We are starting to give a weekly NFT gem to our Altcoin Buzz Access Telegram channel. With plenty of questions flowing in from first-time NFT buyers, it was clear a guide was needed to make sure no one made the same mistakes I made early on. Here is a concise guide to buying and selling NFTs.
Of course, there is so much more to learn, but the best way to learn is to dive headfirst into projects that interest you. Follow them on Twitter, join their Discord servers and interact! You do not have to own an NFT from the collection to be a part of the community.
Language to Know:
Here’s a little glossary to help those new to the NFT world.
NFT: Non-fungible token. Unique tokens that are not replaceable with anything else. i.e. one ETH is fungible. Trade 1 ETH for 1 ETH and you still have 1 ETH. If you trade an NFT for an NFT, you will have two completely different tokens.
Minting: A mint is the original release of a collection. This is how the digital art becomes part of the blockchain. The art is then shown as a token on the blockchain. Usually comes with a fee plus required network gas fees.
WhiteList/AllowList: Private minting process before the public sale. Allows for early adopters and active community members to guarantee mint and avoid gas wars.
Roadmap: Most projects come with a planned release of future events and marketing strategies
Gas Wars: When minting on the Ethereum network, there are coinciding gas fees. When a large amount of people are minting the same project at once, these gas prices sky rocket. The only way to avoid gas wars during a public mint is to be earlier in the queue to mint.
Rug Pull: When the developer of a project takes all the funds raised from the project. They typically disappear, failing to deliver on any promises made.
How to Mint an NFT:
As most popular mints happen on the Ethereum Network, we will focus on this process.
1) Have a Meta Mask wallet funded with ETH and paired to your web browser on your laptop or computer.
- Make sure you have enough ETH to cover the mint fee as well as the gas fee or the transaction will fail! Gas wars can get crazy, so it’s better to have more ETH in your wallet than you think you actually need.
2) The collection will release a date and time for the public mint. At the time of mint, head to their official collection website, and input the number of NFTs you would like to mint.
- Sign for the transaction on the Meta Mask pop-up if you are comfortable with the gas fees. After you sign, the NFT should appear in your wallet in minutes.
3) Create an OpenSea account and connect your Meta Mask account to view your NFT.
- You can also use the Meta Mask mobile app to view your NFT!
4) Time to make a decision. Most popular collections wait to reveal their artwork for 24-48 hours after minting out to build hype for the project. So, should I sell now, and how do I do that?
Alright, you’re done looking at this picture on your phone. Now what?
Do you sell during the hype pre-reveal?
Maybe you reveal a super rare NFT from the collection! Maybe the project flops after the reveal.
The best way to make this decision is to do your research. Understand where the project is going, and decide if you want to be a part of that roadmap. There is no right or wrong answer, and it’s not easy to see the future. Trust your gut and your past experiences!
When you decide to sell your NFT, all you need to do is log into your OpenSea profile. Go to your collection and post the one you want to sell. You can set the price and duration, as well as create a timed auction with reserve prices. This process is the same with most of the popular chain’s marketplaces.
The buying process is super easy. Go to your preferred marketplace, whether that be:
Or any other reputable site.
Make sure you have a wallet that is supported by the site funded with the proper amount needed to make the purchase, including gas if necessary.
Sign for the purchase, and the NFT is sent to your wallet in minutes.
That’s really all you need to know! Dive into NFT Twitter and Discord head first. That’s the best way to learn the space. Here are some great NFT follows to get started. See who they interact with and find people/projects that interest you.
Engage in Twitter Spaces, Discord Servers and find communities you want to be a part of. That’s the best way to get into NFTs!
Follow our new Altcoin Buzz Public NFT Wallet to keep an eye on collections we’re buying, selling, and holding! Use this as a jumping-off point for your research.
Join us on Telegram to receive free trading signals.
For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.