Hey guys, I’m back with an interesting guide this time for beginners explaining how to set up Binance Smart Chain Service on Metamask and get started with the WazirX NFT platform. This article is for beginners & I’ve explained the very basics of getting started.
Before we get started, I would like you all to go through this video in Hindi, which I’ve made on the same topic. It’s easy to understand and a walkthrough for the same thing.
Before we get started, let’s understand what exactly is an NFT 🙂
NFT’s stand for Non-Fungible Tokens.
That doesn’t make it clear right?
Non-Fungible the word means more or less unique. If you take the example of a US Dollar, it’s Fungible in the sense that you can have a $100 paper bill or ten bills of $10 each. Both of these will have some value but in the case of an NFT, it’s not the case. To understand it even better, take the case of a unique trading card that is only one of a kind, and there are no more like that piece.
How do NFT’s Work?
In most cases, NFT’s generally is a part of Ethereum Blockchain but slowly things are shifting towards Binance Chain partly because of high gas fees & transaction speed in Ethereum Blockchain during peak times. Unlike tokens like Ethereum or BNB, NFT’s are slightly different in the manner of how they work. They store more information in the form of artworks, drawings, music, tweets, etc, but according to me, the real hype lies in the fact how the distribution of NFT’s come into play by deploying blockchain technology.
You might wonder what is so special in NFT’s? Well, there can be two perspectives to elaborate on this. If I look from a Creator’s perspective, what he/she is selling is a digital form of art. The process and effort which goes on while making digital artworks is a long time taking process & the price might be justified in that sense.
If you’re a buyer, NFT’s aren’t really meant for trading but rather it’s a form of art. Traditionally if you look at the history of storing them, once people buy some art, it usually stays with the family for a long period of time. Hence, if you’re a trader NFT’s aren’t really your business, but rather if you’re looking for collectibles, you should definitely look into them.
How to buy NFT’s?
Okay, you might wonder enough of explanation on what NFT’s are. Now let’s discuss how you can buy an NFT & what things you need to set up before getting started !
Install Metamask on your Browser
To do this step, you’ll need to have Google Chrome browser installed on your PC/Mac. After making sure you have that, you should follow the steps below.
- Head over to Chrome Web Store.
- Search for Metamask or Click Here
- Add the extension to Google Chrome
After this initial step, you’ve successfully installed Metamask Extension for Google Chrome. You can also download & install the Metamask Application for Android or iOS from Play Store or App Store & set up an account with wallet ID for the same.
To be noted, while setting up an account is pretty straightforward, you’ll be shown certain words in a particular sequence. Note them down on a piece of paper as that is the seed phrase or password to access your wallet. If you loose the seed phrase, you won’t be able to access your funds or NFT’s ever !
Congrats if you’ve made it this far !
Now, come’s the tricky part. I assure you that it’s easy just hold on with me and it will be done in a minute or two. If you are facing any issue so far, please feel free to reach out to me on Twitter/Instagram/Telegram. I’ll be more than happy to help you out.
Now let’s Integrate BSC Network to Metamask !
- Now, head over to Metamask & click on Custom RPC button shown below.
- Fill in the details exactly the way you see them in the Image below and click on Save !
Congrats ! You’re done setting up BSC on your Metamask Wallet.
Last but not the least, let’s talk on how to buy/sell nft’s from WazirX NFT Platform ?
Hey, now that you’re a pro, you can straight away head over to Binance & transfer funds onto your wallet to get started. Copy your Wallet Address by clicking on top of Metamask, & transfer funds from your Binance Wallet to Metamask.
Note: Don’t send funds to anywhere else or on a different network, it will be lost forever. Sending funds to a Contract Address will burn your tokens & it will be lost permanently. Please consult with me or any expert before transferring funds to your wallet if you have doubts. Don’t be careless please !
- Transferring Funds on BEP-20 network from Binance to Metamask Wallet (Watch This)
Now that you’ve done and added funds to your wallet, you can now go ahead and start your NFT ride. We’ll make more in-depth articles on the same. Stay Tuned!