How to buy NFTs on Melon
How to buy NFTs on Melon:
1. Create your wallet
We recommend using MetaMask.
Follow the instructions to get set up on either mobile or by downloading the browser extension. All crypto wallets require a "seed phrase" -- a series of random words that serve as the keys to your wallet. This seed is critical to management of your wallet so be sure to COPY THE SEED PHRASE and STORE IT SOMEWHERE SAFE. Never share your seed phrase with anyone, on or offline!
2. Buy Ether (ETH)
This can be done in a variety of ways for those completely new to the crypto world. The two that we recommend are as follows:
Buy Directly in MetaMask
Buy directly in your MetaMask wallet by clicking on on ETH in the list of Assets and following links to buy ETH using Wyre or Transak. This will be the fastest/simplest method but will include convenience fees.
Buy on an Exchange
If you don't alreadySet up an account with one of the major exchanges noted below:
U.S. Based: Binance.us / Coinbase / FTX.us / Gate.io / Kraken
Non-U.S. Based: Binance / Bitfinex / FTX / Gate.io / Huobi / OKEx
Follow the instructions to connect your bank account and transfer funds into your wallet on the exchange. Note that it may take a few days for funds to arrive on the exchange upon initial setup.
On the exchange, execute a trade to purchase Ether (“ETH”). This is the native currency for the Ethereum network that is used for purchasing most NFTs.
Transfer ETH from the exchange to your wallet by finding your wallet address in MetaMask and click on the account in order to “Copy to clipboard” as shown below.
Use this address to send/withdraw ETH from the exchange to your MetaMask wallet. Note that it may take up to ~10 minutes for your deposit to appear in your wallet.
3. Connect MetaMask to the Polygon Network
First of all, what is Polygon? It is an Ethereum scaling solution that serves to reduce the cost of gas fees which can be quite expensive on Ethereum mainnet depending on how busy the network is. If you're curious to learn more, click here but if not, feel free to continue with the instructions below.
Using the Chainlist directory, search for Polygon Mainnet then click “Connect Wallet” followed by “Add To Metamask” as pictured below.
4. Import Wrapped ETH Token in MetaMask
Within MetaMask, toggle to the Polygon network using the dropdown menu.
Add the Wrapped ETH token (“WETH”) to the list of tokens in your wallet. WETH is what ETH is called when it’s held on the Polygon Network. If you’d like to learn more, check out this link.
Add tokens by scrolling to the bottom of the “Assets” list and clicking “import tokens.”
From there, you’ll need to search manually by Token Contract Address. This can be found by searching for “Wrapped Ether” on Polygonscan. Locate and copy the contract address for Wrapped ETH (pictured below).
Use that address to search for and Import Custom Token in MetaMask. This will enable any balance to be displayed for that token.
Once completed, it should look like this:
5. Bridge ETH to Polygon
Use the Polygon Bridge to deposit ETH from the Ethereum chain to the Polygon chain.
Note that this transaction can also take several minutes to complete.
Bridging represents a transaction on the Ethereum mainnet and therefore requires payment of a gas fees. Tip: gas fees tend to fluctuate quite a bit; if they are too high, you may want to monitor/retry your transaction periodically as gas fees are changing constantly.
Once complete, toggle in MetaMask to the Polygon network and WETH balance should appear.
At this point you should be good to hop over to the Melon app, connect your wallet, and start bidding on NFTs!
6. Make a bid
Now that you have some ETH in your wallet, browse the collection of NFTs on the market and snap up the ones you want.
Some NFTs will be up for auction, and you can place bids or offers on those. Others are up for immediate sale and you can buy them right away.
Buy an NFT on auction
Once you click on the NFT, you will see the sale details: when it ends and what the current top bid is. Below it, you can see all the bids placed.
You can either place a bid, or place an offer.
A bid is a regular auction: the highest bid above the reserve price set by the creator wins the auction.
An offer is any price above the reserve price a user can put forward for the NFT.
Buy an NFT for immediate sale
Click on your chosen NFT. Check the asking price and make sure you have enough of the required cryptocurrency to proceed.
Then simply click "Buy". It's yours!
Where is my NFT?
Your NFT will sit inside your collection page.
Head over to your profile by clicking on your username in the top right corner of any page. Your username will default to your wallet address, until you update it (see "Edit profile").
This will show your NFT collection. Click on "Collected" to see the NFTs you purchased. Feel free to share the link to your very own collection on your socials!
What do I own when I buy an NFT?
When someone buys an NFT from a creator, they obtain ownership of the digital representation of the content.
An NFT is a digital certificate of ownership that represents the purchase of digital goods. The ownership is verifiable on the blockchain, along with all other details such as when it was bought, which are included in the asset's metadata.
When you purchase an NFT on Melon, you get to own the certificate of ownership behind your favorite creators' top social moments.
Unless stated otherwise, the NFT holder does not have any rights to the underlying content, such as copyrights and Intellectual Property. This means they cannot use the NFT in commercial ways, for instance to create derivative products from the content or monetize the creator's name in any other manner.
What can I do with my NFT?
Once you’ve purchased your NFT, you can...
1) Claim rewards attached to it (if applicable)
Enjoy exclusive rewards from your favorite creators.
N.B: once the NFT's reward has been claimed, it can no longer be used.
2) Hold your NFT as a collectible asset
You can simply grow your own collection of rare viral NFTs, and show it off on your social profiles.
Because the data behind the NFT lives on the blockchain, it cannot be forged. Anyone can check the authenticity and transaction history of any NFT.
This gives you absolute bragging rights to iconic moments - pretty cool, right?
Plus, the NFTs you collect could appreciate in value over time.
3) Sell it to another user and make a profit
A number of factors could impact the value of the NFTs you own:
The demand for NFTs continues to rise.
The reputation of the influencer you purchased the NFT from goes through the roof.
A recent event in the creator's career makes them rise in popularity, driving demand for their content in NFT form.
This then enables you to re-sell the asset for a higher price and take profits.
My NFT includes a reward. How do I claim it?
When you buy an NFT with a reward, you'll be issued a unique code to redeem it.
Simply email this code to [email protected] and we'll connect you with the creator to unlock your reward.
Can I get a refund on the NFT I’ve purchased?
Since all purchases are recorded on a blockchain, the permanent and non-alterable ledger, NFTs cannot be refunded.