Buying cryptocurrency for NFTs can be a complicated process.
Not only will you need a digital wallet to store your cryptocurrency, but also a trusted crypto trading platform with which to make your purchase and make available to buy NFTs.
There are lots of options out there, from relatively simple to incredibly complex.
There are three main and trusted options for making a cryptocurrency purchase to buy NFTs with, each we will cover here in this guide to make the process as easy as possible.
Coinbase, MetaMask Wallet and the Phantom Wallet are the main ways to purchase Ethereum, MATIC and Solana for purchasing NFTs in the main three NFT cryptocurrencies on the market. Coinbase purchases will require a secondary wallet like MetaMask for minting and buying Ethereum and MATIC NFTs.
The NFT collection sets a minting cryptocurrency and price. Once a cryptocurrency has been set for minting, all ongoing sales and purchases will remain in that crypto forever more.
Let’s look at each option in turn, and where to buy the crypto needed for an NFT purchase.
Coinbase for Buying Ethereum and MATIC NFTs
The Coinbase trading platform is one of the most trusted platforms on the market today.
Founded in 2012, it has been operating for quite some time now, especially considering the relatively short timeframe NFTs and cryptocurrency have been around.
Coinbase has recently been valued at an incredible $86billion!
They are trusted by millions worldwide, and a platform I have used many times for trading in crypto, as well as purchasing Ethereum and MATIC for NFT purchases. All purchases were incredible smooth and hassle free.
Once you have opened a Coinbase account, you will be given a wallet and an address, which is where your cryptocurrency will be stored.
Your wallet address is unique to you, just like a bank account number. You must guard this with the same security you do a bank account.
You can purchase cryptocurrency, such as Ethereum and MATIC, using a debit or credit card.
After purchase, your crypto should be available in your wallet within minutes of the transaction being made.
Once you have your cryptocurrency in your Coinbase wallet, you will need to move your cryptocurrency to a wallet supported by MATIC and Ethereum based NFT marketplaces such as OpenSea.
The most popular wallet for this purpose is MetaMask.
MetaMask Wallet
The MetaMask wallet is a versatile wallet used by hundreds of thousands of NFT traders.
It is the main wallet used to connect to OpenSea, which is by far the biggest NFT trading platform online.
Unfortunately, it isn’t possible to buy cryptocurrency direct from your MetaMask wallet, but you can easily set up a MetaMask wallet and transfer cryptocurrency from your Coinbase wallet to your MetaMask wallet.
There is usually a small fee (known as a gas fee) for transferring the crypto, but this is usually not more than a few dollars.
The transaction is quick and easy to do, and your cryptocurrency is moved within a few minutes.
Once your cryptocurrency (usually Ethereum or MATIC) has been transferred, and in to your MetaMask wallet, you can connect your MetaMask wallet to OpenSea and start buying NFTs, or minting NFTs direct from an NFT project website.
To download the MetaMask wallet search for MetaMask within the Chrome Browser Extension Store and install.
Transfer Crypto from Coinbase to MetaMask
Although in general many things in the cryptocurrency and NFT space can be technically complex, fortunately if you have managed to set up both a Coinbase wallet, and a MetaMask wallet, the move of cryptocurrency between them should be a very straightforward process.
Here is a step-by-step guide on how to make the transfer of Ethereum from a Coinbase wallet to a MetaMask wallet:
- Log in to your Coinbase account
- Select the ‘Send / Receive’ button (top right of the website)
- Choose Ethereum (or MATIC) in the ‘Pay With’ field
- Enter the $ amount of your cryptocurrency you would like to transfer to your MetaMask wallet
- In the ‘To’ field enter your MetaMask Wallet Address
- Press Continue
- The ‘You Are Sending’ window will confirm the transaction details, as well as showing the network charge for the transfer of crypto (usually between $8 to $10)
- If you are happy with the details, and charge, press ‘Send Now’
- The cryptocurrency will appear in your MetaMask wallet usually in just a few minutes but please allow a few hours for busy transfer periods
This completes the transfer of crypto from Coinbase to MetaMask.
Once the cryptocurrency is in your MetaMask wallet you can then connect your wallet to OpenSea to buy an NFT, or the NFT collection websites for minting in a MetaMask compatible cryptocurrency (such as Ethereum and MATIC).
Phantom Wallet for Buying Solana NFTs
Buying NFTs with Solana is a little easier than the last example we saw.
All you need is a Phantom Wallet and a debit or credit card.
There is no need to buy the cryptocurrency using a trading platform and transferring to an NFT buying wallet (and costing up to $10 for the transfer), this is an all-in-one solution.
The Phantom wallet is compatible with the largest Solana based trading platform, Solanart, and compatible with minting all Solana NFTs direct from the collection.
All you need to get started is a Chrome browser, and the Phantom extension.
To download the Phantom wallet search for Phantom within the Chrome Browser Extension Store and install.
The steps for setting up a wallet are very straight forward, just follow the onscreen instructions, set a password and a memorable passphrase that will need to be noted down, as it will be the only way to recover your account. Lose this and you could lose your cryptocurrency and NFTs!
Once you have your wallet set up you can buy Solana cryptocurrency by choosing the ‘Deposit’ option:
The next window will give you different options for purchasing your chosen cryptocurrency.
MoonPay is a service I have used in the past without issue, but you are free to choose whichever service you would prefer from the list.
If you choose the MoonPay option, another window will display asking you to confirm the cryptocurrency you would like to buy, and how many coins.
Today, if we were to purchase 300 SOL it would cost $100, which is $94.00 in SOL and an additional $6 in network fees.
If you are happy with this transaction hit the Continue button, enter your credit card details, and the transaction and purchase will be made.
The Solana will be added to your Phantom wallet within a few minutes but can take longer during busy periods.
With the Solana safely in your Phantom wallet, you can either visit Solanart, connect your Phantom wallet and start buying NFTs, or you can connect your wallet to Solana priced NFT collection websites to mint during a public sale.
