NFTs are one of the foundations of web3. This series will introduce NFTs through 30 short articles, allowing everyone to understand and master the relevant knowledge about NFTs from scratch.
This is the fifth article in this series. In the previous articles, we learned that purchasing NFTs requires a digital wallet and the installation, setup, and security protection of the digital wallet. But is there anything else we need to buy NFTs? Yes, we need to have money in our digital wallet. Let's start with the content of this article ->>
NFTs are digital assets on the blockchain, and there are NFTs on many blockchains. However, currently, most NFTs are running on Ethereum, so we will use it as an example here. The operations on other chains are similar.
In order to buy NFTs on Ethereum, we first need to have ETH in our digital wallet. This is the native currency of Ethereum. There are generally two ways to obtain ETH and other digital currencies:
- Purchase with fiat currency on centralized exchanges (such as Binance, OKEx), and then transfer them to our wallet;
- Peer-to-peer transactions, purchase from decentralized exchanges or from acquaintances and have them send it to your digital wallet.
If you choose the first method and use fiat currency to purchase digital currency, such as ETH, on a centralized exchange, you also need to withdraw the cryptocurrency to the address in your digital wallet. In Binance, you can use the "withdraw" function to withdraw the digital currency to your wallet address. Before sending, please double-check that your address is correct because blockchain transactions are irreversible. Once you initiate the withdrawal, the digital currency will be sent to the address you provided. If the address is incorrect, no one or institution can retrieve that money, and you will lose it. This self-custody method of assets shows that you are the sole responsible person for your assets. Therefore, before withdrawing, make sure to carefully confirm that the withdrawal address is the address of your own digital wallet. It is a string of 42 characters, which you can copy in MetaMask. For example, this is Hoodrh's digital wallet address: 0xA6097a4adf23553623A7917bbBb28c7bb2a7775c.
There is one more thing to tell you, and that is that every transaction on the blockchain requires a transaction fee, which we call gas fee. The gas fee for transactions is not fixed, and it is affected by the number of transactions on the chain. At the same time, the more pending transactions there are, the higher the gas fee. In my experience, if you are in the China region, the gas fee is relatively low between 12 pm and 3 pm.
Once we successfully send the digital currency to our digital wallet, we need to know where to buy NFTs, which will be the content of our next article.
More information:
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If you have 10 minutes, please watch this video that explains how to buy cryptocurrencies (such as Ether) on a centralized exchange using a credit card or bank account: Video Link
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If you have 3 minutes, please watch this video that explains how to send Ether from a centralized exchange (such as Binance) to your MetaMask: Video Link
You can also find me in these places:
Mirror: Hoodrh
Twitter: Hoodrh
Jike: Hoodrh
XLog: Hoodrh
SubStack: Hoodrh
Nostr: npub1e9euzeaeyten7926t2ecmuxkv3l55vefz48jdlsqgcjzwnvykfusmj820c