This guide will help first-time NFT buyers to safely buy and send ETH to your Metamask. First things first. It’s always best to prepare a week or a couple of days before the mint date! I have broken these down into sections! As it can be quite overwhelming to go through this process for new comers.
Step 1. Set up an Account
You will need to sign up to a platform/ exchange that will allow you to buy ETH with your NZD/AUD.
Recommended in NZ – Easy Crypto
Or an alternative could be Binance
Sign up and verify your account
Step 2. Set up a Wallet
Have you got a wallet?
This is where you will store your ETH to mint your NFTs and it will also be where you store your NFTs as well. You will need a Metamask wallet for this – this is a non-custodial wallet, so you are in control of your funds.
MetaMask supports iOS, Android native apps along with Chrome, Firefox, Brave and Edge browser extensions. I would recommend downloading Metamask on your desktop/chrome extension, this makes it easier to mint and connect to your Openseas.
Now before you rush into it, you will need to complete some more things to ensure you set up your wallet correctly and that you make sure you are being security and safety smart! I will go through the whole process below.
Step 1: Download MetaMask wallet
Go to https://metamask.io/ and click on “Download”. Choose your preferred browser or mobile application and install the MetaMask extension.
Step 2: MetaMask wallet installation
Click on the MetaMask extension and click on “Get Started”.
Click on “Create a Wallet” and on the next window click on “I agree” if you would like to help improve MetaMask or click on “No Thanks” to continue.
Step 3: Create a strong password for your wallet.
Something strong but also nothing to ridiculous that you will forget it (You can also write this down). PLEASE DO NOT SAVE YOUR PASSWORDS ON YOUR DEVICES!
Step 4: Securely store the seed phrase for your wallet
You will then be taken to a page like this first, make sure you read it and watch the video!
Click on “Click here to reveal secret words” to show the seed phrase.
I would highly recommend you write it down. The most common method is to write your 12-word phrase on a piece of paper and store it safely in a place where only you have access. It is the only way to recover your funds should your device crash or your browser reset.
Note: if you lose your seed phrase, MetaMask can’t help you recover your wallet and your funds will be lost forever.
Never share your seed phrase or your private key to anyone or any site, unless you want them to have full control over your funds.
Step 5: Seed phrase confirmation
Confirm your secret backup phrase by clicking on each word in the order in which the words were presented on the previous screen. Click on “Confirm” to proceed.
And just like that! Your MetaMask wallet has been set up successfully.
You can now access your wallet by clicking on the MetaMask icon at the top-right-end corner on your browser.
Step 3. How much is it going to cost me?
There are a few things you will need to consider:
- What’s the mint price
- How much gas fees will I need to cover to move my ETH to my Metamask
- How much gas fees will I need to cover to complete the transaction when I mint my NFT
What are gas fees? – Gas fees are payments made by users to compensate for the computing energy required to process and validate transactions on the Ethereum blockchain.
Now, remember, you need to cover gas fees twice. (one to move it to your Metamask, and one to cover the transaction for the mint).
The thing is, you don’t really know how much the gas fees are until you actually make the transaction.
Easy crypto is good for this.
You can put in the amount you are wanting, and then add a bit extra to cover the additional gas fees for when you mint the NFT. The gas fees to move it to your Metamask, are included in the rate!
You’re better to have too much than too little. The worst-case scenario is sending too little, then the gas fees at the time of mint are crazy high, and you don’t have the amount to cover the transaction. The gas fees could be as little as $20 to as high as $150! You just never know.
Here is a rundown on Easy Crypto
So I am wanting the exact amount 0.18 ETH
This is to cover:
- Mint price (The cost of the NFT) = 0.15 ETH
- Gas fees to mint my NFT (give or take) = 0.03 ETH
When you click into the rates info, you can see that the gas fees to move your ETH to your Metamask are included in the rate! And at this time of making this post, the gas fees are $24.30.
So no matter what, I will be sent the exact amount of 0.18 to my Metamask.
Step 4. Finding your wallet address in Metamask
You can locate your wallet address here.
OR you can click the three dots, and go into your “Account details”, you will then be able to use the QR code. This is handy, as it reduces “copy & paste” error.
Step 5. Buying and Sending to your Metamask
– Easy Crypto to Metamask
Easy Crypto is easy and straight forward, especially when you are investing in NFTs.
Here is the process to buying your ETH on Easy Crypto. Enter the amount of ETH you are after, this will automatically populate how much it will come to in NZD, you can also check out the rates that are included as well.
Once you go “Buy Now”, It will ask for your wallet address. This is where you copy & paste your Metamask address.
Please don’t confuse the address in the photo, this will be different from your own address. All ETH addresses will start wil 0x…..
You will then be taken to the payment method. For your ETH to be processed quicker, I would recommend using Poli or Account2Account to lock in your rates.
And just like that! Once you have completed the payment, give it a few minutes, and your ETH will show up in your Metamask.
– Binance to Metamask
Binance on your mobile phone might be easier, you can find this in your app store, it’s less confusing than on a laptop, I would recommend Binance Lite, especially if it is your first time.
I will take you through the buying and sending process on a Mobile below.
Ensure you have the Binance Lite setting on.
Click into the icon below, and then click into “Buy”
You will then have to click into ETH, then it will come up like this. Click into the Icon “ETH”, this will let you specify the amount of ETH you are wanting to buy.
Once you click “Buy”, you will need to complete the payment method.
Please keep in mind, this is the amount you are paying for the 0.18 ETH, you will then need to cover additional costs to move your ETH out of Binance and into your Metamask.
Now all we need to do is move the ETH to Metamask
Once the ETH has showed up in your account, go into your “Withdrawal”.
Click into ETH, and it will come up with something like this.
Now you want to fill in the sections below:
- Address: Copy & Paste your Metamask address.
- Network: Ethereum (ERC20)
- Amount: Click Max
- Once the fields are filled out, click “Withdraw”
You will then have to verify your transaction, which might include a verification code sent to your email, and your mobile phone. Once that has been completed, you will then have to wait a couple minutes for your ETH to show up in your Metamask.
Depending on the amount you are sending over, the network fees could differ. Please keep this in mind when you are buying and sending via. Binance, as you will need to pay network fees to send your ETH to Metamask AND pay network fees to mint your NFT.
This is why it is so much easier with Easy Crypto!