1) First things first: what is an NFT?
An NFT (non-fungible token) is a unique on-chain token that can represent art, collectibles, in-game items, memberships, tickets, and more. On Ethereum, most NFTs follow ERC-721 (one-of-one) or ERC-1155 (multi-token) standards.
2) Choose your blockchain and marketplace
Different chains have different wallets, fees, and ecosystems.
- Ethereum: the largest NFT ecosystem; most blue-chip collections; gas uses EIP-1559 (base fee + priority tip).
- Solana: fast, low fees; huge gaming and profile-picture scenes. Magic Eden is a leading marketplace.
- Bitcoin Ordinals: “inscriptions” attach data to individual satoshis (native Bitcoin NFTs). Marketplaces like Magic Eden support buying/selling.
On Ethereum, OpenSea remains a beginner-friendly option with card checkout in many regions; Magic Eden is strong across Solana, Bitcoin, and EVM.
3) Set up your wallet
- Ethereum / EVM: install MetaMask (browser/mobile). Secure your Secret Recovery Phrase offline.
- Solana (and multi-chain): install Phantom (browser/mobile). Follow the official “Getting started” guide.
- Extra safety: learn hardware-wallet best practices; never type or share your seed phrase; keep it offline and secure.
4) Add funds (or use a card)
You can fund your wallet with crypto from an exchange, bridge or swap into the right chain, or—on OpenSea—use a card via MoonPay (regional availability applies). Card purchases incur processing fees plus blockchain gas.
5) Understand fees before you click
- Network gas: paid to validators/miners, not the marketplace. On Ethereum, the fee model is EIP-1559 (base fee + tip).
- Marketplace fees: these vary by platform and chain. As of 2025, OpenSea lists a 0.5% selling fee and other product-specific charges; Magic Eden documents 2% on SOL/BTC and 0.5% on EVM. Check current schedules in the official help centers before listing.
- Creator royalties: on many marketplaces, royalties are optional rather than enforced. Read each marketplace’s policy.
6) How to buy your first NFT (step by step)
A) On Ethereum via OpenSea
- Connect your wallet on the official site.
- Find an item and click Buy now for fixed-price purchases, or Make offer to place a bid (offers often use WETH—wrapped ETH).
- Confirm in your wallet and pay gas if needed.
- Your NFT appears in your wallet and profile once the transaction confirms.
Why WETH for offers? WETH lets you place pre-authorized bids that can be accepted later without you being online.
B) On Solana or Bitcoin via Magic Eden
- Connect Phantom (or a supported wallet).
- Choose Buy now or submit an offer; follow the in-app prompts to approve the transaction.
- For Bitcoin NFTs (Ordinals), follow the marketplace’s inscription/transfer flow and confirm addresses carefully.
Pro tip: Magic Eden also provides an aggregator to manage listings and sweep across markets on supported chains.
7) Authenticity checklist before you buy
- Look for verification badges on the collection page. A badge is a discovery aid, not an endorsement—always do your own research.
- Cross-check the contract address on a block explorer (Etherscan for Ethereum). Prefer verified contracts and official links from the project.
- Review metadata storage. Ideally, media and metadata are on IPFS/Arweave or marked “frozen,” not only on a centralized server.
8) How to sell an NFT
A) Listing
- OpenSea: from your profile or the item page, choose List for sale, set price or auction type, and duration. You can also accept existing offers.
- Magic Eden: list from the item page or collection “My Items” tab; you can also “Instant sell” into a collection offer if available.
B) Fees and proceeds
- Review marketplace fees, optional royalties, and your estimated net before confirming. Policies differ by chain and can change—check the live help docs.
9) Gas and bidding tips
- On Ethereum, gas spikes with demand. EIP-1559 sets a base fee per block and you add a priority tip; some wallets suggest a max fee to account for changes.
- Many offers use WETH. You can convert ETH↔WETH directly in-app when needed.
10) Storage and metadata: make it last
For creators, store media/metadata on IPFS (and pin it via a pinning service) or on permanent storage like Arweave. As a buyer, check whether a collection uses decentralized storage and whether metadata is frozen.
11) Stay safe: common pitfalls and fixes
- Phishing and fake sites: only use official domains and app-store listings.
- Token approvals: dapps need permission to move your tokens/NFTs. Periodically review and revoke unnecessary approvals.
- “Support” DMs: marketplaces will never ask you to send funds to “fix” a sale. Use in-site support flows.
- Hardware wallets: consider a hardware wallet for valuable assets; keep your recovery phrase offline and private.
12) Taxes and records
Tax treatment varies by country. In the U.S., the IRS has indicated that some NFTs may be treated as collectibles depending on what they represent. Keep detailed records of cost basis, sales, and fees, and consult a local tax professional.
Quick start checklist
- Choose chain and marketplace.
- Install a supported wallet and secure your seed phrase.
- Fund your wallet or use card checkout where supported.
- Verify the collection badge, contract, and storage.
- Buy or make a WETH offer, then track confirmations.
- To sell, list with clear price/auction terms and review live fees.
- Revisit approvals and security regularly.
FAQs
Can I use a credit card to buy NFTs?
On OpenSea, card checkout is available in many regions via a third-party processor; expect card fees plus network gas.
Why are creator royalties sometimes missing?
Many marketplaces made royalties optional on secondary sales, so buyers or platforms may choose whether to honor them. Always check a collection’s policy.
What’s different about Bitcoin NFTs (Ordinals)?
They embed data on individual satoshis and trade on specialized marketplaces with their own address/transfer flows.
