How to Buy an NFT: The Ultimate Guide
If you’re looking to buy an NFT, you’ve come to the right place! In this guide, we will walk you through purchasing an NFT in a few simple steps. We’ll cover everything from finding a reputable seller to ensuring that your purchase goes smoothly.
So, whether you’re a first-time buyer or just looking for a refresher course, read on for our tips and advice!
How to Buy an NFT?
Let’s go over the steps you should take when buying NFT art:
Step One: Get an Ethereum Compatible Crypto Wallet
The first step is to get an Ethereum compatible crypto wallet. This is where you’ll store your purchased NFTs, and the crypto needed to make purchases. There are a number of different wallets available, so be sure to choose one that fits your needs.
I recommend MetaMask, as it’s user-friendly, free to download, secure (if used correctly), and works with the top NFT marketplaces. The Coinbase wallet is also a good choice.
You can install MetaMask by going to metamask.io and downloading it as a web browser extension. This makes it easy to connect to NFT marketplaces, which we will do later.
Step Two: Buy Some ETH to Get Started
The second step is to buy some ETH. This is the currency used on the Ethereum network, and you’ll need it to complete your purchase and pay any fees. You can use various exchanges to buy ETH, so be sure to do your research and find one that fits your needs.
Binance is a good exchange to use, as it’s easy to sign-up for, has low fees, and has hundreds of cryptos for you to buy. Once you have your ETH, it’s time to move on to step three!
Step Three: Choose Your Marketplace
It’s now time to decide which marketplace you’d like to buy your NFT from. OpenSea is by far the most popular option, but there are a number of other options available as well. Be sure to read reviews and compare prices before making your decision.
OpenSea is the best place to start because it has 97% market share and is the most user-friendly platform. Plus, the NFT collection you want to buy is likely listed on OpenSea. Other worthy mentions go to Rarible, VeVe, and SolSea.
Sign up at the marketplace and connect your MetaMask wallet. This can be done by clicking on “profile” in the top right corner. You’ll be sent to a new page that asks you to link your wallet.
Step Four: Search for an NFT and Do Your Research
Now that you’ve chosen a marketplace, it’s time to start searching for some NFT art. This can be done by simply typing the asset’s name into the search bar.
The NFTs on OpenSea are also organized into categories, so it’s easy to find what interests you! Categories include: Trending, Art, Domain Names, Music, Photography, Sports, Collectibles, Utility, and Virtual Worlds.
Once you’ve found an asset that interests you, be sure to do your research before making a purchase. Check out the seller’s profile and read any reviews they may have. It’s advisable to view the history of the NFT, which will allow you to see how many times it was sold, who has owned it, and when it was first minted.
It’s also worth researching outside of the NFT marketplace. For example, you may want to read the NFT creator’s website to learn about any features and functionality.
Step Five: Make Your Purchase
Once you’ve found an asset you’re interested in and have done your research, it’s time to make your purchase. This can be done by clicking on the “Buy” button or making an offer.
Offers must be 5% higher than the previous offer price to be submitted. Be sure to double-check all of the information before submitting your order. Once submitted, you will not be able to cancel the order.
Step Six: Wait for Your NFT to Be Delivered
Once your purchase is complete, you’ll need to wait for your NFT to be delivered. Depending on the marketplace and asset, this can take anywhere from a few minutes to a few hours. Once it’s been delivered, it will be stored in your Ethereum-compatible crypto wallet.
Congratulations! You’ve now completed the process of buying an NFT. Be sure to keep this guide handy for future reference. Happy shopping!
The topic of NFTs isn’t a simple one. As such, there are many frequently asked questions that buyers may have. We’ve compiled a list of the most common questions below:
What tokens can you use to buy NFT?
The tokens you can use to buy NFTs depend on the specific marketplace and project. For example, OpenSea lets you pick from 150+ tokens to buy NFTs, but the most commonly used tokens are ETH and WETH.
Why buy through an NFT marketplace?
