NFT 101: How to guide

Step 1: Selecting Crypto Exchange
Research and select a crypto exchange. This is where you will convert your fiat currency into crypto (Ethereum for example), which will be used for transactions on the blockchain.
List of Exchanges
Step 2: Buying Crypto Currency
Once you select your exchange, create an account. This sometimes requires a couple days to verify and process your account. Once verified, select the crypto currency you want to purchase (Ethereum in this case). Select the amount you want, and purchase using your bank account.
Coinbase Link
Step 3: Crypto Wallet
Now that you own crypto currency, you need a crypto wallet to store your "coin". There are many different wallets, so research the type you want to use. MetaMask will be used in this example. This wallet has a browser plugin as well as a phone application, which makes transactions simple. Download your wallet at the associated site.
MetaMask Link
Step 4: Wallet Information
First and foremost - NEVER give anyone your wallet login, password, or secret recovery phrase. Never! Never! Never! At the top of your wallet, it will list the "Mainnet" that you are selected to. This could be "Ethereum Mainnet", "Polygon Mainnet", etc. Depending on what chain the NFT you are purchasing is managed on, you may need to change this. For this example, we are using the "Ethereum Mainnet". Below the Mainnet, lists your account number (a long address), which is unique to you, and will be the address you use to transfer crypto to.
Ethereum Mainnet Info
Step 6: NFT Markets
Opensea is an NFT trading marketplace based on the Ethereum network. There are multiple different marketplaces emerging, but as of now, Opensea is the largest. NFTs are listed either for "Buy Now" or for "Auction". The next slide will discuss purchasing "Buy Now" NFTs.
Step 7: Gas Fees*
Gas Fees refer to the transactional fee required to execute each function on the blockchain. These "fees" vary wildly, depending on many factors such as traffic on the blockchain (how many transactions are occurring at that moment). So you should monitor gas prices, and be selective on when you choose to purchase your NFT, as you could save a lot of money.
Gas Fees Explained
Step 8: Buy Now on Opensea
When you find an NFT that you want to purchase, you press the "Buy Now" button. As long as you have the necessary Ethereum in your wallet, a "Confirm Checkout" buttom will illuminate. You select this, and it will activate a connection to your MetaMask wallet browser plugin. Here is where you will preview your purchase (it has not gone through yet). You will review the purchase price + Gas Fee range = Total Cost. If you accept this through your MetaMask, the transaction will process (takes anywhere from a few seconds to a minute). You will now own the NFT, and it will show up on your OpenSea Profile, under the "Collected" tab.
Step 9: Auction on Opensea
Another method that NFTs are sold, is through an Auction. With an Auction, you are required to convert your Ethereum into Wrapped Ethereum (WETH) through your MetaMask wallet or even through OpenSea when you click on the "Place Bid" button. Once you have WETH in your wallet, you can place a bid on the NFT. When placing a bid, you will select a timeframe your bid is active, and you can select a price you are willing to pay. The seller has the option to accept this offer up until your expiration date/time. If they accept it, you will see the NFT in your OpenSea account. This allows an NFT to possibly sell higher, if a bidding war exists.
Step 10: Minting an NFT
When an NFT is initially generated, it is considered Minted. This can be done by the creators and uploaded directly into OpenSea and then Sold, or as many project do, allow the community to mint the project. By minting, you are the initial owner of that NFT. You will not be able to select the specific NFT you want, but do have the possibility of generating a rare NFT at a cheaper than market price. Think of it as opening a new pack of collectible cards (baseball, basketball, football, pokemon, etc.).
Minting 101
NFT101: How to guide