A Step-by-Step Guide to Funding a Wallet to Buy NFTs Using MetaMask
Purchasing non-fungible tokens (NFTs) isn’t as simple as pulling out your wallet and making a quick payment.
As NFTs continue to become hot on the market, especially in esports and gaming, you want to be sure you understand everything about crypto wallets to successfully buy NFTs.
But in order to buy NFT’s, you first have to fund a crypto wallet. Sounds simple, right? We’ll walk you through it.
Keep reading to learn how to fund a wallet to buy NFTs in four fool-proof steps.
Table of Contents
What Is a Cryptocurrency Wallet?
Similar to your wallet that holds your money and credit cards, cryptocurrency wallets store your cryptocurrency and allow you to make crypto transfers and interact with the balances held on the blockchain.
Crypto wallets typically fall under two categories: hardware wallets and software wallets.
Hardware wallets are usually:
- Web-based interfaces
- Company-created apps; or
- Separate software wallets
Software wallets are usually:
- Web-based (like MetaMask)
- Desktop wallets; or
- Mobile wallets
Why Do You Need a Crypto Wallet to Buy NFTs?
Crypto wallets don’t actually hold your crypto assets.
Think about your debit card, for example. It isn’t actual money. Instead, your debit card acts as a key to your money. Similarly, a crypto wallet provides a way to the blockchain where your cryptocurrency is located.
A crypto wallet is your gateway to the blockchain that gives you access to your funds to purchase NFTs.
4 Steps to Funding a Wallet to Buy NFTs
Step 1: Create a MetaMask Wallet
First things first, you need a wallet. Head to the MetaMask website to download the application and create your wallet.
Remember to keep your 12-word recovery phrase safe because there is no way to recover your funds if you lose your wallet.
Step 2: Turn Your Cash Into Ethereum
NFTs must be purchased with cryptocurrency, which you need to purchase first. Here’s how:
- Send cash from your bank to an on-ramp.
- Send cryptos to MetaMask.
- Connect to a marketplace to buy NFTs.
What Is an On-Ramp?
An on-ramp is a third-party centralized entity that converts real money into digital assets. They are regulated by the government and allow users to bring their money into the crypto space. This is different from the MetaMask wallet, which is decentralized and non-custodial.
Different government-regulated companies operate crypto on-ramps, such as:
- Kraken
- Coinbase
- FTX
- Binance
To start an account with an on-ramp, they require a KYC (Know Your Customer) which verifies the user’s identity. Gathering all of their pertinent information helps to ensure there is no nefarious activity.
Once you create an account, you can begin funding a wallet to buy NFTs.
How to Add Funds to a Crypto Wallet Via On-Ramps
You can add funds to your crypto-wallet via on-ramps through:
- Wire transfer
- Debit card
- Credit card; or
- ACH
Each on-ramp has different stipulations that apply in terms of:
- How quickly you receive funds
- Withdrawal holds timeframes; and
- Maximum withdrawal amounts
Kraken
With Kraken, you can add funds through:
- Wire transfer – receive funds the same day with no withdrawal holds
- ACH – 3-day hold with the first deposit, receive instantly for following deposits
Kraken does not allow for debit or credit card use in the USA.
Coinbase
Adding funds with Coinbase:
- Wire transfer – 1-3 days to receive funds, no withdrawal hold
- Debit card – Receive funds in minutes for the USA; international depends on the bank
- Credit card – Receive funds in minutes for the USA; international depends on the bank
- ACH – Instant credit, 3-5 business day withdrawal hold
H5: FTX
Using FTX to add funds:
- Wire transfer – Receive funds same business day, no withdrawal holds
- Debit card – Instant credit, 7 business day withdrawal hold
- Credit card – Instant credit, 7 business day withdrawal hold
- ACH – Instant credit, 10 business day withdrawal hold
Binance
You can add funds with Binance through:
- Wire transfer – Receive funds same day, no withdrawal hold
- Debit card – Instant credit, 24-hour withdrawal hold
- Credit card – Instant credit, 24-hour withdrawal hold
- ACH – Instant credit, 10-day withdrawal hold
MetaMask
MetaMask does not allow wire transfers, but you can add funds in the following ways:
- Debit card – Receive funds instantly, limited to $500/week
- Credit card – Receive funds instantly, limited to $500/week
- ACH – Receive funds in up to 5 business days
How to Send Crypto From On-Ramp to MetaMask
Once you’ve successfully secured crypto, you need to send it from the on-ramp to your crypto wallet of choice.
Follow along to learn how to send crypto from an on-ramp to MetaMask.
Most NFTs are built on the Ethereum blockchain, so to purchase NFTs, you’ll need to buy Ethereum crypto.
If you’re purchasing NFTs not built on the Ethereum blockchain, you’d need to purchase the cryptocurrency specific to those marketplaces/NFTs.
- Go to your wallet and select Ethereum assets to withdraw.
- Choose the amount you want to withdraw and be sure you’re on the ERC20 network to ensure it correctly makes its way into your wallet.
- Copy and paste your MetaMask wallet address from your MetaMask account into the ‘recipient address’.
- Preview the withdrawal.
- Confirm the withdrawal through required verifications.
- Locate your funds in your MetaMask wallet.
How to Fund a Crypto Wallet Directly in MetaMask
You can also easily add money to a crypto wallet directly in MetaMask. This option limits the amount that you can fund, but it is received instantly.
Here’s how it works:
- Open MetaMask wallet and click ‘Buy’.
- Choose a card processing company.
- Enter card information to directly fund your wallet.
Step 3: Sync Your Wallet at OpenSea or Another Marketplace
Now that your wallet is full of crypto, you can sync your wallet to your marketplace(s) of choice to begin purchasing NFTs.
Are you a lover of all things Esports? ZenSportsia is a metaverse for future athletes with a collection of NFTs that’ll up your game and earn you benefits in the sports and gaming world.
By syncing your MetaMask wallet with ZenSportsia, you can quickly and easily purchase NFTs at your convenience.
Step 4: Buy or Bid on NFTs at ZenSportsia
ZenSportsia has created futuristic NFTs as a way for users to earn benefits in sports and gaming. The athletes of the future are stronger, faster, and smarter than the athletes we know of today.
Imagine legs the size of tree trunks and the stamina to run a marathon and play a football game on the same day.
At ZenSportsia, you can become a part of the future of esports and gaming by bidding on or buying NFTs today.
What Is ZenSportsia?
Nearly all of the funding in ZenSports uses cryptocurrencies, which has influenced the launch of our own marketplace to represent our commitment to decentralization and the movement of money.
ZenSportsia, created by ZenSports, allows users to become a part of the future of esports and gaming with our futuristic NFTs.
Fund your crypto wallet and start buying NFTs with ZenSportsia.
