After the world cryptocurrency craze, investors and enthusiasts are now fond of Non-Fungible Tokens. The first NFT was minted in 2014, although it got under the limelight only in 2021.
It practically happened at the same time as the debut of the Bored Ape Yacht Club, a collection of 10,000 NFTs featuring cartoon apes that have come to represent the entire industry. The past year has seen BAYC become a barometer for NFTs, similar to BTC in the crypto market.
What are Bored Ape Yacht Club NFTs?
BAYC is a collective of 10,000 unique bored Apes – one-of-a-kind digital collectables stored and transacted on the Ethereum network. It was developed by Yuga Labs, a business based in Virginia. When the project was launched in April 2021, each token was valued at $185.
How to buy Bored Ape Yacht Club NFT?
Here are five easy steps to follow to buy Bored Ape Yacht Club NFT:
Step 1: Use MetaMask to create a Web 3 wallet
Any digital asset can be stored in a digital wallet known as a Web 3 wallet. Individuals can use MetaMask to create a web 3 wallet by following the below steps:
- Download MetaMask on your web browser or as a mobile app.
- Install the application and select the extension icon to ‘get started’.
- Follow the app/browser steps to set up an account and choose ‘Create Wallet’ from the given steps.
- A unique wallet address will be generated with a seed phrase (call it a backup master key in case of emergencies) that must be memorized or noted safely and stored.
- Set a secure password for your wallet and select words to confirm the seed phrase.
Note: You can alternatively use other platforms like Binance, Gemini or Coinbase to create a web 3 wallet.
Step 2: Create a cryptocurrency trading account using Binance
Any NFT is purchased using cryptocurrencies. In the case of BAYC, you must owe equal amounts of Ethereum cryptocurrency. You can buy crypto using cryptocurrency exchange available in your local region. Here are steps to set up an account and purchase crypto using Binance:
- Download the Binance app and signup to create an account.
- Complete the profile verification process and add a bank account to link it with your Binance profile to buy crypto in your local currency.
- After transferring the funds, go to the marketplace and select the ‘ETH/USD’ pair to buy ETH (Ethereum) using USD.
Note: Buy enough amounts of Eth equal to the amount of BAYC you wish to purchase + any gas fees required on the Ethereum blockchain.
You can visit etherscan.io to estimate your gas fee.
Step 3: Transfer ETH to your MetaMask Wallet
As your final transaction to buy BAYC NFT will be done using your metamask wallet, you are now required to transfer Ethereum to the wallet. You can do so by following a few simple steps:
- Open your Binance account and select ‘Withdraw’ from the available options.
- Select the coin/cryptocurrency you wish to withdraw; in this case, select ETH.
- You will be prompted to enter the wallet address to which you wish to transfer your Ethereum to. Here, enter your unique MetaMask web 3 wallet address.
- Proceed with the withdrawal process and wait for it to reflect in your wallet.
Step 4: Create an account on Opensea and connect your MetaMask wallet
Opensea is an NFT marketplace where you can buy and sell NFTs. Once your download and signup on Opensea, you can link your wallet in a few simple steps.
- Choose [My Profile] from the website’s drop-down menu of the [My Account] option.
- Select the ‘sign in’ option beside the MetaMask icon to activate the browser extension.
- Sign in to your MetaMask wallet (if prompted) and select [Connect] to link your web 3 wallet.
Step 5: Buy BAYC NFT
On your Opensea account, search for BAYC NFT and apply filters to look for the specific kind of Apes you’re willing to buy. Place a bid or buy from the available Apes using Ethereum from your MetaMask wallet.
Note: Ensure a blue tickmark is present on the left of the NFT’s name, assuring its verification.
Lastly, you will need to verify the transaction on MetaMask by approving it and permitting the system to proceed with the transaction by paying ETH and applicable gas fees to buy BAYC NFT.
Doing thorough research and executing a strategic purchase when buying any digital asset is advisable. Further, now that you’ve purchased your BAYC NFT, you want to store it in a more secure place. Although MetaMask takes steps to assure the safety of your wallet, it is best to keep your NFT on a hard wallet to avoid any compromises.