An NFT marketplace is the safest and easiest way to buy an NFT. These marketplaces have been built specifically for buying, selling, and trading NFTs, so they offer a wide variety of tokens and features. Plus, they offer some protection against scams and fraud (but you’ll still need to tread carefully).
What are some examples of an NFT?
Some common examples of NFTs include digital artwork, game items, collectible cards, and real estate. However, the possibilities are endless! As long as the item is unique and has a digital representation, it can be turned into an NFT.
A great example is the Bored Ape Yacht Club (BAYC), a collection of 10,000 apes that are unique in appearance. Owning one of these apes gives you exclusive membership to the Yacht Club and other benefits, as well as some serious bragging rights!
Why should you learn how to make an NFT?
Learning how to make an NFT allows you to understand what you are buying and how it works. Without this knowledge, you may be susceptible to scams or purchasing an NFT that doesn’t have the features you were expecting.
How to buy an NFT mystery box?
Each mystery box contains a random assortment of NFTs, so it’s a great way to get started in the world of NFTs! The best place to buy an NFT mystery box is on Binance. After buying, you can open it to see what NFT you got or sell it for a profit.
What if you want to sell your NFT?
If you decide to sell your NFT, there are a few things you’ll need to take into account. First of all, you’ll need to find a reputable marketplace that specializes in NFTs. This is the best way to ensure that your sale goes smoothly and that you get the most value for your token.
You should also be aware of the tax implications of selling an NFT, as these will vary depending on your location and the type of asset you are selling.
Can you buy an NFT without crypto?
Yes, NFT sellers can technically request any currency that suits their needs. However, the vast majority of NFT sales are conducted on NFT marketplaces, which require the use of crypto and a cryptocurrency wallet to purchase NFTs.
How to choose the best NFT marketplace for you?
There are several different NFT markets to choose from, each with its own strengths and weaknesses. It’s important to do your research before settling on one, as not all marketplaces are created equal. Here are some factors you may want to consider:
- Variety of tokens available for purchase
- Ease of use
- Security features
- Reputation of the marketplace
- Fees charged by the marketplace
What is the best way to sell NFTs?
The best way to sell an NFT is on a dedicated NFT marketplace, like OpenSea. These marketplaces provide all the tools you need to list and sell your NFT, as well as a wide audience of buyers.
All you need to do is opt to sell your NFT, choose the type of sale, and then how much you want to sell it for. From there, the marketplace will take care of the rest!
How do Ethereum transactions work?
When it comes to buying an NFT, it’s important to understand the basics of the Ethereum blockchain. Here are a few things you need to know:
Ethereum transactions are irreversible – Once a transaction has been sent, it cannot be reversed. This is one of the reasons why it’s so important to use a reputable marketplace when buying or selling NFTs.
Gas is used to pay for Ethereum transactions – Every Ethereum transaction requires a certain amount of gas to be paid. This is used to cover the costs of running the transaction and any fees charged by the marketplace.
Transactions can take some time to go through – Due to the high demand for Ethereum transactions, they can sometimes take a while. This is something you’ll need to keep in mind when making a purchase.
How do you know your NFT is authentic?
While NFT tokens are designed to tackle the issue of counterfeit assets, it is possible to create fake NFTs and sell them to unsuspecting buyers. Here’s how to check if an NFT is authentic:
- The best way to ensure that your NFT is authentic is by checking its blockchain history, which will show when it was minted and who has owned it
- Check the artist’s social media accounts to see if they’ve mentioned the NFT project and to determine whether or not they appear like a trustworthy creator
- It is important to search other NFT marketplaces in case the digital art has been sold on these platforms. This can be a sign of fraudulent activity and should be avoided
- Look for variations of the picture on Google’s reverse-search to see if there are any more matches
- If the price is too good to be true, it probably is
Now that you know how to buy and sell digital assets, you’re ready to start exploring the amazing world of non-fungible tokens! Remember to do your research before settling on a marketplace, and be sure to exercise caution when making a purchase. Happy trading!