How to Buy NFTs?

By EditorialWednesday June 15, 2022

Find out How to Buy NFTs? Since most NFTs are Ethereum-based tokens, most markets for these collectibles only accept Eth tokens as a form of payment. If you already have an account with a cryptocurrency exchange, you can buy Ethereum on it and send your cryptocurrency to your MetaMask wallet. Don’t already have a cryptocurrency exchange account, Coinbase and eToro are good options for beginners.

Connect your MetaMask to OpenSea or another NFT market There are many markets for buying and selling NFTs. Depending on the market you choose, you will be able to purchase different types of art or collectibles. Many of these websites have secondary markets with a variety of NFTs, but each platform works a little differently.

MetaMask

It is an Ethereum wallet available through the Chrome extension and the mobile app. To access OpenSea (and other NFT platforms), you will need an Ethereum wallet. Simply download MetaMask, set up a wallet, and submit the ETH you just purchased Coinbase on. If this is your first time interacting with crypto wallets, check out the free Crypto and DeFi 101 guide for a detailed video.

OpenSea

It is a marketplace for NFT running on Ethereum. Users can interact with the network to exchange non-fungible tokens for cryptocurrency. It’s home to a variety of digital collectibles, from video game items to digital artwork. To use the platform, you need a Web3 cryptocurrency wallet such as MetaMask. The Ethereum wallet address acts as a username and password and allows you to interact with certain platforms such as OpenSea. Once your wallet is connected, you are ready to start browsing the market and placing bids!

Here are Some of the Other Most Popular NFT Marketplaces–

SuperRare

It is a social network for NFT. Each coin on the platform is unique and users can buy and sell these original coins on its website. The platform works with the Ethereum network, so you will need to fund your account with Eth tokens to complete your purchase.

Nifty Gateway

It is an NFT marketplace owned by the popular Gemini cryptocurrency exchange. The platform collaborates with famous artists like Steve Aoki, Grimes, 3LAU and many more to publish works of art in the main market. The company also has a marketplace that allows collectors to resell works of art. You can fund your Nifty account with Ethereum, or you can link a credit card right on their website.

NBA Top Shot

It is a marketplace for NBA licensed collectibles. These digital objects are a new interpretation of basketball cards; these digital cards are more interactive than traditional collectible cards. For example, the cards have the strengths of the players’ game in the foreground. The best-selling NBA Top Shot card was a Lebron James Dunk card – the card featured a clip of James diving into the Houston Rockets and sold for over $ 200,000.

Purchase your NFT

It is a simple process to purchase an NFT once you have funded your account. Most markets are in auction format, so you will need to bid on the NFT you want to buy. Some markets work more like an exchange, using the highest bid and the lowest ask for NFTs that have different impressions.

2.One advantage of buying a DTV in the primary market is the potential resale value immediately after the product is released for sale. Some popular NFTs will sell for 5-10 times their starting price right after release. The downside of buying NFTs in the mainstream market is that it is difficult to estimate the demand for art. In the secondary market, you can compare your purchase to previous sales.

How To Sell NFT?

1. Set up an auction

Screenshot of Rarely Choose your auction settings (Image credit: Rarible) Advertising In the next part of the form you will need to choose how you would like to sell your NFT artwork. There are three options here. ‘Fixed Price’ allows you to set a price and sell to someone instantly (like “Buy it Now” on eBay). “Unlimited Bids‘ ‘ will allow people to continue bidding until you accept one.

Finally, “Scheduled auctions” is an auction that only takes place for a certain period of time.This is the option we will choose for our example. Now comes the tricky part: setting a minimum price. Set it too low and the huge fees will swallow up your profits and could even cost you money after a sale. set our price at an ambitious 1 ETH and give people seven days to bid.

Then you get an option to “Unlock when purchased“. This gives you the ability to provide your potential buyer with a full, high-resolution version of your art and / or additional material through a secret webpage or download link. Below is the most confusing option, titled “Choose a Collection”. It’s a very technical question of how the blockchain is set up.

2. Describe your NFT

Screenshot by Rarible Add a description for your part You can now add a title and description for your listing. To maximize your chances of selling your NFT, you will need to take the time to think about this. You are then asked to consider what percentage of royalties you want to claim on any resale of your art in the future.