For the better part of this year, we've been talking about digital assets, what they are and what benefits non-fungible tokens bring to the virtual table. We've discovered that many play-to-earn crypto games offer NFTs as rewards for in-game victories or give you the possibility to buy these digital art collectibles.
By now, you're probably ready to start your own NFT collection, but you might still have questions about exactly how to do that. No biggie.
Purchasing NFTs is not hard or complicated. You just need to follow our tips to get the digital artwork ball rolling. Once you know how to buy NFTs, you can take the next step, learning how to value and sell these non-fungible tokens.
The digital art frenzy - Why buy NFTs?
Non-fungible tokens are unique digital assets, part of a blockchain, that can be bought, traded, or sold. These digital files can be represented by photos, audio, video, or multiple combinations of these assets. What makes NFTs utterly special is the fact they grant the holder complete ownership over that one-of-a-kind digital collectible.
If you buy NFTs, you'll own assets with increased value coming from scarcity, similar to the value of fine artworks that can also appreciate over time. Let's check some of the NFT attributes that make them worth your money:
Scarcity refers to how rare an NFT is. It defines the value of that particular digital asset and can increase over time. So, the same NFT tokens you bought for a small sum at the beginning of a crypto project could be sold later on an NFT marketplace for a significant profit.
Similar to its real-world counterpart, digital art gives you the chance to create your own unique collection of non-fungible tokens. Some people collect expensive art pieces. Others collect antiques. You could become a great NFT collector!
These digital assets are not just pretty. Many NFTs provide utility that adds even more value to them. NFTs can be used to tokenize securities, precious metals, or even real estate. They can be anything from in-game items and collectibles like weapons, skins, and avatars to virtual plots of land.
Good investment opportunity
Crypto investors consider these tokens a fantastic investment opportunity. They buy an NFT from selected NFT markets and trade it later for a different collectible or sell it for a profit. There are many NFT platforms where you can see the best digital artworks of the moment and decide which ones to buy.
Now that we established why NFTs are worth the hype, it's time to learn how you can buy them, step by step.
1. Get a crypto wallet
The first thing you should do before venturing out into the NFT marketplaces is to set up a crypto wallet you will need to use to buy and store your digital collectibles. You can skip this step if you already have such a digital wallet.
If you don't have one yet and require more information on the subject, you can read our dedicated article on cryptocurrency wallets and how they work.
Just to do a quick recap of crypto wallets: they store your private and public keys, safeguard your digital assets, like crypto tokens or NFTs and provide access to your funds anytime. They come with a seed phrase or recovery phrase that you shouldn't share with anyone.
2. Use a crypto exchange to buy ETH or whatever cryptocurrency you need
Most NFTs can be purchased from an online marketplace using ETH, the native currency of the Ethereum network. You can buy ETH from several cryptocurrency exchanges and transfer them to your crypto wallet. A good option is the Metamask wallet, with its user-friendly features and easy installation steps that we've gone through here.
A cryptocurrency exchange is an online platform that acts like a brokerage where you can buy and sell all sorts of cryptocurrencies. There are many exchanges on the market, so you'll have to pick the one that works best for you.
Before you choose the platform you'll use, research how it works in terms of private and public keys, what trading fees it charges and how the customer support works.
3. Choose an NFT marketplace
The next step involves deciding which NFT market you want to use for buying NFTs. Rarible, OpenSea, or Mintable are just some examples of such NFT marketplaces that you could use. Take your time to do some research and choose one NFT marketplace to be your to-go place when it comes to buying and selling NFTs. Here are some of our recommendations:
OpenSea is the largest NFT marketplace of the moment. Unlike other NFT marketplaces that are rather niched, Opensea offers a wide variety of NFTs to choose from.
Everybody that's somebody in the NFT space will be on OpenSea. You can buy an NFT related to art, music, sports, games, fashion, and collectibles.
Nifty Gateway is an online NFT marketplace where you can find heavily curated, exclusive NFT collections from renowned fine art, video, animation, and multimedia artists. The platform offers many NFT drops, attracting experienced collectors who want to gather or trade digital art with long-term value.
This NFT marketplace is similar to OpenSea but at a smaller level. They list a wide variety of NFTs that users can buy, trade, or sell. What sets Rarible apart from most marketplaces is that they aspire to become a Decentralized Autonomous Organization (DAO).
The platform has its own governance token, $RARI, allowing users to participate in the future development of the marketplace actively.
Mintable focuses on making the process of minting NFTs more affordable for users. As such, it offers two minting options: gasless and traditional. NFT creators usually appreciate this function a lot as they support the minting costs most of the time.
Unlike most marketplaces, SuperRare aims to offer only single edition, unique artwork. In a way, the platform is very similar to a traditional art auction house and works with famous artists and high-priced artwork.
NBA Top Shot
This is a truly niched NFT marketplace. NBA Top Shot lists only NFTs of historic NBA video highlights from games and individual players. The platform has attracted a large community of followers that participate in contests and challenges and interact with each other frequently.
4.Connect the wallet to the NFT marketplaces
Once you've picked the right marketplace for what you're looking for, it's time to connect your cryptocurrency wallet to it. By linking digital wallets with NFT markets, looking for any particular digital asset becomes a breeze. You can find most NFT projects on OpenSea, which is considered the largest peer-to-peer marketplace for NFT tokens. Get ready to buy and sell digital art and other crypto assets on any open marketplace.
5. Find your first digital collectible
Now comes the hard part. You'll have to browse multiple NFTs and find the ones you like and can afford. Popular collections, like the Bored Ape Yacht Club, are valued at thousands of dollars, so maybe start smaller.
Before you purchase NFTs, you should know that popular and rare ones have better chances of selling later for more. So, if you want to buy an NFT to make a significant return in the future, study the trends beforehand. But you have to be quick on your feet! NFT drops surrounded by a great hype tend to sell out almost immediately.
6. Bid for your NFT
NFT sales usually take the form of auctions where the buyers can place bids on the digital artworks of their choosing or directly offer the sellers' asking price. Usually, you can find on the NFT's page all the information you might need for the purchase: asking price, auction time limit, and payment tokens they accept. You can make an offer and wait to see if your desired NFT art will become yours or not.
7. Finish the NFT purchase
Once the auction ends, you will find out if you'll own the non-fungible token or not. In order to win the auction, your offer should be the highest one but also equal to or greater than the reserve prices. If these conditions are met, the marketplace will automatically complete the transaction.
To sum it up
We're at the end of our how-to-guide. See, that wasn't hard at all! Not only have you learned how to buy NFTs, but you have also discovered some of the best NFT markets where you can find all the digital collectibles your heart desires.
Want a go-to marketplace where you can have all kinds of NFTs in the same place? Go to OpenSea or Rarible. Looking for a platform where you can mint NFT tokens at affordable fees? If so, Mintable is the place for you. Are you an avid collector looking for unique artwork created by famous digital artists? We recommend you take a look at SuperRare and Nifty Gateway.
You can explore many platforms in search of that first perfect NFT. You now possess all the knowledge you need to buy NFTs, start your own private collection, trade them for others, or even sell NFTs for profit.
Come to the non-fungible tokens side! We don't have cookies, but we have the most jaw-dropping, awe-inducing, beautifully drawn NFTs you'll encounter this year. Our collection is called WIN Heroes, and it's part of the Win.app ecosystem. It consists of three ancient tribes that reside in the Win Realm, each claiming the land as their own.
Get ready to meet the Bere, the Paios, and the Migers. Be careful which side you pick, as the NFTs you own will influence your journey through the Win Realm.
Let’s stay in touch:
💬 Discord: https://discord.gg/pUJWEEKTpr