Economy
How to Buy Your First NFT in Nigeria: A Step-by-Step Guide
While the NFT hype from 2021 has passed, the NFT market is still very much active, attracting creators, brands, collectors, and investors who want to capitalize on this new technology.
In this step-by-step guide, we’ll discuss how you can buy your first NFT in Nigeria. For this guide, we’ll walk you through the Magic Eden platform and how you can use it to buy an NFT on Ethereum.
What You Need to Get Started
To buy your first NFT in Nigeria using Magic Eden, you will need three things: an NFT wallet, ETH, and an NFT marketplace.
- A crypto wallet that supports NFTs: A crypto wallet is a software program that stores your digital assets, such as NFTs. For this guide, we’ll demonstrate how to buy your first NFT in Nigeria using the Magic Eden Wallet.
- ETH: Once you have set up your wallet, you will need to buy some ETH tokens if you don’t already have some to buy the NFT and pay for transaction fees.
- NFT marketplace: Last but not least, you will need access to a suitable NFT marketplace, such as Magic Eden, a leading NFT marketplace that supports multiple blockchains.
Step-by-Step Guide to Buying an NFT on Magic Eden
Now that you know what you need, let’s take a look at the step-by-step guide on how you can buy an NFT on the Ethereum blockchain using the Magic Eden platform.
Set Up a Crypto Wallet
When looking to buy NFT, choosing a good crypto wallet is vital. For this guide, we’ll use the Magic Eden Wallet.
Visit MagicEden.io and click the ‘Wallet’ button, then ‘Install on Chrome’ to install the wallet on your browser.
The Magic Eden Wallet is available as a browser extension and mobile app for Android and iOS. For this step-by-step guide, we’ll install the wallet on the Chrome browser.
Next, click the ‘Add to Chrome’ button to install the wallet on your Chrome browser.
Once installed, click ‘Create New Wallet’ and follow the prompts to set up your Magic Eden Wallet. If you already have a Magic Eden Wallet, select the ‘I Have A Wallet’ option.
Next, create a strong password to prevent people from accessing your wallet.
Once you have successfully created and confirmed your password, you will be redirected to the below page.
Click ‘Go to Magic Eden’ to open the Magic Eden marketplace in another tab.
Next, you will need to secure your wallet by backing it up. Click ‘Back Up Now’, enter your password, write down your 12-word seed recovery phrase, and follow the prompts to back up your wallet.
Remember to keep your seed recovery phrase secure as that’s the only way you can recover your wallet and funds in case you lose access to your device.
And that’s it.
That’s how to create and set up your Magic Eden NFT Wallet as a Chrome browser extension.
Buy and Transfer ETH Tokens
With your crypto wallet set up, the next step will be to buy ETH tokens and transfer them to your wallet.
There are various platforms that you can use to buy ETH in Nigeria. Some platforms you can consider include Binance, KuCoin, Remitano, and other local exchanges.
For instance, you can buy ETH on Binance in Nigeria by creating a Binance account, verifying your identity, navigating to the ‘Buy Crypto’ segment, selecting ETH, keying in the amount you want to purchase, choosing your preferred payment method, and following the on-screen prompts to finalize the purchase.
Once you acquire the ETH tokens, transfer them to your wallet by clicking on the ‘Withdraw’ button, select ETH, confirm the network, enter your Magic Eden Wallet address, and follow the on-screen prompts to withdraw your ETH tokens.
Connect Your Wallet to Magic Eden
Visit the Magic Eden platform, click ‘Log In, ’ and choose ‘View all wallets’ to log in or sign up via your crypto wallet.
Select Magic Eden Wallet from the list.
Next, choose the chain you’d like to connect to as shown below. Proceed to choose EVM.
Next, you will receive a pop-up from Magic Eden Wallet requesting you to accept the connection with the Magic Eden marketplace. Click ‘Continue with Magic Eden.’
Click ‘Connect’ to link your Magic Eden Wallet to the Magic Eden marketplace.
Finally, confirm the signature request message on your wallet to connect your Magic Eden Wallet and the Magic Eden platform.
Find the Right NFT Collection
Now that you have successfully connected your crypto wallet to Magic Eden, the next step is to find the right Ethereum NFT collection.
You can search for trending Ethereum NFTs on Magic Eden by clicking on ‘Discover’ on the menu bar and then ‘Collections.’
You can also browse the provided NFT list and use the filter functionality to narrow your search results. Using the filter functionality, you can filter the different NFT collections by floor price, sales, verified collections, volume, and volume change.
Additionally, you can check the project details, community engagement, and roadmap before buying.
Buy Your First NFT
Once you have found the right NFT, it’s now time to buy your first NFT. There are two ways to buy an NFT on Magic Eden: ‘Buy Now’ for immediate purchase based on the listed price, or ‘Make an Offer,’ which allows you to bid and wait.
If your preferred NFT is available to buy immediately, click the ‘Buy Now’ option and follow the prompts to complete the purchase.
By clicking ‘Approve’ in your Magic Eden Wallet, a pop-up message will confirm the successful purchase of your NFT.
To view your NFT, navigate to the ‘Portfolio’ tab in your Magic Eden Wallet and click ‘Collectibles’ to see your NFTs.
And that’s it!
That’s how to buy your first NFT in Nigeria using the Magic Eden platform.
You can view your NFT purchase in your Magic Eden Wallet by going to your wallet, click on ‘Portfolio’ then ‘Collectibles’.
Conclusion
Getting started with NFTs can seem daunting but it becomes easier with time if you have the right guides, information, and platforms. Just remember to find and use a secure crypto wallet and a prominent NFT marketplace when buying NFTs in Nigeria.
