How To Buy an NFT (No Fun Toad) - Peer Through Media

How To Buy an NFT (No Fun Toad)

Oct 9, 2021 | Crypto, Defi, NFT | 0 comments

This guide will teach you exactly how to go from “normal” fiat money to buying your first NFT, No Fun Toad , on the Ethereum blockchain. If you already have ETH in your Metamask and know how to mint an NFT you can do so here: www.nofuntoads.com

If not, continue reading and you’ll be a pro in no time!

How To Buy an NFT

Step 1: Buy ETH on Coinbase

Get ETH on coinbase to buy an NFT

You first need to convert some USD, into a cryptocurrency called Ethereum. The most common way to do that is using Coinbase.

Coinbase is what is often referred to as a centralized on ramp. This is all well and good, as Coinbase with their banking relations lets people convert government issued fiat currency into cryptocurrencies

To buy ETH on Coinbase, download the Coinbase app or sign up online (affiliate promo code for a free $10) and follow the prompts to connect your bank account, and purchase Ethereum. Once you get the app or go to the site Coinbase does a good job of prompting you through the steps.

Step 2: Send ETH to Metamask

metamask to buy an NFT

Having Ethereum on coinbase is kinda of using blockchain… sorta, not really actually.

To truly interact with the decentralized web and buy an NFT, you have to send your Ethereum from Coinbase over to Metamask.

Metamask is a non-custodial cryptocurrency wallet AND browser plugin that can speak to the blockchain. You download it by going to www.metamask.io – this will add an extension to your browser in the top right corner.

Metamask enables you to use the third wave of the internet, aka web 3, to transfer value directly over the internet, interact with smart contracts and do all sorts of fun stuff. Welcome to the Matrix.

⬆️ 🎥 A video version of this post on how to buy an NFT in case you don’t like reading 🎥 ⬆️

Step 3: Understand the concept, advantages and risks of Metamask and other non-custodial wallets.

Using a non-custodial wallet solution like metamask gives you complete control of your coins & their fate. No company, government or person can touch them without the private key, but also, no one can help you if you get locked out of your wallet. So be sure to write down your recovery seed phrase and store it somewhere safe. Never share it with anyone. As anyone who has the full seed phrase (12 random words in a precise order) can access your wallet and steal your funds.

Step 4: How Much ETH Need to Buy an NFT? (Understanding Gas)

You’ll want to send enough ETH to your Metamask in order to buy the NFT + pay gas fees to the Ethereum network.

Gas is what is paid to Ethereum miners as a transaction fee for powering a decentralized, censorship free network. This fee does not go to the NFT project and is just “the cost of doing business” for all parties. Trust me, you have to pay a lot of gas to launch a project like No Fun Toads onto the blockchain as well.

Every time you want to make a transaction on the blockchain, you have to pay a gas fee. Fees vary based on the current congestion of the network so it’s impossible to give an exact number, but here is a safe example.

Each No Fun Toad is .04 ETH. Let’s say you want to buy 10 because you love them and hope to sell some when their price moons, and keep the other ones so you’re still part of the club and get all sorts of cool membership perks and upsides.

So you’ll need the price of the 10 toads, .04 x 10 ETH = .4 ETH + gas fees .008 x 10 = .08, .48. I likely over estimated the cost of gas, but it’s always good to have some extra ETH in your wallet to perform transactions and other things later.

Put simply, if you want to mint 10 No Fun Toads, have .5ETH in your Metamask wallet and that will be enough.

Step 5: Minting an NFT Directly From The Site

As mentioned, Metamask is not just a wallet, but a plugin that allows you to interact with blockchain enabled websites.

In this case of no fun toads, be careful to go the official URL of the collection, www.nofuntoads.com, and connect your wallet via a click of a button.

You can then choose the number of toads you want to mint and hit confirm. Metamask will automatically recommended a gas fee given the current network connection & viola — you’ve now stepped into the future and truly used the blockchain. You bought an NFT.

You sent funds to a smart contract, that was programmed to generate 10,000 unique and verifiably rare No Fun Toads with different traits. That smart contract sent the Toad back to your wallet in exchange for your ETH. Fascinating, yes, but why would anyone do this?

Step 6: Trading and Displaying NFTs

The most fun part about owning an NFT is freely trading them like baseball cards, or membership passes on the internet. Once you buy a toad, it is linked to your address. People can automatically view your collection and begin to make offers to buy your specific toad once you go to Opensea.io and connect your wallet.

It’s like you set up your own little online art gallery and shop.

Furthermore, NFTs are all about community. We’re all financially aligned to make this project work, for the benefit of all Toad holders. The cooler the No Fun Toad community becomes, the more people want to own a No Fun Toad – for the benefits/bragging rights/charitable aspects/private chat rooms/events/future project access and more.

Our core team has plenty of content and influencer connections to get the ball rolling on this, but you can help by talking about how you own a Toad on the internet (great conversation starter!), displaying your toad on social media and just spreading the word.

Once all toads are sold out and new people want to join the community, they have to get their toad on the secondary market from existing Toad holders like yourself.

So thank you so much for your time and good luck. Your future is bright. You own a Toad on the Ethereum blockchain, and now have the knowledge and skills to buy an NFT and enter this wild new world. Have fun, be smart, and stay safe.

Author

  • Mark loves making videos, thinking, tinkering with futuristic tech, running experiments and music. Peer Through Media allows him to do all of those things. You can learn more about him and his projects here: Mark Sandusky

Mark Sandusky

Mark loves making videos, thinking, tinkering with futuristic tech, running experiments and music. Peer Through Media allows him to do all of those things. You can learn more about him and his projects here: Mark Sandusky

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