NFTs, or non-fungible tokens, are one of the hottest trends in the crypto world, attracting millions of dollars and thousands of enthusiasts. NFTs are unique digital assets that can represent anything from art and music to sports and gaming. NFTs are bought and sold online, usually with cryptocurrency, and their ownership and authenticity are verified and stored on a blockchain, a type of distributed ledger. But how do you buy an NFT? Here are some steps to help you get started.
1. Get a Crypto Wallet and Some Crypto
The first step to buying an NFT is to get a crypto wallet and some crypto. A crypto wallet is a software or hardware device that allows you to store, send, and receive cryptocurrencies, such as Bitcoin or Ethereum. A crypto wallet also gives you access to various decentralized applications (dapps), such as NFT marketplaces, where you can buy and sell NFTs. Some crypto wallets are:
- Coinbase Wallet: Coinbase Wallet is a mobile app that lets you connect to the Ethereum network and other compatible blockchains. You can use Coinbase Wallet to buy, store, and trade NFTs, as well as other crypto assets and tokens. You can also link your Coinbase Wallet to your Coinbase account, which is a popular platform for buying and selling cryptocurrencies with fiat money. You can download Coinbase Wallet from the App Store or Google Play. ¹
- MetaMask: MetaMask is a browser extension that lets you connect to the Ethereum network and other compatible blockchains. You can use MetaMask to buy, store, and trade NFTs, as well as other crypto assets and tokens. You can also use MetaMask to access various dapps, such as NFT marketplaces, games, and social networks. You can download MetaMask from the Chrome Web Store or the MetaMask website. ²
- Trust Wallet: Trust Wallet is a mobile app that lets you connect to multiple blockchains, such as Ethereum, Binance Smart Chain, and Polygon. You can use Trust Wallet to buy, store, and trade NFTs, as well as other crypto assets and tokens. You can also use Trust Wallet to access various dapps, such as NFT marketplaces, games, and exchanges. You can download Trust Wallet from the App Store or Google Play. ³
To buy an NFT, you will need some cryptocurrency, such as Ethereum (ETH), which is the most widely used currency for NFT transactions. You can buy cryptocurrency from various platforms, such as exchanges, brokers, or peer-to-peer networks. Some platforms are:
- Coinbase: Coinbase is a platform that lets you buy and sell cryptocurrencies with fiat money, such as US dollars or euros. You can use Coinbase to buy cryptocurrencies, such as ETH, and transfer them to your crypto wallet, such as Coinbase Wallet. You can also use Coinbase to store and trade cryptocurrencies, as well as access various crypto services and products. You can sign up for Coinbase on the Coinbase website or app. ⁴
- Binance: Binance is a platform that lets you buy and sell cryptocurrencies with fiat money, as well as other cryptocurrencies. You can use Binance to buy cryptocurrencies, such as ETH, and transfer them to your crypto wallet, such as Trust Wallet. You can also use Binance to store and trade cryptocurrencies, as well as access various crypto services and products, such as Binance NFT, which is an NFT marketplace. You can sign up for Binance on the Binance website or app.
- LocalCryptos: LocalCryptos is a platform that lets you buy and sell cryptocurrencies with fiat money, as well as other cryptocurrencies, directly from other users. You can use LocalCryptos to buy cryptocurrencies, such as ETH, and transfer them to your crypto wallet, such as MetaMask. You can also use LocalCryptos to store and trade cryptocurrencies, as well as access various crypto services and products. You can sign up for LocalCryptos on the LocalCryptos website.
