So, you’ve decided you want to buy your first NFT and set up a cryptocurrency wallet. However, setting up the wallet is just one step. You can’t buy anything with an empty wallet in the real world and the same is true for the metaverse.
If you want to buy an NFT, chances are you’ll need some spare digital change to get it done. That is, if the exchange you use is like most and doesn’t accept fiat payments through credit and debit cards.
But what cryptocurrency should you fund your wallet with, how much of it do you need, and how do you actually put the funds into the wallet? Read on to learn more!
Step #1: Decide Which Cryptocurrency to Fund Your Wallet With
The first thing you’ll need to do to determine which cryptocurrency you need in your wallet is compare marketplaces and decide which one you’ll use. Very few of them offer fiat payment options and the cryptocurrency options are usually pretty limited. Though, there are some marketplaces that allow for more than a hundred cryptocurrency payments and the use of debit and credit cards.
In the vast majority of marketplaces, the primary method of payment is Ether, the cryptocurrency at the center of the Ethereum blockchain. Nonetheless, look into the marketplace you’re interested in purchasing your NFT from and consider the payment methods they offer. If Ether is the only option, that’s the crypto you want. However, there are several platforms that don’t accept ETH as a form of payment and you may be required to fund your wallet with a different cryptocurrency.
Step #2: Decide How Much Cryptocurrency You’ll Need
The prices in the NFT space vary wildly. In many cases, you’ll be able to find NFTs for $20 or $30 worth of crypto. In others, you’ll have to shell out millions. Of course, chances are you’re not going to buy a million dollar NFT as the first part of your collection, but it’s important to know the type of digital art you want and the average going rate for that art.
Search some popular NFT marketplaces to find the type of collectibles you’re looking for and look at the prices on those collections. That should give you a good idea of the amount of crypto you’ll need to make the purchase.
Also, keep in mind that the cost of the NFT isn’t all you pay. It’s also likely that you’ll have to pay gas fees, which vary based on demand and generally live in the range between $20 and $120, but depending on the time of the day, fees can be higher or lower.
With that in mind, add $120 to the cost of the NFT you’re considering buying and buy that amount of the crypto you need for the purchase.
Step #3: Fund Your Wallet
Finally, funding your wallet is the easiest step. Simply log in and choose the type of cryptocurrency you’d like to fund it with. Make the exchange and you’re good to go!
That’s All There Is To It!
That’s all for today my friends. Now that you know how to fund your wallet, go get some ETH (or other crypto) in that bad boy so we can show you want to do with it next Thursday!
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