There are many new projects you can start with on your NFT journey.
Beyond being just JPEGs, some projects comes with utility, and others, a symbol of status. It is important you look into the team behind the NFT project and its roadmap for better clarity from getting yourself into a scam.
What is an NFT?
Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with a unique identification codes that distinguish them from each other.
What is minting?
Minting is the process of tokenizing a digital file with cryptography. Tokenization is the process of turning an asset into a digital token that can be moved, stored, and recorded on the blockchain.
Basically, it is the process of creating or producing something. When you mint an NFT, you are creating a new block and record that information into the blockchain.
1. Getting your wallet
Go to metamask.io and select “get Chrome extension”. A default account with an associated public Ethereum address will be created on the Main Network. Your Metamask Ethereum address can be found on the main screen and it usually starts with 0x.
Click on “Download Now” and “Install MetaMask for Chrome”
Click on “Create A Wallet” to create your MetaMask wallet. From there, you will key in your password you want for your MetaMask wallet.
You will be given a seed phrase, please note this seed phrase down on a piece of paper and store it in a secure location. Never disclose your back up seed phrase.
Once you have confirmed and keyed in your seed phrase, your MetaMask account will be created.
When you click on the MetaMask logo on your browser’s extension, you will be able to see your wallet details. As you can see above, you have 0ETH and US$0 in your wallet, that brings me to the next point — funding your wallet.
2. Funding your wallet
Your MetaMask is an empty wallet when you sign up. To use it, you need to fund it with some crypto.
To do this, you can go to your respective exchange (Coinhako, FTX, KuCoin, Crypto.com etc) account and send your crypto to the address associated with your MetaMask.
The first step is to open an account with a crypto exchange, and you can start buying your first cryptocurrency. Here are a few reputable crypto exchanges in Singapore that you can consider:
- Gemini Singapore
All of these exchanges offer hundreds of cryptocurrencies for you to buy from, and signing up for an account is straight forward.
After you key in your basic information and complete your KYC process, you are able to deposit money into the exchange and start buying your first cryptocurrency.
3. Buying Ethereum
Once you have funded your wallet, click on markets and look for the cryptocurrency you would want to purchase. For demostration purposes I will be using my Kucoin account.
In this case, depending on which network your NFT is on, you would do the exchange accordingly. For demonstration purposes, we will be using Ethereum.
Do make sure you are on the correct currency pair, and when that is confirmed, you may proceed to buy your ETH. Key in the amount of ETH you would like to purchase and you are all set.
4. Transferring your ETH to MetaMask
The next step is to transfer your ETH from your exchange to your metamask so you would be able to subsequently mint your NFT.
Click on the assets tab on the top right hand corner of the exchange home page and click on “Main Account (Deposit and Withdraw)”.
Find ETH and click on the “Withdraw” button.
To get your MetaMask wallet address, click on the MetaMask icon on your browser extension tool and copy the address given.
Your address should start with an ‘0x’.
Copy and paste your wallet address in the withdraw page in your exchange and enter the amount of ETH you would like to transfer.
Once you have transferred your ETH to your MetaMask, you would see the amount of ETH appear on your MetaMask wallet.
5. Minting an NFT
Once you have funded your digital wallet on MetaMask, you are ready for minting NFTs from your favourite projects.
On launch date (price of NFT specified by the project team), ensure you have enough ETH or relevant currency in your wallet for the NFT.
Also, remember to account for transaction fees, fees for Ethereum network ranges between US$60 on average and might reach over US$100 during periods of high traffic.
Expect lower fees if you are transacting on the Avalanche Network and the Solana Network at roughly US$0.63 and US$0.00025 respectively.
This would mean you would need to account for the transaction fees on top of the price of each NFT (specified by project team)
Connect your wallet on the project site
Once you are well funded, head over to the project’s website on launch date. There will be a button on the website to enable you to connect your metamask wallet to the site.
Click “Connect Wallet” to connect your Metamask wallet to the website.
Make sure your MetaMask is signed in to the relevant network. If the NFT is transacting on the Ethereum Network, do ensure your MetaMask displays the same at the top right after you click on the MetaMask icon.
To add new networks on your metamask, here is a step by step guide in adding a custom network on Metamask.
Once you click on “Connect”, you will be greeted with a popup from your MetaMask.
Minting on the project site
On the Mint page, select the number of NFTs you would like to purchase (limit on how many you can purchase will be specified by the project).
Click “Mint” and proceed with the transactions on the MetaMask prompt.
Once connected, you will be able to see that your wallet is connected at the top left hand side of MetaMask.
From there you will be able to mint your very own NFT!
“Gas Fees” are the transaction costs you need to pay on top of the cost of the NFT. You may also be able to edit the gas fee, the higher the gas fee you choose to pay, the higher priority you will be given in being able to get your NFT.
Congratulations! you have minted your very first NFT! Also, check out how to view your NFT in your wallet here.
Featured Image Credit: Chain Debrief
Also Read: How To Use MetaMask To Take The First Step Into The World Of Decentralized Finance
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