- What are NFTs? (Non-fungible tokens)
- How to Buy NFT on an NFT marketplace (Step by Step Guide)
- What is a Metamask Wallet and How to set it up
- How to assess the value and worth of an NFT
- How to create an NFT and sell it
- Top 10 Most Expensive NFTs sold
From CryptoKitties to Bored Apes, NFTs are probably the biggest story from the past two years of this decade. Although the NFT marketplace is not as easy as operating an amazon or other e-commerce site, it’s not that difficult either. Everyone wishes to have their own NFTs, but the big question is how to go about it? Which NFT marketplace to choose, where to start, how to assess and find the value of an NFT, whether to buy one or many from one collection? All these questions often bug us. But not anymore, in this article we shall guide you through every small step that you must be aware of before buying your first NFT.
Before we dive into how to buy your first NFT on any top NFT marketplace, let’s take a step back and get onto the same page as to what Non-fungible tokens (NFTs) mean? Non-fungible tokens (NFTs) are nothing but encrypted digital files that can be stored on the blockchain. They are tokenized versions of digital items such as videos, audio, images, and digital art. What’s tokenization? In brief, it is the process to turn an asset into a digital token such that it can be stored and moved within a blockchain network, like Solana or Ethereum.
How to Buy NFT on an NFT marketplace
- Get your wallet funded
- Browse the NFT collection on any marketplace
- Found the NFT you wish to buy? Make an offer or buy
Step 1: Get your wallet funded
To buy an NFT you would need funds in your digital wallet. On the NFT marketplace, like OpenSea, you need Ether (ETH) to buy NFTs. To explain things in a simpler fashion, we shall here take the example of Metamask, the most popular web wallet used for NFTs.
In case you haven’t already installed the wallet and are trying it out for the first time, be aware of the phishing attacks and always double-check the website URL.
In case you don’t have your wallet installed, visit metamask.io and download the web extension for the same and connect it to OpenSea or other marketplaces of your choice. To link the NFT marketplace, go to its application and click on the top right corner and then click on your profile. You shall be redirected to a new page prompting you to connect to your wallet. In this case, you shall choose MetaMask.
All the necessary permissions must be granted to OpenSea or the marketplace you have chosen to use your wallet and the signature request needs to be signed. Once the connection is installed, you can now check out the NFT collections available on the marketplace. In case you do not have the required crypto to buy NFT, go to your MetaMask wallet and click on Buy. The crypto deposit can be made directly using a credit or a debit card.
Watch our video to know more about What is a Metamask Wallet and How to set it up!
Step 2: Browse the NFT collection on a marketplace
Once you are introduced to the pool of NFT collections, you must first decide which NFT you wish to acquire. Go to the explore section of the marketplace and you shall find thousands of NFT collections available.
You can even filter your searches by clicking on various filters like Top Art, Domain names, Trending, collectibles, sports, Utility, Photography, etc.
Step 3: Make an offer or Buy Now
When you have finally found the thing you want or like, you can directly make an offer or buy NFT . While few have the option to place bids, few are direct buys. The ones with the place bid option, need the user to make an offer to the actual owner of the NFT to purchase them. In case you come across such an NFT, ensure to check the number of offers already made for that NFT which shall give you a precise idea of how much money to bid on the same.
In the case of OpenSea, the next big must be at least 5% higher than the older one. There are a few NFTs that you can buy for a fixed price as well. In those cases, directly hit on the “Buy Now” option once you are sure you want to buy NFT you have selected. The details of the NFT like name, the subtotal, respective collection as well as the total amount to be paid appears. Click on the confirm button to checkout.
Now a marketplace like OpenSea will load your MetaMask wallet. Here you can find all the necessary details of the purchase such as estimated gas fees, amount of time required for the transaction, etc.
The gas fees can be changed using the edit option, however, the lower the gas fees are the lower the speed of transaction. It is always best to buy using MetaMask when the Ethereum network is least busy.
Once ready, click on the confirm button and wait until the purchase has been processed. In the meanwhile, you can grab a cup of coffee and relax while your brand new NFT appears in your collection. You can simply go back to your profile and wait until it appears.
That’s it! This is all you need to do to buy an NFT of your own. It is always advised to do your research (DYOR) before you buy or sell any NFT. You should never fall prey to FOMO and always take your time in deciding which crypto or NFT to go for. Look for the rarity, utility, or other important factors before buying a particular NFT. Wondering how to assess the value or worth of an NFT?
Read more blogs on NFTs
Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information, or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment, or tax advice by the reader. The calculations, data, risk-return formulations, performance, or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors, or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.