NFTs are one of the foundations of web3. This series will introduce NFT through 30 short articles, allowing everyone to understand and master the relevant knowledge about NFT 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 wallet. But is there anything else we need to buy NFTs? Yes, we need to have money in our digital wallet. Let's begin with the content of this article ->>
NFTs are digital assets on the blockchain, and there are NFTs on many blockchains. However, currently, the majority of NFTs are running on Ethereum, so we will use it as an example here. The operations on other chains are similar.
In order to purchase NFTs on Ethereum, we first need to have ETH in our digital wallet. ETH is the native currency of Ethereum. There are generally two ways to obtain ETH or other digital currencies:
- Purchase them with fiat currency on centralized exchanges (such as Binance, OKEx), and then transfer them to our wallet.
- Peer-to-peer transactions, purchase them on decentralized exchanges or from acquaintances and have them sent to your digital wallet.
If you choose the first method and use fiat currency to purchase digital currencies like ETH on centralized exchanges, you also need to withdraw the cryptocurrency to the address in your digital wallet. On 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 entered. 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 every transaction on the blockchain requires a transaction fee, which we call gas fee. The gas fee for transactions is not fixed, it is influenced by the number of transactions on the chain. Also, 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 12:00 PM and 3:00 PM.
Once we have successfully sent 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 (CEX) 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 CEX (such as Binance) to your MetaMask: Video Link
Rewritten by: Hoodrh
Original by: ZenAcademy
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