At this point, we assume you’re acquainted with the basics of NFTs, and in-game assets as digital collectibles.
Before proceeding to buy your first NFT, you need to have $BEAM tokens on the Beam network. Also, you should know what a floor price is on Sphere.
What is a floor price?
The floor price is the lowest price paid for an NFT within a collection, not the average price.
How is a floor price calculated?
In a nutshell, the floor price is the lowest price at which an NFT from a collection can be obtained. This is determined by the lowest current listed price for an NFT from a collection. As a result of this listing, all other NFTs within the collection are labeled with the same floor price.
For example, if someone in the Bored Ape Yacht Club were to list their NFT for 39 ETH and it was the lowest price of all Bored Apes on the market, that would be the new floor price for the project.
It's important to understand that this does not mean that each NFT is worth that same floor price. As each NFT within a collection is unique each can be valued differently when compared to one another depending on the rarity and desirability of their traits. Read more about Rarity here.
How do I buy a listed NFT?
Do you want to buy an NFT with a fixed price on the Sphere Marketplace, but you don't know where to start? Follow along and we'll guide you from start to finish!
Buying an NFT with a fixed price
The seller of an NFT can list their NFT for a fixed price or in an auction. In this article, we'll cover the steps you need to perform to buy an NFT that is listed for a fixed price.
Step 1: Connect your wallet
Like other Web3 platforms, you'll need to connect your wallet first. When the website loads, it will prompt you to connect your MetaMask wallet. MetaMask will ask you to authorize the connection. Once you do, your wallet is connected, and you may proceed.
Step 2: Pick the NFT you wish to buy
Now that you have connected your wallet, it’s time to find the NFT you wish to buy. This can be done through the search function or by browsing available collections.
Once you have found your preferred NFT, you can buy the NFT by hovering over the particular NFT and clicking the button that says “Buy now”.
Step 3: Complete your checkout
Upon hitting the buy now button, you will see a Checkout prompt with the total for purchasing the NFT, excluding gas fees.
Step 4: Confirm the transaction in MetaMask
MetaMask will prompt you to accept or decline the transaction. You have to accept the transaction to complete your purchase. Ensure that you have enough $BEAM in your wallet to support the transaction for both the NFT purchase and gas.
Step 5: Wait for confirmation
The NFT will take time to transfer ownership on the blockchain. Since the transfer may take some time, you'll have to be patient. The transfer will only be complete when the transaction has finished processing.
When the transaction and transfer succeed, you'll be greeted with a confirmation screen. Congrats! You have just made your first NFT purchase on Sphere.