How to Buy NFTs on Portion with Palm

How to Buy NFTs on Portion with Palm

Portion is a leading NFT auction house dedicated to empowering artists and collectors; resourcing the next generation of blockchain creators. From allowing artists to receive up to 100% of their sales to offering 11% royalties on secondary sales, supporting creators is Portion’s mission. Earlier this year, Portion added support for the Palm network, allowing artists to mint and sell their work, sustainably. 

If you’re a collector new to Portion (and Palm!), there’s never been a better time to get started. On Friday, Wiz Khalifa and Antoni Tudisco will launch a new collaborative collection exclusively on Portion. Coinciding with the drop, Portion is also launching a new yield farming program. If you collect an edition from the Wiz Khalifa x Antoni Tudisco drop, you’ll automatically begin mining 1,000 $PRT every month. And, the first 100 users who bridge WETH or PRT over to Palm prior to Friday’s drop will be rewarded with $300 in $PRT to cover gas fees. 

Ready to start collecting? Here’s a quick breakdown of how to get your payment tokens onto the Palm network so that you can grab Friday’s drop

Install MetaMask, and get WETH. 

Before you’re ready to bid on an NFT, you’ll first need a wallet. While there are many wallet options available, we recommend MetaMask. It’s a secure browser extension for accessing Ethereum-enabled decentralized applications (Dapps). Check out our previous article on how to set up MetaMask for use on Palm.

NFTs for sale at Portion’s marketplace on Palm are priced in either WETH or PRT tokens. WETH is a “wrapped” version of ETH that can be used on networks that don’t natively support the ETH token. It has the same value as ETH, and on Ethereum mainnet, it’s really easy to exchange ETH for Wrapped ETH and vice-versa. There’s a useful article here that goes into some more detail about the token.

One option for acquiring WETH is to first purchase ETH using Wyre directly in your MetaMask wallet using your credit card and then convert it to WETH. 

In MetaMask (set to the Ethereum Mainnet network), click Buy and then select the amount of ETH you’d like to add to your wallet. You’ll be needing some extra ETH to pay for gas fees later, so plan to buy some extra ETH on top of the amount that the NFT is priced at. Gas fees can fluctuate significantly, and can be checked here. When gas is priced around 40 gwei, you’ll need ~0.02 ETH to cover gas fees.

If you live in a country or US state that is not supported by Wyre, or if your credit/debit card provider doesn’t support Wyre, you can alternatively use a crypto exchange (such as Coinbase, Kraken, Binance, etc) to first acquire ETH and then withdraw it to your MetaMask wallet address.

Once you have ETH in your wallet, you can then directly exchange it for WETH in MetaMask – click Swap and choose Swap to: WETH. Confirm the amount to convert, and approve the transaction. Depending on network congestion, gas fees for the transaction can fluctuate significantly, so it might be worth waiting for them to reduce if they’re a lot higher than 30-40 gwei. . Once the transaction completes, your wallet is now funded with WETH tokens

Configure MetaMask, and transfer your WETH to Palm.

The next step is to transfer your WETH to the Palm network. To do this you need to first configure MetaMask to add the Palm network to be able to view and interact with your WETH tokens on Palm. 

Go to the Palm App, click Connect your MetaMask, and follow the steps to configure MetaMask for Palm.

After you’ve configured your MetaMask wallet, you can use the Token Bridge to move WETH to Palm. 

  1. Click the “Token Bridge” menu item. 
  2. Make sure your MetaMask is connected. 
  3. Click Token, select WETH, and then input the amount you’d like to transfer to Palm. 
  4. Click Start Transfer

This transaction will ask you to confirm two wallet transactions which require gas fees to be paid, so you might want to wait for gas prices to be lower before starting your transfer. 

Bridge transfers can take several minutes to go through once the Ethereum network transactions have been confirmed. By transferring WETH across the bridge, you’ll also be awarded up to 0.5 PALM tokens which will be used to pay for gas fees on the Palm network

Navigate to Portion.io, and connect your wallet.

Now you’ve added and transferred your WETH to Palm, head over to Portion. You’re ready to make your first purchase!

Before you buy, make sure your MetaMask wallet is connected. Click Connect Wallet in the top nav. 

Find the NFT you want to purchase, and buy it!

Once you’ve found ~the one~, click Buy, and confirm your purchase.

A MetaMask notification will pop up prompting you to confirm the purchase amount and gas fees. Portion does not charge you any fees. And because you’re using Palm, your gas costs are covered – because you used the token bridge, 0.5 PALM was transferred to your account to cover gas. (Also, it’s worth noting that gas fees are super low on Palm because it is an energy-efficient blockchain!)

Click Confirm and then your purchase will be processed on the blockchain!

Once you’ve completed the transaction, head to My Collection and you’ll be able to see your newly purchased NFT there. 🎨