1/ How (and why) to buy your first NFT—even if you’re skeptical. 🧵
2/ Buying NFTs is easier and less risky than it seems. I’ll walk you through with clarity.
3/ It’s OK to be skeptical. Look at it like this.
Potential downside: you “waste” a small amount of money
Potential upside: you make a life-changing amount of money
What’s guaranteed: NFT ownership, community access, and learning about this incredibly promising technology.
Potential downside: you “waste” a small amount of money
Potential upside: you make a life-changing amount of money
What’s guaranteed: NFT ownership, community access, and learning about this incredibly promising technology.
4/ Let’s go.
Most NFTs are bought and sold on the Ethereum network. That means you need to buy ETH.
The simplest way IMO is via the @coinbase app.
-Download and set up your account
-Tap the exchange button
-Select ETH
-Buy a small amount—this is a test run
Most NFTs are bought and sold on the Ethereum network. That means you need to buy ETH.
The simplest way IMO is via the @coinbase app.
-Download and set up your account
-Tap the exchange button
-Select ETH
-Buy a small amount—this is a test run
5/ You can’t store NFTs on Coinbase. Time to install a digital wallet app that we can transfer your ETH to. I use @rainbowdotme.
During setup, you’ll get a “seed phrase.” This is an additional password for added security. Write it down, store it somewhere safe.
Never share it.
During setup, you’ll get a “seed phrase.” This is an additional password for added security. Write it down, store it somewhere safe.
Never share it.
6/ In Rainbow, click “copy address.” This is like a bank account number. We’re going to bring it into Coinbase and make the transfer.
In Coinbase:
-Tap the exchange button
-Tap “Send”
-Select ETH and enter amount
-Paste your wallet address and send
In Coinbase:
-Tap the exchange button
-Tap “Send”
-Select ETH and enter amount
-Paste your wallet address and send
7/ Wait patiently for funds to arrive in your Rainbow wallet. You’ll see a confirmation. Not so hard!
Now comes the fun part: it’s time to go shopping.
Now comes the fun part: it’s time to go shopping.
8/ We’re going to get an overview of the markets by viewing @opensea rankings at opensea.io
Key metrics to look for:
Volume—how much ETH is flowing in and out of the collection
24h% + 7d%—tell whether the project is accelerating or decelerating
Key metrics to look for:
Volume—how much ETH is flowing in and out of the collection
24h% + 7d%—tell whether the project is accelerating or decelerating
9/ Browse until you find a project you like with a “floor price” you can afford.
The floor price is the minimum cost you will pay to buy your NFT. Also a key metric for the collection’s value.
The floor price is the minimum cost you will pay to buy your NFT. Also a key metric for the collection’s value.
10/ Now, let’s verify that this is project has potential. No buy is a sure bet, but we can do some diligence.
11/ Visit the project’s Twitter and Discord accounts.
An engaged community indicates the project will have enthusiastic support. It also means project leaders will be able to source ideas from within the community.
The success of NFT projects relies on community engagement.
An engaged community indicates the project will have enthusiastic support. It also means project leaders will be able to source ideas from within the community.
The success of NFT projects relies on community engagement.
12/ Read the project’s roadmap.
Some NFTs grant access to events, community chat channels, mercy, freebie NFTs, and more.
If the plans are promising and the team executes, the price of the NFT could rocket.
If future plans are lacking, the collection could fizzle.
Some NFTs grant access to events, community chat channels, mercy, freebie NFTs, and more.
If the plans are promising and the team executes, the price of the NFT could rocket.
If future plans are lacking, the collection could fizzle.
13/ OK. We’ve verified the project has some legs. Let’s check individual listings (that we can afford!) and their rarity.
14/ On the collection page, click “Filter,” then “Buy Now.” This view shows what’s available immediately, rather than what’s available for bids.
Now, select an NFT. On its listing page, you can view a history of transactions.
More transactions help to validate the NFT’s value.
Now, select an NFT. On its listing page, you can view a history of transactions.
More transactions help to validate the NFT’s value.
15/ Click “Properties.” This tells you whether the NFTs traits are common to the collection, or rare. Usually, rares have higher price tags.
This part is fun. Find one that one resonates. Bonus points if it’s uncommon.
Happy hunting!
This part is fun. Find one that one resonates. Bonus points if it’s uncommon.
Happy hunting!
16/ All right, you found “the one”—time to buy this thing!
-Click “Buy Now”
-Tap “Wallet Connect”
-Tap Rainbow
Open Rainbow and authorize the wallet connection.
You’re signed in.
-Click “Buy Now”
-Tap “Wallet Connect”
-Tap Rainbow
Open Rainbow and authorize the wallet connection.
You’re signed in.
17/ Click buy! This takes you back to a Rainbow purchase screen.
See the “gas fee”? This is how much you’re paying the Ethereum network to process the sale. If it’s high due to network congestion, you can always wait for it to come down later.
Hit confirm!
See the “gas fee”? This is how much you’re paying the Ethereum network to process the sale. If it’s high due to network congestion, you can always wait for it to come down later.
Hit confirm!
18/ Now, just wait for the blockchain to execute the transaction. It could take a few minutes.
If everything processed correctly, the NFT will show up in your wallet!
🥳🥳🥳
If everything processed correctly, the NFT will show up in your wallet!
🥳🥳🥳
19/ Congrats, you own an NFT! Now, you’re prepared to learn more about bidding, selling, and tools the pros use. Thread for another day. :)
If you’re serious about this whole NFT thing, by the way—buy a Ledger wallet. This piece of hardware will massively upgrade your security.
If you’re serious about this whole NFT thing, by the way—buy a Ledger wallet. This piece of hardware will massively upgrade your security.
20/ One last tip on buying NFTs: buy mints.
What’s a mint? That’s when an NFT is created.
Here’s what it’s like. 👇
What’s a mint? That’s when an NFT is created.
Here’s what it’s like. 👇
21/ A project announces they’re launching 10k mints at 5pm.
You refresh their site until you see the option to connect your wallet and authorize a mint.
Once processed, the NFT will be sent to your wallet.
You refresh their site until you see the option to connect your wallet and authorize a mint.
Once processed, the NFT will be sent to your wallet.
22/ Heads up:
For most projects, you can’t see what traits the NFT you’re minting will have. With luck, you’ll get a rare.
For most projects, you can’t see what traits the NFT you’re minting will have. With luck, you’ll get a rare.
23/ Mints are appealing because you could be getting in for a fraction of what the eventual price will be.
The Bored Ape mint? Only .08 ETH—just $250 USD!
The Bored Ape mint? Only .08 ETH—just $250 USD!
24/ So how do you find out about upcoming mints? Discord and Twitter.
Most project Discords have #NFT channels where the community discusses emerging projects. Keep your eyes peeled and you might get a heads up on minting the next Bored Ape.
Most project Discords have #NFT channels where the community discusses emerging projects. Keep your eyes peeled and you might get a heads up on minting the next Bored Ape.
25/ Thanks for reading. I hope many of you buy your first NFT thanks to this guide. Share your favorites in the comments!
Disclaimer: This thread is not investment advice. Do not FOMO into NFTs you can’t afford to lose.
As you get started, buy to learn, not to earn. :)
Disclaimer: This thread is not investment advice. Do not FOMO into NFTs you can’t afford to lose.
As you get started, buy to learn, not to earn. :)
If you loved this thread, follow me for more @chriscantino and join our NFT Discord channel! discord.gg
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