How to Buy NFT: Beginner's Guide

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Table of contents

  1. Empty
  2. Step 1: Purchase Ethereum Tokens
  3. Step 2: Transfer Your Crypto to a Crypto Wallet
  4. Step 3: Link Your Crypto Wallet to an NFT Marketplace
  5. Step 4: Buy Your NFT
  6. Step 5: Consider Investing in a Hardware Wallet to Store Your NFTs
  7. FAQs
  8. Final Words

Empty

{"blocks":[{"key":"6fpl4","text":"In the last couple of years, you must’ve heard about how more and more people are investing in NFTs. To be honest, if you know how to do it right, buying and selling NFTs could be a great way to make some nice cash on the side. Or, only purchasing an NFT to have complete ownership over a piece of art or music is a form of power a lot of people can’t resist, so you may want to give it a shot. But how to buy NFTs? This article describes this entire process so that you’re fully prepared for the experience as a beginner. Without further ado, let’s dive into our step-by-step guide.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":583,"style":"color-rgb(0,0,0)"},{"offset":0,"length":583,"style":"bgcolor-transparent"},{"offset":0,"length":583,"style":"fontsize-11pt"},{"offset":0,"length":583,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}}],"entityMap":{}}

Step 1: Purchase Ethereum Tokens

{"blocks":[{"key":"vgpu","text":"As a first-timer, you might think that whipping out your credit card is the way to go about buying an NFT. Well, you’ll need to put that card back in your wallet because NFT marketplaces only accept Ethereum-based tokens as payment. Some can work with other cryptocurrencies, too.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":280,"style":"color-rgb(0,0,0)"},{"offset":0,"length":280,"style":"bgcolor-transparent"},{"offset":0,"length":280,"style":"fontsize-11pt"},{"offset":0,"length":280,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}},{"key":"5h4vc","text":"Thankfully, it’s not that hard to purchase Ethereum. All you’ll have to do is set up a crypto exchange account and buy Ether tokens on it. For a beginner, you can use eToro, Coinbase, Binance, or Gemini. Then, you can proceed to the next step without missing a beat.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":266,"style":"color-rgb(0,0,0)"},{"offset":0,"length":266,"style":"bgcolor-transparent"},{"offset":0,"length":266,"style":"fontsize-11pt"},{"offset":0,"length":266,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}}],"entityMap":{}}

Step 2: Transfer Your Crypto to a Crypto Wallet

{"blocks":[{"key":"3uo0d","text":"Here, you must turn your crypto into a crypto wallet so that you can link it to the NFT marketplace and start buying non-fungible tokens.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":137,"style":"color-rgb(0,0,0)"},{"offset":0,"length":137,"style":"bgcolor-transparent"},{"offset":0,"length":137,"style":"fontsize-11pt"},{"offset":0,"length":137,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}},{"key":"2mh2l","text":"Luckily, some exchanges, like Coinbase, already have built-in wallet features that will allow you to manage your cryptocurrency without further action. Yet, most crypto exchanges work with dedicated wallets, the most popular one being MetaMask.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":244,"style":"color-rgb(0,0,0)"},{"offset":0,"length":244,"style":"bgcolor-transparent"},{"offset":0,"length":244,"style":"fontsize-11pt"},{"offset":0,"length":244,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}},{"key":"63tug","text":"After you have your crypto wallet finally installed, you’ll need to connect it to an NFT marketplace to kickstart your buying process.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":134,"style":"color-rgb(0,0,0)"},{"offset":0,"length":134,"style":"bgcolor-transparent"},{"offset":0,"length":134,"style":"fontsize-11pt"},{"offset":0,"length":134,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}}],"entityMap":{}}

