NFTs or Non-Fungible Tokens are currently popular and highly sought after. These digital assets gained public attention starting in 2017 with the launch of the NFT game Crypto Kitties. Buying NFTs is relatively easy—you just need to understand the steps thoroughly.
NFTs are digital assets representing something valuable with irreplaceable exchange value. NFT transactions are recorded on the blockchain, including details about the creator, price, and ownership history. Below, we’ll explain how to buy NFTs.
1. Purchase Your First NFT
How to start with NFTs? Don’t hesitate to make your first NFT purchase. Begin by setting up a crypto wallet to store funds and NFTs. Many people are unfamiliar with NFT acquisition methods, as NFTs haven’t yet reached mainstream adoption. Unlike cryptocurrencies, NFTs aren’t tradable in the same way—each has unique characteristics and varying scarcity, influencing demand and value.
👉 Explore beginner-friendly NFT marketplaces
Key Takeaways:
- Compatible Wallets: Ethereum-based wallets like MetaMask are widely used.
- Popular Platforms: OpenSea is ideal for beginners.
2. Buy Ethereum and Set Up a Crypto Wallet
A crypto wallet is essential and must connect to your chosen marketplace. Most NFT platforms use Ethereum’s blockchain, so you’ll need ETH for transactions.
Steps:
- Buy ETH from a trusted exchange (e.g., OKX).
- Set up a wallet like MetaMask.
- Link your wallet to platforms like OpenSea or Binance NFT.
3. How to Buy Ethereum (ETH) on OKX
Follow these steps to acquire ETH:
Step 1: Register on OKX.com
- Create an account using your email.
Step 2: Verify Identity
- Submit ID documents (e.g., passport or driver’s license).
Step 3: Deposit Funds
- Minimum deposit: $10 USD (via Visa, Mastercard, or bank transfer).
Step 4: Buy ETH
- Purchase ETH directly on the OKX exchange.
4. Download MetaMask
- Visit the official MetaMask site and install the browser extension.
- Click "Create Wallet" and follow setup instructions.
- Note your public ETH address for transactions.
5. Send ETH to MetaMask
Step 1: Prepare ETH in OKX
- Ensure sufficient ETH balance for withdrawal.
Step 2: Transfer ETH to MetaMask
- Withdraw ETH from OKX to your MetaMask wallet address.
- Double-check the address to avoid errors.
6. Buy NFTs via Fixed Price
- NFTs listed at fixed prices cannot be bid on.
- Click "Buy Now" and complete payment with ETH.
7. Buy NFTs via Auction
- Place bids on NFTs; the highest bid wins.
- Popular auction platforms: OpenSea, Larva Labs.
8. Buy NFTs on LaunchPad
Step 1: Convert ETH to WBNB
- Use PancakeSwap for conversion.
Step 2: Connect MetaMask to LaunchPad
- Log in via MetaMask.
Step 3: Browse Collections
- Explore categories like art, sports, or music.
Step 4: Purchase
- Buy instantly or participate in auctions.
9. Top NFT Marketplaces
| Platform | Key Features | Fees |
|----------------|---------------------------------------|------------|
| LaunchPad | Exclusive collections (e.g., Lucky Block) | Low fees |
| Crypto.com| Diverse categories (art, gaming) | Competitive|
| Binance NFT| Mystery Boxes, BSC/Ethereum support | 1% fee |
| OpenSea | Largest marketplace (100K+ NFTs) | Varies |
FAQ
Q: What’s the cheapest way to buy NFTs?
A: Use platforms with low gas fees (e.g., Binance Smart Chain).
Q: Can I sell NFTs later?
A: Yes—list them on marketplaces like OpenSea.
Q: Are NFTs a good investment?
A: They can be profitable if you research trends and rarity.
Q: Do I need crypto to buy NFTs?
A: Yes, typically ETH or WBNB.
Q: How do I store NFTs securely?
A: Use hardware wallets like Ledger with MetaMask.
By following these steps, you’ll navigate the NFT space confidently and profitably. Happy investing!