Only a decade old, blockchain technology and cryptocurrency were finding real-world applications. NFTs (non-fungible tokens) have rapidly gained popularity, especially among artists, investors, and collectors, as one of the popular ways to use them.
In 2021, a digital artist named Beeple made headlines when he sold an NFT for $69 million. And that’s not all. Many people buy all kinds of NFT collectibles, ranging from sports trading cards and highlight reels to sneakers with augmented reality and music. But one question many have is how to buy NFTs easily.
Buying an NFT does not have to be complicated. By following a few steps, you can buy your first. The following steps will help you get started if you decide you want a piece of the NFT action but aren’t sure how to do it.
Acquiring Cryptocurrency to Purchase an NFT
One of the best ways to buy NFTs is to buy Ethereum by joining a centralized exchange like Coinbase. With Coinbase, you can purchase, buy, sell, trade, and send cryptocurrencies. Using Coinbase is somewhat like using the stock market.
Setting up Coinbase is quick, but approval may take a few days. To use Coinbase, you will need identity documentation such as a passport or driver’s license and an approved payment method, like a bank account or ACH connection. The Coinbase website even has a page where you can sign up to purchase ETH.
Getting A Cryptocurrency Wallet — For Storing Digital Assets And Purchasing NFTs
MetaMask is one of the most popular ways to get a crypto wallet. It’s also the best option for beginners because it integrates directly with OpenSea — one of the largest Ethereum NFT markets that provide a gallery to view your digital collectibles.
MetaMask on OpenSea is a popular way of buying NFT, but you can apply these instructions to more than just OpenSea. You can create a MetaMask account by installing the iOS or Android mobile app or the browser extension. It currently supports Firefox, Chrome, Brave, and Edge browsers. If you buy NFTs for the first time, it would be better to use the desktop app since it is easier for new users.
Connecting Your Wallet to OpenSea
With MetaMask’s chrome plug-in extension for desktop or mobile apps, you can access OpenSea seamlessly. Here’s how:
- Navigate to OpenSea.io and click on your profile if you are using a desktop.
- A prompt will request you to connect your digital wallet. Choose MetaMask or the platform that is right for you.
- Enter your password, and OpenSea will connect you!
Currently, OpenSea is the world’s largest NFT market and offers an NFT price tracker. According to estimates, at least a quarter-million people trade NFTs every month on the platform. Approximately 2 million users are already waiting for CoinBase’s upcoming NFT marketplace to launch in 2022.
Transferring ETH from Coinbase to MetaMask
You will need to transfer your Coinbase funds to your MetaMask wallet now that you have your MetaMask wallet. Here’s how you can do it:
- Log in to MetaMask and copy the public address.
- Go to Coinbase and click on the left/right arrow buttons, where you can buy, sell, and send cryptocurrencies.
- Select the amount of cryptocurrency to send to MetaMask, enter your public address in the “to” field, and click “send”!
Select the Preferred NFT For Purchase
So you’ve made it to OpenSea! You have funded your MetaMask wallet and are ready to purchase your first NFT. What’s next? Buying NFTs involves many considerations. Digital assets are unique, and beauty is in the beholder’s eye. You might look for a particular piece of digital art or an NFT project released by an individual. Maybe the latest alliterative NFT collection has caught your attention, and you’d like to join a budding community.
Whatever your needs, OpenSea allows you to search for a particular digital collectible, creator, or group. It lets you browse in categories like items, collections, and accounts. You can also check the individual wallet of a friend or public figure. If you know their OpenSea account name, you need to enter it in the search box to see the NFTs they own.
Buy Your NFT
When you find the NFT you want, click “buy” to proceed to the purchase screen. To confirm the transaction, you will need to click a button on your cryptocurrency wallet.
Depending on the transaction priority, set the gas amount. Setting a higher limit will enable your purchase to go through right away while setting a lower limit will allow you to save some ETH.
Tips To Purchase NFTs Easily
Consider these tips when choosing a marketplace:
- Select the right NFT: Not every NFT is the same. Is it for your collection or entertainment purposes? Is it for investment purposes when its value rises?
- Check on charges levied by NFT markets: NFT markets charge commissions and gas prices, which differ. Check whether the market you choose charges excessive fees to complete transactions.
- Choose an easy-to-use marketplace: Avoid marketplaces with complicated procedures and user interfaces if you are a newbie buying NFTs.
Conclusion
You’ve done it! After knowing nothing about cryptocurrency, you have probably opened a trading account, transferred money to your wallet, and joined an NFT marketplace. Now you can purchase your NFTs easily. Technology may be new to some, but many people believe it will profoundly affect the future.