Step 3: Link Your Crypto Wallet to an NFT Marketplace

{"blocks":[{"key":"60gt2","text":"At this point, you must know what kind of NFT you’re ready to buy in order to choose the right marketplace to get it from. There are dozens of marketplaces with various collectibles and art pieces on them, but the largest and most reputable one has to be OpenSea.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":263,"style":"color-rgb(0,0,0)"},{"offset":0,"length":263,"style":"bgcolor-transparent"},{"offset":0,"length":263,"style":"fontsize-11pt"},{"offset":0,"length":263,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}},{"key":"6ijha","text":"Plus, some NFT markets specialize in certain assets. For example, The Musician Marketplace is dedicated to musical compositions. So, you may want to check it out if your interests lie in the music industry.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":206,"style":"color-rgb(0,0,0)"},{"offset":0,"length":206,"style":"bgcolor-transparent"},{"offset":0,"length":206,"style":"fontsize-11pt"},{"offset":0,"length":206,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}},{"key":"59tv8","text":"Likewise, you’ll find plenty of NFT marketplaces that deal in digital artwork, collectibles, website domain names, video game items, and more.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":142,"style":"color-rgb(0,0,0)"},{"offset":0,"length":142,"style":"bgcolor-transparent"},{"offset":0,"length":142,"style":"fontsize-11pt"},{"offset":0,"length":142,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}},{"key":"8r54d","text":"Once you find the NFT marketplace that matches your preferences, you must connect your MetaMask wallet, or any other crypto wallet you have, to it to start buying NFTs.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":168,"style":"color-rgb(0,0,0)"},{"offset":0,"length":168,"style":"bgcolor-transparent"},{"offset":0,"length":168,"style":"fontsize-11pt"},{"offset":0,"length":168,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}}],"entityMap":{}}

Step 4: Buy Your NFT

{"blocks":[{"key":"b3iu8","text":"Now that you’ve settled on an NFT marketplace and decided on the exact NFT you’d like to own, the fun begins. Simply, you’ll have to act like you’re in a digital auction. After ensuring your account has all the needed funds, you’ll be required to submit a bid for the NFT you want to buy. If you end up being the highest bidder, then congratulations, you’ve bought that NFT.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":374,"style":"color-rgb(0,0,0)"},{"offset":0,"length":374,"style":"bgcolor-transparent"},{"offset":0,"length":374,"style":"fontsize-11pt"},{"offset":0,"length":374,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}},{"key":"us0k","text":"It’s important to note that, when purchasing NFTs from the primary marketplace, there’s a pro and a con you’ll have to deal with.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":129,"style":"color-rgb(0,0,0)"},{"offset":0,"length":129,"style":"bgcolor-transparent"},{"offset":0,"length":129,"style":"fontsize-11pt"},{"offset":0,"length":129,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}},{"key":"87njg","text":"The bright side is that NFTs that are high in demand can be resold for five or even ten times their initial price. So, you might just get lucky after you make your purchase.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":173,"style":"color-rgb(0,0,0)"},{"offset":0,"length":173,"style":"bgcolor-transparent"},{"offset":0,"length":173,"style":"fontsize-11pt"},{"offset":0,"length":173,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}},{"key":"av84u","text":"However, the downside here is that it can be tricky to put an estimate of how much demand is on an art piece or musical composition. This isn’t the case if you’ll be buying an NFT from the secondary marketplace, where you’ll be able to monitor previous sales.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":259,"style":"color-rgb(0,0,0)"},{"offset":0,"length":259,"style":"bgcolor-transparent"},{"offset":0,"length":259,"style":"fontsize-11pt"},{"offset":0,"length":259,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}}],"entityMap":{}}

Step 5: Consider Investing in a Hardware Wallet to Store Your NFTs

{"blocks":[{"key":"9rm3j","text":"One of the coolest things about crypto wallets is that they aren’t just there to enable you to buy NFTs. They also act like platforms where your NFTs will be stored online. But, what if you want an even safer place to keep your NFTs offline?","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":241,"style":"color-rgb(0,0,0)"},{"offset":0,"length":241,"style":"bgcolor-transparent"},{"offset":0,"length":241,"style":"fontsize-11pt"},{"offset":0,"length":241,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}},{"key":"c07fc","text":"Here, your best bet is to buy a hardware wallet, also known as cold storage, to store your crypto assets. Options like Ledger or Trezor wallets give you some additional security over your NFTs, with a passcode only you will get to pick to unlock them whenever you need to.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":272,"style":"color-rgb(0,0,0)"},{"offset":0,"length":272,"style":"bgcolor-transparent"},{"offset":0,"length":272,"style":"fontsize-11pt"},{"offset":0,"length":272,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}}],"entityMap":{}}