Also, you can join various NFT community groups on Discord and Telegram to grow your knowledge and explore the NFT ecosystem.
By Adedapo Adesanya
Market bellwethers, Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc, lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.08 per cent on Monday, August 3.
CSCS Plc, the Nigerian securities depository company, gained N10.00 to close at N112.00 per share compared with the previous session’s N102.00 per share, and FrieslandCampina Wamco Nigeria Plc advanced by N4.71 to quote at N152.64 per unit versus last Friday’s N147.93 per unit.
As a result, the NASD Security Index (NSI) added 92.14 points to finish at 4,523.85 points compared with the preceding session’s 4,431.71 points, and the market capitalisation appreciated by N55.31 billion to N2.715 trillion from N2.659 trillion.
Business Post reports that the price of MRS Oil Plc crashed during the trading day by N12.00 to N120.00 per share from N132.00 per share, and UBN Property Plc dipped by 3 Kobo to N1.90 per unit from N1.93 per unit.
Trading data showed that the volume of securities exchanged rose by 113.1 per cent to 1.5 million units from 690,990 units, and the number of deals climbed by 19.2 per cent to 31 deals from 26 deals, while the value of securities slid by 13.1 per cent to N65.2 million from N75.0 million.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 76.8 million units traded for N5.5 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has introduced a 1.5 per cent stamp duty on eligible virtual asset transactions, with the tax deducted directly from the cryptocurrency purchased before it is credited to the buyer’s wallet.
According to the new guidelines issued on Monday, anyone buying Bitcoin (BTC), USDT or other cryptocurrencies in Nigeria will receive fewer digital assets due to the deduction.
This requires registered crypto exchanges and other Virtual Asset Service Providers (VASPs) to withhold the levy in the digital asset being traded and remit it to the government, marking Nigeria’s most comprehensive move yet to bring cryptocurrency transactions into the country’s tax net.
Unlike traditional taxes deducted from a customer’s bank account, the 1.5 per cent charge will be taken from the cryptocurrency itself, meaning buyers will receive less Bitcoin, USDT or other tokens than they paid for.
The tax body stated that “income tax deducted at source and stamp duty shall be remitted to the service in the originating token of the transaction.”
Besides the new stamp duty, the guidelines also clarify how income tax, Value Added Tax (VAT) and other tax obligations will apply to virtual asset activities such as trading, staking, mining and other crypto-related transactions.
To illustrate the new rule, the tax authority said a buyer who pays N1 million for one Bitcoin will receive only 0.985 BTC after 0.015 BTC is deducted as stamp duty and remitted to the government. When that Bitcoin is later sold, the next buyer will also have 1.5 per cent deducted from the cryptocurrency credited to their wallet.
The NRS said the guidelines are intended to provide clarity for taxpayers, crypto exchanges, peer-to-peer (P2P) marketplace operators, financial institutions, tax consultants and all participants in Nigeria’s virtual asset ecosystem.
According to the guidelines, the 1.5 per cent duty applies to eligible virtual asset transactions facilitated through registered exchanges and other recognised intermediaries. Where a cryptocurrency is used to complete a transaction that already attracts stamp duty under the law, the applicable duty on the underlying instrument will also be payable.
For crypto users, the implication is higher transaction costs, as eligible purchases will attract the 1.5 per cent stamp duty, while VAT on exchange service fees and income tax on taxable gains may also apply, depending on the nature of the transaction.
By Adedapo Adesanya
The Naira opened the week on a positive note, as it appreciated against the US Dollar by N3.39 or 0.25 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, August 3, to N1,364.83/$1 from N1,368.22/$1 last Friday.
However, it suffered a marginal decline against the Pound Sterling in the official market during the session by 10 Kobo to close at N1,837.89/£1 compared with the preceding session’s N1,837.79/£1, and lost 6 Kobo on the Euro to sell at N1,573.93/€1, in contrast to the previous trading day’s N1,573.87/€1.
At the black market segment, the Nigerian currency traded flat against the Dollar yesterday at N1,405/$1, and at the GTBank forex counter, it was unchanged at N1,374/$1.
Interbank FX transactions increased sharply as market makers’ activities raised total Dollar volume exchanged to $137.048 million, more than 132 per cent above $58.990 million in turnover at the previous close. The surge in turnover was driven by increased deals at the NFEM window. The central bank reported that deal count at the interbank FX window rose to 138 from 67 on Friday.
As for the cryptocurrency market, major tokens advanced despite ongoing uncertainty around unresolved Coldcard wallet sweeps that have drained hundreds of Bitcoin (BTC), while traders are watching whether bitcoin can hold above $63,000 through the US session. BTC rose by 1.70 per cent to $63,765.88.
Bitcoin treasury firm Strategy disclosed Monday it sold 1,638 bitcoin for about $105 million between July 27 and Aug. 2, its third sale of 2026, per an SEC filing.
Also, an attacker has moved about 1,816 bitcoins, or roughly $114 million, from more than 5,200 addresses since July 30 in a fourth wave of sweeps targeting BTC in Coldcard-generated addresses.
Cardano (ADA) appreciated by 6.7 per cent to $0.1959, Binance Coin (BNB) gained 1.5 per cent to sell for $590.82, Solana (SOL) jumped by 1.3 per cent to $73.72, TRON (TRX) soared by 0.9 per cent to $0.3286, Dogecoin (DOGE) also grew by 0.9 per cent to $0.0703, Ripple (XRP) advanced by 0.5 per cent to $1.07, and Ethereum (ETH) rose by 0.4 per cent to $1,863.33, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
