Creating a Wallet to Buy NFTs: A 4-Step Guide for First-Time Crypto Wallet Users
There may still be a cloud of confusion around non-fungible tokens (NFTs) but one thing is clear:
NFTs are quickly becoming a popular and potentially lucrative digital asset in crypto.
The NFT market grew almost ten-fold between 2018 and 2020 and each day thousands of NFT sales are made amounting to an average of $10 million to $20 million in sales per week.
If all that buzz has you wanting to get in on the action, you’ve come to the right place.
We’re here to show you how to create a crypto wallet to buy NFTs in four easy steps for NFT noobs.
Table of Contents
- What is an NFT wallet?
- Sends and Receives Cryptocurrency
- Connects to a Website to Purchase NFTs
- Stores Purchased NFTs
- Non-Custodial Wallet
- Only Supports EVM Compatible Blockchains
- Creating a Wallet to Buy NFTs: A Step By Step Guide
- Step 1: Download Web3 Wallet Application
- Step 2: Create a Crypto Wallet
- Step 3: Connect Your Wallet to an NFT Marketplace
- Step 4: Fund Your Wallet with Ethereum
- Create Your Crypto Wallet with ZenSportsia — Brought to You By ZenSports
What Is an NFT Wallet?
The newest wave of trading and collecting digital art, called NFTs, is taking the sports world by storm.
Think of NFTs as a digital, one-of-a-kind trading card.
In 2021, a digital highlight of LeBron James sold for nearly $400,000.
With digital capabilities enabling NFTs to be more than just sick artwork, NFTs can also function as:
- A replacement for traditional structures like
- Membership clubs
- Loyalty rewards programs
- Tradeable game assets
- Keys to digital communities and events
So where do you store and purchase all your crypto-collectibles?
That’s where your NFT wallet comes into play.
An NFT wallet offers an easy way to communicate with blockchain networks to safely …
- Send
- Receive; and
- Store
… your crypto funds and NFTs, just like your traditional wallet stores your cash and credit cards, –– but only in theory.
Your crypto wallet doesn’t literally contain any crypto, coins, or tokens.
Instead, it acts as an interface to interact with your digital assets and holds the unique digital keys that allow you to transact on the blockchain.
There are many different types of crypto wallets out there, but there are a few essential features to look out for when choosing a wallet to buy NFTs.
Still, trying to wrap your head around the NFT crypto-sphere?
In anticipation of the ZenSportsia metaverse NFT drop, ZenSports and ZenSportsia have joined forces to create a 10-part webinar series covering a wide array of NFT topics to help you learn everything there is to know about this fast-growing and exciting industry.
Contact us to learn more!
Sends and Receives Cryptocurrency
All NFTs are purchased with cryptocurrency, so, your wallet needs to support any cryptocurrency you’ll use to buy NFTs.
Think about it like cash in your physical wallet –– you can’t buy products in the United States with Euros — you need USD.
Since most NFTs operate on the Ethereum blockchain, you can bet most Ethereum wallets will be compatible to send and receive ETH crypto.
Connects to a Website to Purchase NFTs
To gain entry to the NFT sector of the web3 economy, also known as the latest version of the web where users enjoy much greater control and can generate value over their data and privacy, you’ll need a web3 wallet.
There are two types of web3 wallets:
- Hot wallets – Also called software wallets or online wallets that are hosted on devices that have internet and blockchain access via:
- A browser interface
- Desktop applications; or
- Mobile applications
- Cold wallets – Utilize a physical medium to store keys offline, so it doesn’t require an internet connection.
Hot wallets are considered the most convenient and highest functioning wallets with the ability to …
- Send
- Receive; and
- Store
… all your digital assets in one place.
Essentially, hot wallet software allows you to open the door to the web3 realm to:
- Access funds
- Interact with decentralized applications (dApps)
- Acquire decentralized financial services
- Collect NFTs
- Create an on-chain identity; and
- Collaborate with communities
Web3 wallets are an ideal gateway to a whole gamut of crypto applications running on blockchains with processes operating in the background. So the crypto space is best accessed and interacted with via a desktop browser.
Stores Purchased NFTs
So what’s the difference between an NFT wallet and a crypto wallet?
An NFT wallet is fundamentally a crypto wallet that safely stores your NFTs on the blockchain.
You can lose the content and metadata of your NFT if you don’t store it properly. Some crypto wallets store your token’s content on a web resource and if that link happens to get modified or disappear, your NFT contract will remain on the blockchain but all its content may be lost forever.
Ensuring your digital assets are kept in a secure place, like your NFT wallet, is extremely important, especially if you plan on holding onto your NFTs as collectibles or investments.
Non-Custodial Wallet
When choosing the right NFT wallet, you’ll also be faced with the decision to store your NFTs in a custodial or non-custodial wallet.
Custodial wallets function similarly to storing your money with a bank — you must surrender control of your private keys to a third party.
With a custodial wallet, you trust this third party to keep your assets secure and give you access whenever you need to trade or move them.
Although custodial wallets offer convenience and ease, they often come with multiple drawbacks and possible risks, including:
- Maximum withdrawal limits
- Service fees
- Limited accessibility; and
- Susceptibility to:
- Scams
- Theft; or
- Hacking
Non-custodial wallets are considered a safer alternative because you are solely responsible for your keys and digital assets.
You are in complete control of your crypto, like cash in your hand –– your funds, your keys, your rules.