FAQs

{"blocks":[{"key":"5f92m","text":"Is it profitable to sell NFTs after buying them?","type":"header-three","depth":0,"inlineStyleRanges":[{"offset":0,"length":48,"style":"color-rgb(67,67,67)"},{"offset":0,"length":48,"style":"bgcolor-transparent"},{"offset":0,"length":48,"style":"fontsize-14pt"},{"offset":0,"length":48,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}},{"key":"97fd5","text":"You must understand that reselling an NFT could be a great way to make money, but it’s also one way to lose some. Knowing that your NFT will rise in value and popularity enough to get you a higher price comes with a lot of trial and error.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":239,"style":"color-rgb(0,0,0)"},{"offset":0,"length":239,"style":"bgcolor-transparent"},{"offset":0,"length":239,"style":"fontsize-11pt"},{"offset":0,"length":239,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}},{"key":"28sl0","text":"Therefore, a first-timer’s best shot is to consult an NFT expert to let them know when is the best time to sell their NFT and the right price to ask for.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":153,"style":"color-rgb(0,0,0)"},{"offset":0,"length":153,"style":"bgcolor-transparent"},{"offset":0,"length":153,"style":"fontsize-11pt"},{"offset":0,"length":153,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}},{"key":"2baor","text":"So, the answer to your question is, yes, selling NFTs can be profitable, but only if you properly analyze the situation. Plus, it’s important to always have extra funds as a backup in case anything goes south.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":209,"style":"color-rgb(0,0,0)"},{"offset":0,"length":209,"style":"bgcolor-transparent"},{"offset":0,"length":209,"style":"fontsize-11pt"},{"offset":0,"length":209,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}},{"key":"ai73l","text":"What is the future of NFTs?","type":"header-three","depth":0,"inlineStyleRanges":[{"offset":0,"length":27,"style":"color-rgb(67,67,67)"},{"offset":0,"length":27,"style":"bgcolor-transparent"},{"offset":0,"length":27,"style":"fontsize-14pt"},{"offset":0,"length":27,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}},{"key":"bu8fc","text":"Even though nothing is predictable when it comes to the digital world, a lot of experts swear that NFTs are staying for a while. The reason behind this is that many high-profile companies and wealthy investors are interested in them.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":233,"style":"color-rgb(0,0,0)"},{"offset":0,"length":233,"style":"bgcolor-transparent"},{"offset":0,"length":233,"style":"fontsize-11pt"},{"offset":0,"length":233,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}},{"key":"aan4","text":"Therefore, with a lot of money already tangled in NFT deals and investments, it’s only safe to assume that the NFT market popularity will keep growing.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":151,"style":"color-rgb(0,0,0)"},{"offset":0,"length":151,"style":"bgcolor-transparent"},{"offset":0,"length":151,"style":"fontsize-11pt"},{"offset":0,"length":151,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}}],"entityMap":{}}

Final Words

{"blocks":[{"key":"cfrfa","text":"Knowing how to buy NFTs is the first step you can take to get that unique art piece that has been receiving so much attention. Whether you’re ready to begin investing in non-fungible tokens or are just interested in the whole idea of owning a collectible, we hope this guide was able to help you out.","type":"unstyled","depth":0,"inlineStyleRanges":[{"offset":0,"length":300,"style":"color-rgb(0,0,0)"},{"offset":0,"length":300,"style":"bgcolor-transparent"},{"offset":0,"length":300,"style":"fontsize-11pt"},{"offset":0,"length":300,"style":"fontfamily-Arial"}],"entityRanges":[],"data":{}}],"entityMap":{}}