Where Can You Buy NFT? Guide on How to Buy NFT Online

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Where Can You Buy NFT? Guide on How to Buy NFT Online
Where Can You Buy NFT? Guide on How to Buy NFT Online

How to buy NFTs and where to buy them is a question flooding Google’s search engine. The popularity of non-fungible tokens skyrockets thanks to celebrity engagement and trending platforms like NBA Top Shot.

Many NFT experts claim that some online digital collectibles are worth investing in. Your NFT may be inexpensive today, but its value could increase exponentially in the years to come. However, this booming NFT market is relatively new, so who knows if it is here to stay? In the blink of an eye, the value of your NFT could also drop to zero.

If you don’t mind risking your capital or want to buy NFTs to support talented digital artists, here is a simple guide on how to buy NFTs online and where you can buy them.

What are NFTs

Non-Fungible Tokens (NFTs) are encrypted digital files stored on the blockchain. They are tokenised versions of digital items, such as images, videos, artworks, etc. And what is tokenisation? The concept is complex, but it basically means to turn an asset into a digital token that can be moved and stored on a blockchain, such as Ethereum or Solana, for example.

Guide on How to Buy NFT Online

1. Set up a Wallet

There are many crypto wallets to choose from, but MetaMask is the most popular. With direct integration on OpenSea—the largest Ethereum NFT marketplace—and a gallery to view your digital collectibles, MetaMask is also the best choice for beginners.

While using MetaMask on OpenSea is the most popular way to buy an NFT, these instructions can also be applied to any crypto wallet and most marketplaces.

To create your MetaMask account, simply download the mobile app on your iOS or Android device or browser extension for your desktop (MetaMask currently supports Chrome, Firefox, Brave, and Edge). Unless you strongly prefer to buy NFTs on your mobile device, we recommend the desktop app as it’s easier for first-time users.

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MetaMask has options to download for mobile and desktop. Source: Metamask

2. Fund Your Wallet with ETH

Next, you’ll need to add funds so you can make your purchase if you want to buy and sell NFTs online. There are many different exchanges and on-ramps available to buy ETH, including MoonPay. 

MetaMask, like most wallets, makes it safe and easy to copy your crypto wallet address in the app to paste as your destination when completing your purchase. When prompted by your preferred platform, enter your MetaMask Ethereum address and add the amount of ETH you want to buy. 

The amount of ETH you should add depends on the price of the NFT you want to buy, but you should always buy a bit more to cover the gas fees required by Ethereum transactions.

Always double-check that the crypto wallet address is correct before making a transaction. You can even send a small amount first to ensure that the funds are going to the desired recipient.

3. Connect your wallet to OpenSea

Whether you’ve chosen to download the MetaMask chrome plug-in extension for desktop or the mobile app, you’ll be able to access OpenSea seamlessly.

On the desktop, head over to OpenSea.io (we recommend bookmarking the site to avoid NFT scams online) and click the profile icon in the top right corner.

You’ll be prompted to connect your digital wallet. We’re covering MetaMask here, but you should choose the option that corresponds to your preferred platform.

Enter your account password (not your seed phrase), and you will be connected to OpenSea.

You can access OpenSea directly on your mobile wallet’s browser tab. Just enter OpenSea.io in the address bar, and you’ll be able to connect your account to their NFT marketplace.

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Connect your MetaMask wallet to OpenSea’s NFT marketplace. Source: OpenSea

4. Choose the NFT you want to buy

Your MetaMask wallet is funded, and you’re ready to buy your first NFT. Now what? 

There are many factors to consider when buying NFTs. Each particular digital asset is unique, and beauty lies in the eye of the beholder. 

Maybe you’re looking for a specific digital art piece or an NFT project released by a specific creator. Perhaps you’ve seen the hype from the latest alliterative animal NFT collection, and you want to be part of a budding community.

Whatever you’re looking for, you can search OpenSea for a particular digital collectible, creator, or collection.

5. Buy your NFT

Once you find your desired NFT, click “buy”, and OpenSea will take you to a purchase screen. You’ll need to approve the transaction in your cryptocurrency wallet, usually just by clicking a button.

