Are you interested in buying NFTs but don’t know where to start? With the recent explosion of the Web3 space, it can be overwhelming to understand how to get these unique digital assets. However, buying NFT is not a difficult task at all, and it can be simpler than you think. In this guide, we’ll walk you through the process step by step, from setting up a wallet to making your first purchase. Whether you’re a seasoned crypto investor or a newcomer to the world of blockchain, this guide will provide you with the essential information you need to start buying NFTs. So let’s dive in and get started on your NFT journey!
Before learning about how to buy NFT, there are 2 things you need to prepare:
To buy NFTs, you need a digital wallet that supports NFTs. A wallet is a software program that stores your digital assets. Currently, on the market, there are many different crypto wallets and most of them support NFT storage, but you should download a digital wallet from a reputable developer such as Oxalus Wallet, Metamask, or Trust Wallet and complete the setup wallet step.
Most NFTs are purchased with digital currency, such as Ether (ETH) or Binance coin (BNB). You will need to purchase digital currency on a cryptocurrency exchange. Popular exchanges that allow you to buy digital currency with fiat currency are Coinbase, Binance, and Kraken.
In addition, some NFT marketplaces like OpenSea also offer the option to pay by card, if you don’t have crypto in your wallet.
Basically, there are 2 ways for you to buy an NFT: Project’s Websites and NFT Marketplaces.
Independent project websites are often used by creators to sell their own NFTs directly to collectors. Usually, this is the very first sale of that NFT collection, aka “Mint”. These sales can be conducted through a website, social media, or other platforms. The benefit of buying NFTs directly from creators is that you can often get them at a lower price than you would in a marketplace, and you can also support the creator directly. When you buy an NFT using this method, you can also resell it on the NFT marketplace if you want.
On the other hand, NFT marketplaces are websites where you can buy and sell NFTs from a variety of creators. NFT marketplaces can generally be classified into two main types: centralized marketplace and decentralized marketplace.
Centralized marketplaces are run by a single company or organization, and they usually operate as intermediaries between buyers and sellers. These marketplaces typically have user-friendly interfaces, provide customer support, and offer various payment options. Examples of centralized NFT marketplaces include Binance NFT and Coinbase NFT.
Decentralized marketplaces operate on a blockchain network and do not rely on a central authority. These marketplaces allow users to directly buy and sell NFTs without an intermediary, and transactions are executed through smart contracts. When buying NFT on decentralized marketplaces, you don’t need to create an account, just connect your wallet address. Therefore, any NFTs you purchase will be transferred directly to your wallet address and managed by yourself. Some popular examples of decentralized NFT marketplaces include OpenSea, Blur, or Oxalus NFT Aggregator.
For centralized markets, it is very easy to buy NFTs and since the platforms have their own instructions available, we will not focus on this way anymore. Besides, using decentralized platforms is somewhat difficult for newbies, so we will dive into the steps to trade NFTs on decentralized NFT marketplaces.
First of all, you need to clearly understand that for the centralized NFT market, you will create an account to trade NFT. However, all of your assets in that account are not managed by you because you are not the holder of the private key.
For the decentralized NFT marketplace, you will simultaneously pay and receive NFT with the same wallet address that you have set up in advance, so it is essential to prepare a suitable wallet.
Once you have set up your wallet, you need to add cryptocurrency funds to it. Most decentralized marketplaces require you to have ETH or BNB to purchase NFTs.
When you first trade with a decentralized NFT marketplace, you need to connect and validate the platform’s smart contract. This process will require a little gas fee, which is charged to the network when you perform any action that interacts with the blockchain.
It is possible to look for NFTs on the marketplace by using the search bar. For instance, the Bored Ape Yacht Club has a collection of 10,000 NFTs, with a minimum selling price of 76.97 ETH, equivalent to nearly $129,706 at the time of writing. The lowest possible price for one of these NFTs is known as the floor price.
If you find an NFT that you want to buy, you can either place a bid or purchase it outright. If you place a bid, you will need to wait for the seller to accept your offer. If you purchase it outright, the NFT will be transferred to your wallet immediately.
After placing a bid or purchasing an NFT, you will need to confirm the transaction on your wallet. This involves signing the transaction using your private key. It should be noted that confirming the transaction requires a gas fee. So make sure your wallet always has enough crypto needed.
After confirming the transaction, you will need to wait for the NFT to be transferred to your wallet. This can take several minutes or longer, depending on the blockchain used by the marketplace.
Last but not least, keep in mind that prices for NFTs on decentralized marketplaces can be volatile and may change quickly, so it’s important to do your research and only invest what you can afford to lose.
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Choosing the right NFT can be a challenging task, especially for beginners in the space. There are thousands of NFTs available on various platforms, each with its unique features, designs, and prices. With so many options, it can be difficult to determine which NFT is the right fit for you. Here are a few things to consider when choosing the right NFT:
Look for NFTs that align with your interests and personal taste. Whether you are into art, music, or gaming, there is an NFT out there for you.
NFTs that are rare and scarce tend to have higher values and appreciation potential. Look for NFTs that have limited editions or unique features.
The reputation of the NFT creator can impact the value and demand for the NFT. Research the creator and their past work to ensure they have a good track record in the NFT community.
Ensure the NFT is authentic and verified. Look for NFTs with verified ownership, provenance, and chain of custody.
Set a budget and look for NFTs within your price range. Don’t overspend on NFTs and always do your due diligence to ensure you are getting value for your money.
By considering these factors, you can choose the right NFT that aligns with your interests and fits your budget, while also having the potential for appreciation over time.
1. Can a normal person buy NFT?
Of course, anyone can buy and own NFT, as long as they have a digital wallet and some crypto.
2. Can I buy NFT with little money?
The answer is yes. You can find NFTs at a variety of prices. Some projects even offer free minting so you can earn NFT without spending a dime.
3. How much does an NFT cost?
The price of NFTs depends on many factors such as the popularity of the team, scarcity, or utility. One NFT can cost up to several million dollars but another can cost only a few cents.
4. Are there any fees when buying NFTs?
Yes, there are several fees when buying NFT like transaction fees and platform fees, which vary depending on the platform and blockchain used.
5. Are NFTs cryptocurrency?
NFTs are often associated with cryptocurrency because they use blockchain technology, which is also used by many cryptocurrencies. However, NFTs are not cryptocurrencies in the traditional sense because they are unique digital assets, whereas cryptocurrencies are fungible and interchangeable with one another.
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