NFTs have been on everyone’s lips for the past year. But these artworks can be a bit mysterious to many people. As the number of NFT markets increases and the whole process becomes easier, there has never been a better time to enter the market. That’s why we created this guide to buying NFTs. We explain what NFTs are and where you can buy NFTs.
In this article you can expect:
What is NFT?
Non-fungible tokens (NFTs) are unique digital assets registered on the blockchain. They record ownership of assets such as artwork or collectibles. There are many types of NFTs, some of the best known representing ownership of digital art, music, and trading cards.
Most NFTs run on the Ethereum blockchain!
The rationale behind NFTs is that they are unique and can only have one owner at any one time. On the other hand, fungable tokens are not unique. If you sell one bitcoin today and buy another tomorrow, you have the same value of one bitcoin in your wallet. Bitcoin is a redeemable token.
Non-fungible tokens (NFTs) differ from other cryptocurrencies because they are not used as currency. Investors want to buy NFTs because they see digital art and music as profitable investments. In fact, any real asset can be encoded and converted to NFT.
A famous example is the NBA Top Shot, which stands for the largest video clip in NBA history. But you can create NFTs for just about anything. The most common are NFTs related to digital art, sports collectibles, and digital items in games.
Buy NFTs – You need this in order to trade NFTs
Most NFTs today are purchased with Ether (ETH), the original currency of Ethereum. Accordingly, you need ETHwhich you can trade for fiat or other cryptocurrencies on most cryptocurrency exchanges.
Also, you need one wallet, in which ETH is stored. You connect to the NFT market of your choice via your wallet. If you create a new wallet, be sure to keep your seed phrase safe! You can then transfer ETH from a crypto exchange to your wallet.
Next, you have to decide on one of the NFT marketplaces of your choice. Here are some of the most popular NFT markets:
Now let’s look at how the most popular NFT platforms work, how to create an account there, link your wallet to your account, and then buy your first NFT token.
Buy NFTs on OpenSea
OpenSea is the first and largest NFT marketplace currently available. According to DappRadar, as of December 2021, OpenSea has more than 240,000 active wallets on the platform, more than $2 billion in transaction volume and more than 1 million transactions on the platform in the last 30 days.
Step 1. Connect your wallet to OpenSea
Let’s say your crypto wallet is already full of ETH or other cryptocurrency that you need to buy NFT. Then you go to OpenSea > Account (top right icon).
OpenSea supports quite a few crypto wallets that you can use to connect to the NFT platform. Including MetaMask, WalletConnect, CoinbaseWallet, and others. Select your portfolio from the list and connect to the NFT Market. For our example we used the MetaMask wallet.
Step 2. Discover NFT Sets
After that, you can start exploring the NFT kits that are available in the OpenSea Market. This can be found under the Explore tab in the top menu. NFT groups are divided into different classes, eg b. Trends, Top, Arts, Music, Virtual Worlds, Trading Cards, Collectibles, Sports & Utilities. If you already know what you’re looking for, you can just use the search box.
On each group’s page you will find all the NFTs available for sale. For example, let’s take any NFT from the SANDBOX group that belongs to the virtual metaverse. As with any NFT, you will see the bid type (limited time auction or fixed price), reserve price, and all other details about the NFT.
For other NFTs listed at a flat rate, there is an option Buy now instead of try place to get rid of them.
Step 3. Purchase NFT
If you want to buy NFT, click try place or Buy now (Depending on the type of offer) and make sure you have the required amount (plus a slightly larger amount for the gas fee) in your crypto wallet.
On OpenSea, most NFTs are quoted in ETH, WETH, USDC, and DAI. However, the platform supports up to 150 cryptocurrencies. ETH is encapsulated directly from your connected wallet by exchanging ETH for WETH.
When you’re done with everything, you can complete your NFT purchase. To do this, you must confirm transaction costs from your MetaMask wallets.