Next, you’ll have to set the gas amount based on the transaction priority. If you want your purchase to go through right away, you can set a higher limit, or if you’re willing to wait a bit longer, you can save some ETH by setting a lower limit.

If you see an extraordinarily high gas fee, you should reject the transaction and refresh until you see a gas amount that you are comfortable paying.

Where Can You Buy NFT?

1. OpenSea

OpenSea is the biggest NFT marketplace, with trading volumes exceeding millions of dollars every week. 

OpenSea supports the blockchains of Ethereum, Polygon and Klatyn. Buyers can purchase fixed-price NFTs directly from sellers or bid on NFTs in auctions, with an offer record stored in the user’s profile.

The platform’s popularity has drawn some of the biggest NFT collections onto the site, such as CryptoPunks and Mutant Ape Yacht Club. With over 100,000 NFTs for sale, there is something for everyone.

The user-friendly nature of OpenSea is ideal for beginners. Once you have a crypto wallet set up, you can register and start buying NFTs with minimal hassle. 

OpenSea is decentralised, making it safer than some of its centralised competitors. 

OpenSea charges buyers a 2% fee and sellers 2.5%, and you can make purchases with ETH and MATIC.

2. Crypto.com NFT Marketplace

Another of the top NFT marketplaces is the one offered by Crypto.com. Crypto.com is one of the most popular places to buy cryptocurrency, as the platform now boasts over 10 million users. The NFT marketplace was launched in March 2021 and offered NFTs from various categories, including art, gaming, sport, music, etc.

One of the best things about the Crypto.com marketplace is that there are no transaction fees to buy NFTs. Furthermore, selling fees are only 1.99%, making Crypto.com one of the best places to mint NFTs. Finally, users can even buy NFTs using a credit or debit card with Crypto.com, which is in stark contrast to other platforms that only accept crypto payments. Crypto.com is also one of the best Ethereum NFT marketplaces to use in 2022.

3. Rarible

Another marketplace to consider is Rarible. Rarible is a top marketplace and often sees over a million dollars change ‘hands’ in NFT trades every day. 

The layout is similar to Spotify, with a scrollable stack of columns featuring top sellers, hot collections and live auctions. A governance token known as RARI allows the most active buyers and sellers to vote for platform upgrades and participate in moderation decisions

The marketplace has a huge variety of NFTs, including sports collectibles, trading cards, digital art and music. 

Rarible works with the MetaMask wallet, making it user-friendly for newcomers to NFT trading.

Rarible charges a 2.5% service fee, and payment is only possible with ETH.

4. Binance NFT Marketplace

Another great NFT marketplace to consider is the Binance NFT Marketplace. The marketplace was launched in June 2021 and supported the Binance Smart Chain and the Ethereum blockchain. Users can buy NFTs from categories including art, entertainment, gaming, collectables and more. Interestingly, Binance even offers a ‘Mystery Box’ feature to provide the buyer with a completely random NFT once opened.

In terms of fees, Binance keeps it simple by charging 1% for every transaction on the platform. This is very low compared to other platforms and is the same for buyers and sellers. The Binance NFT marketplace currently supports MetaMask and WalletConnect, making it easy for investors to store their holdings post-purchase. Finally, when you buy NFTs on Binance, the entire investment process is exceptionally beginner-friendly, as the marketplace integrates with the Binance ecosystem, allowing easy crypto transfers between the two.

5. Mintable

Backed by Marc Benioff-owned Time Ventures and billionaire investor Mark Cuban, Mintable is a two-sided marketplace for buying and selling NFTs that resembles eBay. Built on the Ethereum and Zilliqa blockchains, the site is integrated with MetaMask, where buyers can set up crypto wallets. Creators have options to mint free “gasless” NFTs, short-run printable series or traditional transaction-based items. Once they’ve set up profiles and loaded their wallets, buyers can purchase listed items or bid on auctions, with winners notified by email.

Conclusion

Buying and selling NFTs is not as difficult as you might think. However, be aware that there are many scammers in this space, and prices can be very volatile.

It’s not uncommon for people to lose money to scammers through phishing or rug pulls. The NFT space is also full of wash traders who generate fake volumes on certain collectibles to make them more attractive to investors.

Regardless, it’s important to remember that this is a very young market and is highly unregulated in most countries or jurisdictions..