Only Supports EVM Compatible Blockchains
Most NFTs are powered by the Ethereum blockchain, which also supports:
- Its own Ether (ETH) cryptocurrency;
- Other cryptocurrencies; and
- A wide range of dApps
That’s because the Ethereum Virtual Machine (EVM) defines the rules for smart contracts on the blockchain, set a token standard rule for NFTs establishing the token as unique.
Many wallets may boast a feature called cross-chain compatibility that allows you to interact with NFTs across various blockchains.
But thanks to the Ethereum token standard, Ethereum has effectively become home to NFTs, so you’re less likely to need a wallet that supports more than EVM compatible blockchains.
Creating a Wallet to Buy NFTs: A Step-By-Step Guide
Choosing the best wallet to buy NFTs can be overwhelming, even with our list of must-have features.
That’s why we’ve provided this step-by-step guide to creating a wallet with MetaMask.
With over 21 million monthly active users, MetaMask is the most popular non-custodial, web3 enabled wallet that allows you to …
- Send
- Receive; and
- Store
… your ETH coins and EVM-based NFTs with complete ownership of your private keys.
MetaMask can be used as a browser extension or as an app for iOS and Android.
With MetaMask, you can access your wallet anywhere, anytime, without permission from a centralized third party.
Its user-friendly, open-source interface supports trading on other custom chains and can connect to most decentralized apps today thanks to its popularity and large development community.
Follow these four easy steps and you’ll be on your way to creating your digital dynasty in no time.
Step 1: Download the Web3 Wallet Application
Head to the MetaMask website.
- Click the blue “download” button at the top right-hand corner of the menu or the blue “download now” button in the middle of the page.
- Choose your browser or phone app, and then click “Install MetaMask”. Compatible browsers are:
- Microsoft Chrome
- Mozilla Firefox
- Microsoft Edge; and
- Brave
- If you’re downloading from the Chrome web store, click “Add to Chrome”.
- Click “Add extension” in the Chrome pop-up.
- Now MetaMask has been added to your Chrome browser and a new tab should open up in your browser. Click on the puzzle icon in the top-left-hand corner of the page to pin the extension in your Chrome browser.
- Click “Get Started” or find the MetaMask wallet in your stored browser extensions at any time.
Step 2: Create a Crypto Wallet
Now that you’ve downloaded the MetaMask application, you have two options:
- Create a new wallet; or
- Import an existing wallet using a secret recovery phrase
- Choose whether you want to opt-in or not to MetaMask gathering your usage data to improve user experience.
- Enter a strong password with at least eight characters and click “Create.” Remember, since this is a non-custodial wallet, you are solely responsible for maintaining access to your account so create an air-tight password and store it in a safe place.
- Watch the video about securing your wallet and then click “Next”.
- Click the lock button to reveal your secret recovery phrase and then click “Next.” Again, keep this secret recovery phrase someplace safe that only you can access.
- Confirm your secret recovery phrase by clicking on each phrase in the order shown to you on the previous screen. Once you’ve selected all 12 phrases in the correct order, click the blue “Confirm” button.
- Once you see the “Congratulations” page click the button that says “All Done.” And you’ve officially created your MetaMask wallet.
Step 3: Connect Your Wallet to an NFT Marketplace
Your NFT wallet should be compatible with the marketplace you want to …
- Mint
- Buy; or
- Sell
… NFTs on, otherwise you won’t be able to make any transactions.
Once you’ve set up your wallet, you can connect it to an NFT marketplace.
If you want to connect your MetaMask wallet to OpenSea, a popular NFT Marketplace go to OpenSea’s website:
- Click on the profile icon at the top right.
- Select MetaMask from the wallet list.
- Click “Next” to link your MetaMask wallet to OpenSea.
- Add your details.
You can change parts of your OpenSea profile at any time.
Step 4: Fund Your Wallet With Ethereum
The easiest way to buy ETH in MetaMask is by clicking the ‘Buy” button and using your fiat money. From here, you will be directed to partner companies that allow you to purchase using a debit card.
Another option to buy ETH is through a centralized exchange like:
- Coinbase
- Gemini
- Kraken; and
- Binance
These options may have lower fees along with insurance and high security, to keep your funds safe.
Once you’ve purchased ETH through an exchange, you will need to choose the option that allows you to …
- Send
- Transfer; or
- Withdraw
… your ETH from the exchange to your MetaMask public wallet address.
And voila –– you are now ready to start minting NFTs.
Create Your Crypto Wallet with ZenSportsia — Brought to You By ZenSports
Name a more iconic duo than sports and gaming.
We couldn’t either.
That’s why the ZenSports and ZenSportsia teams have united to commemorate the ZenSportsia NFT drop with a special 10-part webinar series of in-depth discussions and demos aimed at breaking down everything you need to know about NFTs, including:
- What is an NFT
- How and where to mint NFTs
- Trading NF’s on marketplaces; and
- Current use cases for NFTs
ZenSportsia is a new metaverse for athletes in a future world that are …
- Stronger
- Faster; and
- Smarter
… than today’s athletes.
Our futuristic ZenSportsian NFTs allow users to earn benefits in sports and gaming by becoming part of the metaverse community.
Create your crypto wallet with ZenSportsia to cash in on many advantages like:
- A monthly prize drawing for luxurious in-person sporting events
- Esports tournament benefits, including reduced entry fees and special rules
- Championship Series of annual esports tournaments with significant prize money
- Discount fees and increased rewards across the ZenSports betting app;
- And more
Check out the full web series brought to you by ZenSportsia and ZenSports for step-by-step guidance and tune in live to the Q&A to ask our community pros your questions.
