How to buy Non-Fungible Tokens (NFTs) on LastKnown.com

Owned by Fred James (Unlicensed)
Last updated: Jan 06, 2022
4 min read

The LastKnown marketplace sells NFTs with the Ethereum Token (ETH) using a Metamask Wallet.

Ethereum is an open-source blockchain platform that is powered by its own cryptocurrency – Ether, one of the currencies we use on LastKnown. Many of the NFTs on our platform can be purchased with ETH. When purchasing an NFT with ETH, artists get paid in it, too.

MetaMask is a digital wallet that is preconfigured for Ethereum, but can be used with other blockchains as well. It’s connected to your web browser as an extension where you can hold and spend ETH. You’ll need to connect your wallet to LastKnown in order to participate in the marketplace.

Follow these steps below to get started:

1. Sign up for an exchange

We encourage you to find a reputable crypto exchange, like Coinbase, Crypto.com, Kraken, Newton (Canada), and Binance  which will offer a way to buy crypto with cash. Please sign up and go through the required KYC identification verification. The following information may be required in order to do so:

  • Full, legal name

  • Date of birth

  • Email addresses

  • Phone number

  • Address

  • A copy of a utility bill sent to that address

  • Social security number

  • Driver’s license, passport, or other government-issued ID

  • A selfie of you holding that government ID

  • Some exchanges may even ask you about the nature of your interest in cryptocurrency.

You also might have to set up two-factor identification and use the Google Authenticator or Authy mobile apps to get everything to work. This is typical and good practice.

 

2. Acquire Ethereum

Once you have signed up for an exchange there should be multiple ways to deposit fiat money (like dollars) on to the exchange and trade it for Ethereum (ETH token).

Buying with a credit card may incur additional fees, depending on which third-party provider you use. You may also not receive the entire crypto amount immediately.

 

3. Download

MetaMask is your gateway to purchasing non-fungible tokens (NFTs). MetaMask is one of the most important bridges into the world of digital applications that run on the blockchain, as it lets you store Ether in a secure place. The MetaMask wallet can be installed on Google Chrome, Firefox, or the Brave Browser. It’s also available on iOS and Android.

When setting up MetaMask it is critical that you follow the setup instructions included with MetaMask and backup your recovery phrase somewhere extremely secure. Your recovery phase controls all the funds you have in MetaMask. Never share it with anyone or enter it into any websites. LastKnown will never ask or prompt you for this information.

 

4. Click on your Metamask Account button and copy your address to your clipboard. 

  • Use the copy function. 

 

5. Go back to your exchange and select Withdraw (to crypto wallet) to transfer your ETH to your Metamask Wallet. 

Carefully paste in your address into the address field and the amount you want to transfer. If presented with a network option, make sure you’re using the Ethereum network. Not all platforms will prompt you for the network. This is where you might find out about fees.

The Fees: Anytime you transfer digital assets between addresses on a blockchain you will need to pay what is called gas. These are fees paid to miners who help secure the blockchain network. Gas fees can vary based on a variety of factors like speed and network congestion. You can even pay more fees to buy your NFT faster - if you need to act quickly. Note: Gas fees are not collected or controlled by LastKnown. 

When transferring funds between addresses please make sure to include funds to cover the gas fees. You get to decide the amount you’re willing to pay for this gas fee by selecting (1) gas price, i.e., the cost of each unit of gas and (2) gas limit, i.e., the maximum total gas you’re willing to pay for. 

Select send, withdraw or proceed. 


6. Go back to Metamask and wait for your ETH to transfer over

The transfer could take up to an hour to appear in your MetaMask wallet. Be patient. Generally the time for an Ethereum transaction to complete depends on how much you pay in gas (transaction fees) and how congested the Ethereum network is.

7. Now go back to LastKnown.com and click on Connect Wallet.

8. Find NFTs you’d like to buy

The NFT’s on the LastKnown sell on a schedule. Initial sales for many of these NFTs is called minting. Buyers wait until the minting starts and they can select the number of NFTs they want and click Mint. Buyers don’t know which unique NFT they will get until shortly after their purchase. 

 

9. Mint your NFT

After finding an NFT that is actively minting, select the number of NFTs you’d like to mint and click “Mint”. MetaMask will prompt you to confirm the funds transfer required for the minting process based on the number of NFTs you’ve selected to mint, plus gas fees. Ensure the total amount in MetaMask looks correct and then click “Confirm”. The ETH funds will be deducted from your wallet and your newly minted NFTs will be transferred to your address. 

In the event you’d ever want to sell your NFT - try OpenSea, Foundation, Rarible or many other ETH-based NFT Markets. When you connect your Metamask Wallet at those places, you’ll see all the NFT’s you’ve collected on Ethereum and have the ability to sell and take offers on them. Hang tight, LastKnown will be coming out with a secondary marketplace of its own in the near future.


Happy hunting!