NFTs, or non-fungible tokens, are a new kind of asset that is gaining in popularity. They are blockchain-based tokens that establish ownership of digital assets like photos, video files, and video game items.
If you’re looking to buy NFTs, it can be confusing to know where to start. This guide will walk you through the basics of buying NFTs. We’ll cover where to go, how to set up your wallet, find NFTs, and how to buy them. By following these steps, you’ll be able to buy NFTs with confidence and get started on your own NFT collections!
If you’re new to NFTs and not sure what are those and how it works, you can read our intro to NFTs guide below before getting started.
Read More: What is NFT and How Does It Work?
Read More: Pros and Cons of Investing in NFTs
Set up Your Crypto Wallet
The first step to buying NFTs is to set up a cryptocurrency wallet. Cryptocurrency wallets are software programs that store your public and private keys and interact with various blockchains to enable users to send and receive digital currency and monitor their balance.
There are many crypto wallets to choose from, but the most popular is MetaMask.
MetaMask is a web browser extension that turns your ordinary browser into a crypto wallet. It’s simple to set up and use, and it’s one of the most popular wallets in the NFT space.
To set up MetaMask, go to their website and click “Download” and click on “Install MetaMask for Chrome“. Then, follow the instructions to add the extension to your preferred browser.
Once you have MetaMask set up, you’ll need to create an account. Click “Create a Wallet,” and then follow the prompts. When you create your password, make sure it’s strong and unique, as this is what will secure your account.
Once you have an account set up, you’ll be given a seed phrase. This is a 12-word phrase that you should write down and store in a safe place. If you ever lose or forget your password, you can use this seed phrase to recover your account.
Transfer or Purchase Ethereum
Now that you have a crypto wallet, you’ll need to buy some cryptocurrency. The most popular cryptocurrency for buying NFTs is Ethereum, so we’ll focus on that here. You can either buy ETH on Metamask or purchase it on a cryptocurrency exchange.
If you choose to use a cryptocurrency exchange, we recommend using Coinbase. It’s one of the most popular and user-friendly exchanges.
Creating Coinbase Account and Buying Ethereum
To create an account on Coinbase, go to their website and click “Get started.” Then, follow the prompts to enter your personal information and set up two-factor authentication.
Once you have an account set up, you’ll need to link a payment method. Coinbase supports a variety of payment methods, including bank transfers, debit cards, and credit cards.
Once you have your payment method linked, you can buy Ethereum by going to the “Buy/Sell” page and selecting Ethereum. Then, enter the amount of ETH you want to buy and click “Buy Now.”
Transfering Ethereum from Coinbase to MetaMask
Once you have an account set up on Coinbase, you’ll need to go to your MetaMask account. Here, you need to click on three dots that read “buy and send”. Each cryptocurrency has its address, so make sure to send yours to the correct address (Bitcoin to a Bitcoin address or Ethereum to an Ethereum address). Copy the MetaMask wallet address on the clipboard. Then, paste the address into the wallet address field on Coinbase. After that, enter the amount of ETH you wish to send. Once done, click on the Complete button to finish the transaction.
Now that you have Ethereum in your MetaMask wallet, you’re ready to start buying NFTs!
Buy Non Fungible Tokens (NFTs)
Choose an NFT Marketplace
After setting up all the needed accounts, you need to choose an NFT marketplace. NFT marketplaces are platforms where you can buy, trade, and sell NFTs. Choosing a Marketplace to buy an NFT plays a crucial role. Each marketplace has its own strengths and weaknesses. The most important thing is to find a marketplace that suits your needs and interests.
Here are some of the most popular NFT marketplaces:
- Binance NFT Marketplace
- Nifty Gateway
- Axie Infinity Marketplace
If you want to learn more about these NFT Marketplaces, read our article on the Best NFT Marketplaces in 2022.
Buy an NFT on OpenSea
In this article, we are going to show you how to buy NFTs on OpenSea.
OpenSea is the world’s largest marketplace for buying and selling digital assets. They have a wide variety of assets, including art, games, collectibles, and more.
To start buying on OpenSea, go to their website and click “Create.” Then, follow the prompts to create an account. Once you have an account set up, you can start browsing the marketplace. You will need to connect your MetaMask Wallet to OpenSea so you can view the NFTs that are available in your wallet after purchase. If you know what kind of NFT you want to buy, you can use the search bar to find it. Otherwise, you can browse through the different categories.
Once you find an NFT you want to buy, click on it to view more information. Here, you will be able to see the price, description, and other relevant details. If you want to buy the NFT, click on the “Buy Now” button. Then, it will show you the checkout page and connects you to your Metamask wallet. Your MetaMask wallet will show you the total amount you will pay including the transaction fees known as gas fees. The price of these fees frequently fluctuates, which can be confusing to newcomers. Once you’re happy with the price, click on the “Confirm” button to finish the transaction.
And that’s it on how to buy NFTs! You have successfully purchased your first NFT!