How to Buy an NFT

A guide explaining the basics to NFT purchasing

OK, so you’ve probably heard about all these artists, content creators, and other people selling NFTs. And now, almost every crypto investor or influencer you know is talking about the vast amounts of money that could be made from NFTs.

There’s no doubt you want in. You want to purchase a few collectibles for yourself — perhaps an avatar for your social media account, a character for your favorite video game, or even a clip of a sports moment that blows your mind. But where do you start?

Well, there are two ways through which you can obtain NFTs — you can buy them from an NFT market or mint them directly from the project’s site. Let’s look into each process separately.

Buying From an NFT Marketplace

Start By Getting a Cryptocurrency Wallet

A crypto wallet is important not just for buying NFTs; it’s also where you store the NFTs. Have an Ethereum-compatible crypto wallet set up and topped up with ether (ETH). Why? Most NFT marketplaces use the Ethereum blockchain to power their transactions. You can open a wallet with MetaMask, Coinbase, Binance, or any other crypto exchange of your preference.

Choose an NFT Market

There are tons of NFT marketplaces, from OpenSea to Rarible to SuperRare, each with a different registration process and terms of use. Do your research and pick one that best works for you.

In this post, we focus on OpenSea, the largest and most popular of them all. To get started, you’ll need to connect your crypto wallet to the platform. Simply create an account and follow the given instructions to link your wallet.

Buy an NFT

Scroll through OpenSea to see the offerings. Some NFTs are listed for auction, while others are sold at a fixed price. If it’s the latter, you can snag the items immediately. If it’s the former, you’ll need to win a bid to acquire the asset.

Also, keep in mind that you’ll be required to pay a transaction fee (also known as gas fee) in addition to the price of the NFT, so make sure you have extra Ether in your wallet. Note that gas prices will rise or fall based on the network’s volume of use.

Once you have made a purchase, the NFT will be transferred to your crypto wallet, where you can access it until you decide to sell.

Minting From the Project’s Website

NFT minting simply means converting digital files into crypto-collectibles that can be traded on a digital marketplace. Most creators will allow investors and collectors to mint NFTs directly from their site before the project kicks off. It’s a great way for buyers to save money, as this is when the price of the NFT is the lowest.

The downside? Unlike buying from a secondary market, you don’t get to select the NFT you end up with, as tokens are generated randomly. Nonetheless, when the project launches, your collectibles may end up being popular, and you could bag millions.

How it Works

Just like buying from a secondary market, minting an NFT from the creator’s website will require you to first install a crypto wallet and fund it with ETH. Make sure to check the minting price on the project’s page before transferring the funds so you can ensure you’ll have enough both for the minting process and gas fees.

Once you’ve got this down, connect your wallet to the website to start minting. Most projects will allow you to acquire multiple NFTs in one transaction. Check the page to see the limit on how many you can mint. After a successful mint, the new assets will show up in your crypto wallet.