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How to Buy Your First NFT in Nigeria: A Step-by-Step Guide

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NFT in Nigeria

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.

magic eden

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.

wallet for multi-chain collectors

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.

Magic Eden Wallet

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.

buy crypto

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.

select magic eden wallet

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.’

NFT Collection

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

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.

Economy

Stanbic IBTC Ignites Investment Spark with InvestBeta Season 2

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InvestBeta Season 2

Following the success of its debut season, Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings PLC, announces the return of the InvestBeta Game Show, with registration officially open.

The second season of the InvestBeta show builds on the first edition, aimed at equipping young Nigerians with real-world financial skills in a fun, relatable, and competitive format. The show’s first season, which aired in 2024, captured the attention of Gen-Z viewers across the country, blending entertainment with investment education in a way that had never been done before. With positive feedback, it proved that young Nigerians are ready to learn how to grow their money, and all they need is the right platform.

The new season reflects the Group’s broader youth-focused mission through Beyond Dreams, its dynamic community created for Nigerians aged 18–30. The community aims to help young people turn their aspirations into reality through secure, timely and smart investment choices. Since its inception, Beyond Dreams has grown to a network of over 90,000 young members, generated 2,100+ new investment accounts, and continues to position the Group as a trusted partner in the financial futures of Nigeria’s youth.

Busola Jejelowo, Chief Executive, Stanbic IBTC Asset Management noted InvestBeta reflects our deep commitment to financial education. She said, “We understand that today’s young people want more than just advice but practical, hands-on experience. This is why the InvestBeta game show is here to change how young Nigerians see money and what they can do with it.”

Entries are now open to eligible young Nigerians who want to be part of Season 2. Registration is free via the official link: https://bit.ly/StanbicIBTCInvestBeta. Successful applicants will be selected to compete in a series of challenges designed to test their knowledge, strategy, and creativity around real-life financial scenarios.

And for those who missed the first season, full episodes are available to watch on Stanbic IBTC’s official YouTube channel. From quick financial questions to investment tips, Season 1 offered real lessons with real impact, and Season 2 is gearing up to raise the bar.

To stay in the loop, follow @beyonddreamsng across all social media platforms and be part of the countdown to the second season of Nigeria’s most engaging youth-focused investment competition.

If you are 18 to 26, curious about how money works, and ready to build your future, this is your sign.

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Economy

OTC Exchange Jumps 0.43%

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OTC stock exchange

By Adedapo Adesanya

Trading activities at the NASD Over-the-Counter (OTC) Securities Exchange ended on a positive note with a 0.43 per cent growth on Thursday, July 17.

The expansion recorded yesterday raised the market capitalisation by N8.68 billion at the close of business to N2.042 trillion from the N2.033 trillion quoted at the preceding session, and the NASD Unlisted Security Index (NSI) gained 14.83 points to settle at 3,487.67 points compared with the 3,472.84 points it finished on Wednesday.

According to data, there were two price gainers during the trading session, with Okitipupa Plc growing by N4.50 to close at N239.50 per share versus the N235.00 per share it ended at midweek, as Food Concepts Plc chalked up 29 Kobo to close at N3.20 per unit, in contrast to the previous day’s N2.91 per unit.

On the flip side, the bourse recorded a price loser and it was UBN Property Plc, which lost 22 Kobo to end at N2.02 per share compared with the preceding day’s N2.24 per share.

At the close of business, the volume of trades surged by 280,246.7 per cent to 252,312 units from the 90 units traded during the midweek session, the value of transactions increased by 365,667.5 per cent to N21.4 million from N5,850, and the number of deals went up by 525 per cent to 25 deals from four deals.

Okitipupa Plc remained the most traded stock by value on a year-to-date basis with 153.9 million units valued at N4.9 billion, followed by Air Liquide Plc with 507.2 million units sold for N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 42.3 million units worth N1.8 billion.

Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with the sale of 536.9 million units for N524.8 million, trailed by Air Liquide Plc with 507.2 million units valued at N4.2 billion, and Geo-Fluids Plc with a turnover of 272.3 million units worth N493.4 million.

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Economy

Naira Crumbles Further to N1,533/$1 at Official FX Market

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flow of naira notes

By Adedapo Adesanya

The value of the Naira further depreciated against the US Dollar by N3.26 or 0.21 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the forex market on Thursday, July 17 to N1,533.22/$1 from the previous closing price of N1,529.96/$1.

Equally, the domestic currency weakened against the Pound Sterling in the official FX market during the trading session by N2.76 to close at N2,056.52/£1 compared with the previous day’s rate of N2,053.76/£1 but appreciated against the Euro by N2.81 to finish at N1,776.42/€1, in contrast to the N1,779.23/€1 it was traded at midweek.

In the black market, the exchange rate of the Nigerian Naira and the US Dollar remained unchanged yesterday at N1,535/$1, according to data obtained by Business Post.

The poor performance of the Naira in the spot market on Thursday came amid increased demand despite positives that indicate that the country’s reserves will strengthened on improved crude output as well as enhanced foreign portfolio investment (FPI) inflows amid slowdown in import trade-related outflows.

In the first six months of 2025, the Central Bank of Nigeria (CBN) injected a total of $4.1 billion into the FX market to stabilise the Naira and ease liquidity pressures in the currency market, 215 per cent higher than the $1.3 billion recorded during the same period in 2024, according to the latest CSL Stockbrokers’ H2 2025 Outlook report.

The analysts at CSL, however, expressed concerns over the sustainability of the currency defence strategy, citing weak oil earnings, subdued foreign portfolio investment inflows, and uncertainties around external financing.

As for the cryptocurrency market, it was bullish as the US made the historical milestone towards stablecoin-regulating legislation.

The first major crypto regulatory initiative in the US is about to become law after the House of Representatives passed the stablecoin bill known as the GENIUS Act.

The approval came directly on the heels of another major legislative accomplishment for the industry, when the House also passed the Clarity Act that would govern the oversight of the digital assets markets in the US

During the trading session, Dogecoin (DOGE) jumped by 14.7 per cent to $0.2423, Ripple (XRP) appreciated by 13.1 per cent to $3.56, Cardano (ADA) added 12.4 per cent to trade at $0.8664, Litecoin (LTC) rose by 10.9 per cent to $108.52, Ethereum (ETH) expanded by 7.4 per cent to $3,645.41, Solana (SOL) improved by 6.4 per cent to $182.76, Binance Coin (BNB) soared by 5.1 per cent to $748.01, and Bitcoin (BTC) advanced by 1.6 per cent to $120,390.40, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

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