We completely understand that the NFT space can seem scary and impossible to navigate.That’s why we have decided to create a how to guide for our Red T Community to make it as easy as possible to become part of the NFT world!
Below, you’ll find the 5 steps you will need to take.
First things first you will need to set up a crypto wallet to purchase an NFT. This allows you to interact with blockchain applications such as Opensea where our NFTs are listed. A wallet also allows you to send and receive NFTs and cryptocurrency.
What wallet should I get?
There are many wallets out there but we recommend setting up a MetaMask wallet as we find it to be the most universally compatible to most Web3 applications and works on both IOS and Android.
Other popular wallets compatible with Opensea include Coinbase, TrustWallet and Torus.
How to install MetaMask?
1. Go to the MetaMask download page and install: https://metamask.io/download/
(Mobile) install mobile app
(Desktop) Install the Chrome or Firefox extension. For Chrome, once you install, pin the MetaMask by clicking the puzzle piece icon on top of the browser bar, then clicking the pin. This will allow the MetaMask icon to show permanently on your browser bar.
We recommend setting up via a PC or Mac even if you are going to use MetaMask on your mobile device.
2. Set up MetaMask
Once installed, follow the instructions to set up a new wallet. If it’s your first time setting up a software wallet, click the “Create a Wallet” option. If you have an existing software wallet and you would like to transition over to MetaMask, select “Import wallet”.
When MetaMask reveals your Seed Recovery Phrase, DO NOT FORGET to write it down somewhere secure. No one, even MetaMask can help you if you lose your Seed Recovery Phrase. So please make sure you store it well where no one else can find it.
What is a Seed Recovery Phrase?
It’s used to generate a private key which can sign transactions associated with a cryptocurrency address when you interact with blockchain applications. This will prove that the transaction is approved by you. An example of a Seed Recovery Phrase follows:
Ideally write it down on a piece of paper and store it in a physical location (not on your computer) and never lose it.
The two most common ways to add a token to your MetaMask wallet are by either A) sending it from an exchange (Coinbase, Binance, Gemini, etc.), or B) purchasing ETH directly through Wyre, MetaMask’s default payment interface.
We will walk you through how to buy ETH on Coinbase, but the process is similar on most major exchanges.
Set up a Coinbase account
Click Buy/Sell, click Buy and choose Ethereum
How much should I buy?
If you are planning on buying just one NFT, the best amount to buy is the price of the NFTs + the estimated has price, with a little margin for error. As our NFTs are minted on the polygon blockchain once you have purchased ETH it will been to be bridged to Polygon which requires a gas fee (i.e. a transaction fee).
What is gas?
Gas is the fee you need to pay in order to make a transaction on the Ethereum blockchain. Similar to gasoline in a car, if you want to drive from London to Edinburgh, you will need to buy gasoline to get you there. Same goes for the Ethereum blockchain— in order to make a transaction (such as bridging ETH to Polygon ETH to buy an NFT), you will consume computing resources on the blockchain, and buyers need to pay miners to consume these computing resources.
How much does gas cost?
To continue with the car analogy, just like gasoline the prices on Ethereum fluctuate based on demand and supply.
Gas prices fluctuate a lot even minute to minute so we recommend buying the price of the NFT + 0.025 ETH just incase. Don’t worry— if the gas isn’t as high as this, you will keep the ETH you don’t spend.
Buy ETH continued
Once the transaction is complete Ethereum will show up in your assets below:
Now you have some ETH you are ready to purchase an NFT!
An important side note — if you have a new Coinbase account, it may not allow you to withdraw ETH to buy the NFT for up to 7 days, while it confirms that the ACH transfer from your bank account has fully cleared.
You can get around this by purchasing with a credit card or debit card on other exchanges like crypto.com or even on Opensea’s platform, although the fees will be higher.
1. First things first, you will need you wallet address. In order to retrieve this, click the Metamask icon in your browser and click “Account 1”. This will copy your address.
2. Go to Coinbase and click “Send/Receive” at the top of the page. The default option is Bitcoin so make sure to change that to Ethereum
3. Enter the amount you want to send
4. Paste your wallet address in the “To” column
Make sure that the correct currency is selected and the address is correct before proceeding with the transfer.
Red T’s NFTs are on the Polygon Blockchain
Bridging ETH onto Polygon
Buying an NFT on Polygon requires using Polygon ETH. In order to spend your Ethereum currencies on Polygon, you must first “bridge” them across to Polygon
1. Go to Opensea and select the wallet icon, located at the top-right of the website
2. Click on the three circles to the right of your ETH
3. Click “Bridge to Polygon”
4. Enter how much ETH you would like to bridge to Polygon and click “Convert tokens”
5. You will be prompted to sign a transaction on your crypto wallet.
6. If you’re happy with the transaction click “Confirm” to sign and you will see a confirmation
7. The bridging process takes approximately 7 minutes. Once it’s successful, you’ll see a purple ETH icon with represents your bridged ETH on Polygon.
Now you’ve bridged your ETH you can buy your first Red T NFT!
Congratulations you’ve just purchased your first NFT on Polygon!