Once the transaction is confirmed, you can see your NFT under Account (top right icon) > My groups. If your NFT is a game digital asset, you will see the in-game NFT as soon as you connect your wallet to the game world.
Buy NFTs on Rarible
Step 1. Connect your wallet to Rarible
Go to Rarible > Sign In (upper right icon).
Now you have to login with your wallet. Rarible supports many crypto wallets, including Mobile Wallet (Wallet Connect), Portis, Coinbase Wallet, Fortmatic, and MyEtherWallet.
We will use WalletConnect to connect to Trust Wallet. You need to scan the QR code displayed on the Rarible using the WalletConnect scanner inside the Trust Wallet app. After you confirm the connection, Rarible will ask you to agree to the terms and conditions. You can then browse the NFT collections on Rarible.
Step 2. Browse the NFT Collections
You can browse the NFT collections by clicking the tab Explores in the top menu or use the search box if you already know what you’re looking for. At Rarible, NFT groups are divided into categories such as Art, Photography, Games, Metaverse, Music, Spheres, DeFi, Memes, Punks, and NSFW.
This is what the group page looks like.
Step 3. Buy NFT on Rarible
After you have decided on the NFT, go to the relevant page to see all the details, such as the special features and the complete history of the NFT.
You can either Buys Click and pay the required amount to buy your NFT right away, or you can bid on the NFT. NFTs on Rarible may be listed under a limited-time, fixed-price auction, open for bids and not for sale. If you want to strike immediately, go ahead and choose whether you want to pay for your NFT with fiat or cryptocurrency.
After choosing your NFT and payment method, confirm the transaction in your crypto wallet or simply follow the steps for Visa payment. Once the transaction is confirmed, you will be able to see your NFT under “Owned” on your Rarible profile page.
Buy NFTs on SuperRare
SuperRare is an NFT marketplace that allows art collectors to trade unique digital artwork. The NFT market was launched in 2018 and has already recorded over $90 million in international sales.
Step 1. Connect your wallet to SuperRare
Go to SuperRare and click sign inTo connect your crypto wallet.
You can choose one of the supported wallets (MetaMask, Fortmatic or WalletConnect).
We use WalletConnect to log in. Once you have entered the required information, your wallet will ask you to authorize the connection.
Step 2. Discover NFT Sets
You can now explore the SuperRare NFT Marketplace which you can find under the tab Market Find it in the top menu.
Digital artworks can be filtered by price, auction status, type, mint date, and other details.
Step 3. Buy NFT on SuperRare
After selecting an NFT, click on it to view the NFT page and full details such as the artist who created it, current owner, artwork details, and sale price. Some NFTs are listed as limited time auctions, which are clearly marked as you browse the page.
Now you can Buys Click and receive NFT immediately after confirmation of purchase. To complete the purchase, you must confirm the transaction in your wallet. Once the transaction is confirmed on the blockchain, you can view the NFT under Account (upper right icon) > Groups.
Anyone can trade and collect NFTs
Now that you know how to buy NFTs on the most popular NFT markets, the world of digital art and collections is open to you.
Most NFTs today come in the form of digital art and collectibles. However, NFTs have the potential to represent any real good in the future. This makes the ownership transparent and immutable. For example, non-fungible tokens can be extremely valuable for real estate and business ownership.
It’s also important to remember that NFTs are a relatively new trend, so use caution when investing. The price volatility of crypto assets is extreme. Here you will find tips and tricks for finding valuable NFTs.
Buying NFTs – Frequently Asked Questions
You can buy NFT through any of the leading NFT marketplaces like OpenSea, Rarible, SuperRare and others. You need an Ethereum wallet to connect to the NFT platform and buy NFT tokens.
You can buy NFT art from art houses that organize NFT auctions. Similar to traditional art auctions. Two of the big art houses that deal in digital art are Christie’s and Sotheby’s. There are also a growing number of online marketplaces for NFT art, such as SuperRare, OpenSea, Nifty Gateway, Async Art, etc.
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