2. Choose an NFT Marketplace and Connect Your Wallet
The second step to buying an NFT is to choose an NFT marketplace and connect your wallet. An NFT marketplace is a platform that lets you browse, buy, and sell NFTs, as well as discover new artists, creators, and collections. An NFT marketplace can be either centralized or decentralized, depending on the level of control and trust involved. Some NFT marketplaces are:
- OpenSea: OpenSea is a decentralized NFT marketplace that lets you buy and sell NFTs from various categories, such as art, music, gaming, sports, and collectibles. OpenSea supports multiple blockchains, such as Ethereum, Polygon, and Klaytn, and multiple cryptocurrencies, such as ETH, DAI, and USDC. You can use OpenSea to buy NFTs at a fixed price or through an auction, as well as create and sell your own NFTs. You can access OpenSea on the OpenSea website or app, and connect your crypto wallet, such as MetaMask or Coinbase Wallet.
- Rarible: Rarible is a decentralized NFT marketplace that lets you buy and sell NFTs from various categories, such as art, music, gaming, and collectibles. Rarible runs on the Ethereum network and supports ETH and other ERC-20 tokens, such as RARI, which is the native token of Rarible. You can use Rarible to buy NFTs at a fixed price or through an auction, as well as create and sell your own NFTs. You can access Rarible on the Rarible website, and connect your crypto wallet, such as MetaMask or Coinbase Wallet.
- Coinbase NFT: Coinbase NFT is a centralized NFT marketplace that lets you buy and sell NFTs from various categories, such as art, music, gaming, sports, and collectibles. Coinbase NFT runs on the Ethereum network and supports ETH and other ERC-20 tokens, such as USDC, which is a stablecoin pegged to the US dollar. You can use Coinbase NFT to buy NFTs at a fixed price or through an auction, as well as create and sell your own NFTs. You can access Coinbase NFT on the Coinbase NFT website or app, and connect your crypto wallet, such as Coinbase Wallet or MetaMask.
3. Browse, Buy, and Store Your NFT
The third step to buying an NFT is to browse, buy, and store your NFT. You can browse NFTs by using various filters, such as category, collection, price, popularity, or rarity. You can also search for specific NFTs by using keywords, hashtags, or names. You can buy NFTs by using various methods, such as:
- Buy now: You can buy an NFT at a fixed price by clicking on the “Buy now” button and confirming the transaction. You will need to pay the price of the NFT, as well as a gas fee, which is a fee for processing the transaction on the blockchain. The gas fee can vary depending on the network congestion and the complexity of the transaction. You can use your crypto wallet to pay for the NFT and the gas fee, and you will receive a confirmation when the transaction is completed.
- Bid: You can bid on an NFT through an auction by clicking on the “Bid” button and entering the amount you are willing to pay. You will need to pay a gas fee to place your bid, and you will be notified if you are the highest bidder or if you are outbid. The auction can have a minimum bid, a reserve price, a starting price, or a buyout price, depending on the seller’s preferences. The auction can also have a duration, a countdown, or an extension, depending on the marketplace’s rules. If you win the auction, you will need to pay the final bid price, as well as a gas fee, to claim your NFT. You can use your crypto wallet to pay for the NFT and the gas fee, and you will receive a confirmation when the transaction is completed.
- Offer: You can make an offer on an NFT by clicking on the “Make offer” button and entering the amount you are willing to pay. You will need to pay a gas fee to submit your offer, and you will be notified if the seller accepts or rejects your offer. The seller can have a minimum offer, a counteroffer, or a negotiation, depending on their preferences. If the seller accepts your offer, you will need to pay the agreed price, as well as a gas fee, to claim your NFT. You can use your crypto wallet to pay for the NFT and the gas fee, and you will receive a confirmation when the transaction is completed.
You can store your NFT by using your crypto wallet, which will show your NFT balance and details, such as the name, image, description, and history of your NFT. You can also view your NFT on the NFT marketplace, which will show your NFT profile and collection, as well as the market value and activity of your NFT. You can also transfer your NFT to another crypto wallet or another user, by using the “Send” or “Transfer” function on your crypto wallet or the NFT marketplace. You will need to pay a gas fee to transfer your NFT, and you will receive a confirmation when the transaction is completed.
Conclusion
Buying an NFT can be a fun and rewarding way to own a unique digital asset that can represent your passion, interest, or identity. However, buying an.