How to Buy and Sell NFTs If You Must
How to Buy and Sell NFTs If You Must

how to buy a nft

In the art world, galleries, curators, and other insiders have an outsized influence on what is considered ‘art’. So the works you’ll see on centralized NFT art platforms might be a bit too refined. You can get WETH either on a decentralized exchange like Uniswap or SushiSwap.

OpenSea has an Airtable form available to help people submit IP takedown requests. OpenSea’s VP of product, Shiva Rajaraman, recommends newcomers get someone they know in real life to help pick out an NFT. I know a lot of people who go all in without realizing what they are doing,” says Parekh. She does not advise people to make spur-of-the-moment buying decisions, and encourages taking time to research whoever is behind a project. While anyone can buy and sell on Rarible, only verified users will appear while you explore unless you speficically switch on non-verified users. Verificantion isn’t too complicated and essentially requires a fully filled out profile with a link to Twitter.

Now that you have Ethereum (step 1) and MetaMask (step 2), it’s time to fund your wallet with Ethereum. A non-fungible token works like the real-world example, only that it is unique on the blockchain for everyone to see and authenticate. Among the upsides of investing in NFTs is the fact that NFTs are still relatively new to the market, which means there's room for growth and appreciation. They're fairly easy to invest in as well, and benefit from the security of blockchain networks. With so much spam saturating the market, prospective buyers may want to slow down and double-check things. Lofty promises of future returns and outlandish benefits are always red flags.

how to buy a nft

NFT marketplaces are online blockchain platforms facilitating non-fungible token trading between parties. Before NFT marketplaces were created, it was difficult for buyers and sellers to connect. The lack of a centralized platform prompted fans to design the first NFT marketplace to provide a medium of networking for thousands of creators, investors, and traders. With a wallet, you may need to go to a crypto exchange to purchase Ether (ETH).

Select and fund a crypto wallet

Pak is a digital artist and cryptocurrency investor that uses NFTs to release digital artwork that can be verified authentic through the blockchain. Magic Eden describes its platform as a Web3-ready NFT marketplace on the Solana blockchain. It operates as a community-centric platform, rewarding users with Magic Ticket tokens that are used to access the MagicDAO. Magic Eden has thousands of NFT collections and charges a 0% listing fee and transaction fees that vary based on the scenario.

Click on it, and it will show you a long list of supported crypto wallets. Choose MetaMask, if you’ve followed the earlier step and got yourself MetaMask. If you've opted for an alternative, select the appropriate wallet from the list; many wallets support the WalletConnect protocol for connecting to websites.

how to buy a nft

MakersPlace has a community of 20,000+ but the platform is still invite-only. Interested artists are invited to join a Discord server to get an invite code. Launched in 2018, KnownOrigin is an NFT platform focused on artists. Artists can join via application (which open once the previous batch is reviewed) and there is already a community of over 1,000 artists. However, this also repeats all the issues with traditional art gatekeepers.

Can Anyone Make NFTs?

NFTs often gain value from the artist’s reputation or the historical significance of the media. The two most known metaverses in which you can purchase land are Decentraland and The Sandbox, but to buy either you will need to make an investment of over $1000. However, for prime real estate, be prepared to pay 6-figures during times of extreme demand. Fortnite skins are character decals add no real value to one's gaming experience, yet kids across the world beg their parents to spend hundreds of dollars on them to show off to their friends. Digital ownership is a relatively new concept that is becoming increasingly popular, especially with younger generations. NFTs take digital ownership to the next level with the help of the blockchain.

  1. Works are listed at a reserve price, and bids can be placed for 24 hours, with a 15-minute extension if bids are placed in the last 15 minutes.
  2. This content is defined by the artist and could include high-res images, videos, secret messages, and more.
  3. Reporting from MEL Magazine by Quinn Myers highlights how digital artists can get massive amounts of work ripped off as NFTs.
  4. Anyone can view the contents of anyone else's wallet using a blockchain explorer like Etherscan or The Graph (GRT).

That would also entail having a crypto wallet to store their crypto holdings, as well as their NFTs.’s NFT marketplace allows users to buy and sell digital collectibles from brands, celebrities and artists like Snoop Dogg, Aston Martin and UFC. Purchases can be made with a credit or debit card, your account balance on or with Pay, using the app or a wallet like Metamask or WalletConnect that supports ERC20 tokens. Foundation has hosted NFT sales of the viral internet meme Nyan Cat, Pak’s Finite and work by creators such as Pussy Riot’s Nadya Tolokonnikova and Edward Snowden.

Depending on your NFT marketplace, you might be charged a listing fee when listing an NFT for sale. To avoid failed transactions, you should ensure you have enough crypto to pay relevant fees to complete the process. NFTs present a paradigm shift in how artists maintain creators’ rights, connect with their audience, and monetize their products. Because they exist on decentralized blockchain technology, intermediaries are removed, and transactions are simplified.


Digital wallets can be established through platforms like Gemini, Metamask, Binance and Coinbase. Once established, you can then link this wallet to the marketplace account where you plan to buy NFTs. To buy and sell NFTs (or non-fungible tokens), you can visit an NFT marketplace. NFT marketplaces are online platforms for everything involving the sale of NFTs, and are powered directly on blockchain technology to verify the ownership of purchases. After creating your wallet, you need to fund it with crypto tokens supported by your chosen platform. The Sandbox marketplace is a video game where players can monetize experiences through the Ethereum blockchain.

Ethereum Classic

"Some NFTs are also sold through traditional auction houses such as Christie's and Sotheby's," Teh adds. As an example of that concept, Petrozzo says NFTs, "can be a concert ticket or a piece of art." However, buying NFTs, for the uninitiated, can be an opaque process. Prices on Rarible range from 0.001 ETH and can reach dozens of ETH although it looks like most prices are under 1 ETH. Launched in 2020, Rarible is a decentalized platform for NFTs with an emphasis on art, gaming, and metaverse.

MetaMask is a browser plugin, and it works best with Google Chrome or Brave. Once it's installed, it lets you store Ethereum and Ethereum-based tokens. To get Ethereum, you’ll need to head to a cryptocurrency exchange, such as Coinbase or Binance. But, as with any investment, experts urge caution and say that investors should do their homework before putting their money at risk.

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The marketplace also implements a reward system providing LOOKS, a token earned by buying or selling certain NFTs on its platform. Before you can buy NFTs, you'll need the tools to transact on NFT marketplaces. As such, you'll need a crypto wallet, with cryptocurrency to facilitate any transactions. When buying NFTs, it’s important to factor in additional or gas fees required by the marketplace of purchase. Some marketplace sites like Rarible take a percentage of the sale price from both the buyer and seller, while a site like OpenSea takes no service fees at all from buyers.

If applicable, check beforehand if the seller has a verified profile on the marketplace you’re buying from, and if a seller’s information matches with that on their social media. Additionally, research the NFT itself to see if its price value lines up with similar pieces by the same artist. Nifty Gateway is a centralized U.S. dollar marketplace that works with artists and brands to create Nifties — a branded term for NFTs. Sales are structured around “drops,” in which collections are made available for a limited time. After a drop ends or an artwork sells out, Nifties can be resold through the site’s peer-to-peer marketplace. KnownOrigin is an artist-driven NFT marketplace for rare digital art that allows both collectors and artists to trade their NFT art on the Ethereum blockchain.

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