How to Buy NFTs? A Complete Guide
What are NFTs?
An NFT is a digital asset that certifies the creator of the specific piece of content and grants them ownership rights. They are one of a kind, and live on the blockchain, meaning they can be bought, sold and traded by anyone. There is no need to trust that a piece of digital art is authentic; it’s coded right into the NFT itself.
So How Do You Actually Buy NFTs?
The process of buying an NFT is similar to buying any other product online. You just visit any marketplaces that offer NFTs, browse through their catalogue, choose a piece you like and complete the transaction at checkout.
The first step is choosing a wallet for storing your crypto money. When cryptocurrencies first arrived on the scene, there were not many options available for storing them. As time went on and the popularity of cryptocurrencies grew, more wallets were developed to meet consumer needs and demands. There are now dozens of different cryptocurrency wallets on the market so it can be difficult to make a decision about which one is best for you.
You should always research your options before choosing a wallet because some wallets allow you to trade or exchange cryptocurrencies while others do not.
Step Two: Buying ETH
The most common and convenient way is to purchase it on a cryptocurrency exchange such as Coinbase. Coinbase has an easy-to-use interface for first-time investors, but you can also use the more advanced GDAX, which offers lower fees. You can buy Ethereum with your bank account, credit card or debit card.
Alternatively, you can use a peer-to-peer marketplace, such as LocalCryptos, which allows you to pay for ETH with other payment methods like PayPal or cash deposit.
Step 3: Choose the Best Marketplace Which is Right for you
When it comes to selling or buying an NFT, you have to choose which NFT marketplace is right for you. Different platforms offer different art styles and different prices. If you want to purchase an NFT of a popular artist, then you have to find the right platform to do so.
The platform offers three types of accounts: Individual, Company and Organization. Individual accounts are free, while the other two come with a fee. OpenSea can be used to sell both digital art and collectables. It also has a feature that allows sellers to create their own storefronts on the site. This is a good way to establish your brand and promote yourself as an artist or creator.
Step 4 Figuring Out the NFT Marketplace:
Before you buy an NFT, spend some time doing your research. Look at the artist’s work; read the description of the asset, and check to see if the seller owns other assets by the same artist. If you want to own an NFT that is part of a limited series, you may want to buy all of them or as many as you can afford.
For example, there are only 10 Gold versions of CryptoPunks available. So if you purchased one (or more) of these rare NFTs, you would probably be happy knowing they are worth a lot more than what you paid for it.
You also need to do some homework on the creator and owner of the NFT. For example, CryptoPunks have different values depending on scarcity. From what we have seen so far, some early adopters are selling their punks for thousands or even hundreds of thousands of dollars (USD).
If you decide to buy an NFT that is not part of a limited series, look at other works by the same artist. For example, if you like a piece by Beeple and want to buy one, look at other pieces he has sold in the past and see if they have made money for their owners over time.
Step 5 Done Purchase
When you find something you like, go to the checkout page. You will be prompted to log in with your MetaMask wallet, which should show up in a pop-up window on your browser or as a notification on your mobile device. This is the same process we described in Step One above.
Once you have verified that you are logged into your desired wallet, click confirm buy to proceed with the purchase. After confirming the transaction, watch it go through. MetaMask acts as a transaction manager and will show you the progress of your transaction in real-time. Once it is complete, check out your collection tab to see that all of your NFTs are there!