges and brokerages such as Coinbase or Gemini, but the exchange mechanism just mentioned is how most first time buyers do it.

Be aware there is a commission charged on exchange same as when you swap Euros for pounds, etc. Once you have exchanged the money, you can open an account with the platform you have choose and make your purchase.

Be aware that, depending on the regulations, it can take a few days for your account to be verified, so don’t wait until the day of the sale to set it up. Then you just transact as you would on Amazon, and a copy of the NFT gets sent to your wallet.

The original sits in the Blockchain and no one can touch that unless you choose to sell it, then it gets transferred to the buyer. In the case of MetaMask, it can be set up as an extension on your desktop and mobile, where it also acts as a secure browser, generating passwords and keys so only you have access to your accounts.

When you create your MetaMask you will be given a 12 word sequence, called the ‘seed phrase’ which will allow you to backup or recover your wallet. Keep this phrase safe, either written down in separate secure locations or downloaded onto an encrypted hard drive.

NEVER share your seed phrase. You can cash out for ordinary money, but there will be a small commission charge for that, too.

Note: when you buy NFTs, be aware of gas fees.

Gas fees are service fares paid to the miner who is charged with executing the cryptographic computation to decode the issue enabling user verification and security of a block to be put onto the blockchain immutably. Gas fees are paid through smart contracts. And the amount varies with time, demand, and congestion on the blockchain network. These cover the cost to mine the NFT on the blockchain. These fees are based on supply and demand and change by the second.

The fee levels depend on which currency you are using.

Most important of all when you are buying ‘Sloth Roob’ check and double check that the URL is https://digitalwebcreation.com. If you see any variation of that, please report it using https://digitalwebcreation.com/#contact.