Here is the quick guide to buy your first NFT

  • 🗝️ Step 1: Create an account with well-known exchange we recommend Coinbase, Binance US, KuCoin.
  • 💰 Step 2: Buy Ethereum ETH 
  • 💸 Step 3: Download and install the Metamask wallet, and transfer your ETH into it.
  • 🔍 Step 4: Find an NFT marketplace – Opensea, Mintable, Rarity are the best
  • 🛒 Step 5: Use your Metamask wallet to Buy your first NFT.

How to buy NFTs a Step-by-Step Guide

Here’s something that I have been learning since last week, as an avid learner and a near future owner of possibly quite a few NFTs. I would be breaking this quiet down into a few sections, just like what I learned from one of my friend who has successfully bought an NFT. I will be sharing a complete step-by-step guide to buy a NFT.

Buying my First NFT

Creating a cryptocurrency wallet is the first step in buying an NFT. There are dozens of options available, but starting with an Ethereum compatible wallet is the best place to start. 

In the NFT field, Ethereum is by far the most prevalent blockchain network, providing access to the largest marketplaces as well as the largest number of NFTs.

When it comes to buying NFTs in 2022, you’ll be happy to know that the best NFT apps will give you access to the NFT markets.

Set Up A Crypto Wallet & Buy Ethereum 

(If you already have ETH, skip this step.) You’ll need ETH, the Ethereum network’s cryptocurrency, in order to purchase an NFT on leading exchanges like Crypto.com and Binance. The MetaMask wallet is user-friendly and easy to set up among the crypto wallets that support ETH.

The guide below gives you step-by-step instructions for buying ETH and setting up your new MetaMask wallet – all from your home. 

Step 1: If you don’t have an account then Download any application from this link Binance , Coinbase, KuCoin. You will receive $5-$10 each, for Coinbase you will be guaranteed to receive $10 if you download the app from a shared link. And if asked for a referral code for Binance US – 26712751, Coinbase – 9X5FH9, KuCoin – rB1668G use this referral code when installing the application or signing up to receive rewards. 

Then fill all your details with a strong password including lower and upper case words and special characters. You can register your mobile number to receive OTP code and then later you will need to download another app i.e.: google authenticator that is for security purposes.

Step 2: Then once you have installed any of the apps mentioned above you need to complete KYC and then you can buy ETH to buy your first NFTs.

Step 3: Download Metamask wallet and transfer your ETH you have purchased in Binance US app, if you have Metamask wallet, then transfer your funds from your exchange to Metamask wallet.

Read More – 6 Best NFT Wallets You Should Know its Pros & Cons

Select Marketplace to Buy NFTs

The very first step is to look for a marketplace and understand how the whole process works. There are quite a few videos regarding these on YouTube as well, so it shouldn’t be that hard. Some popular marketplaces are…

1) Opensea

Along with Rarible, Mintable, and Binance, there are other NFT marketplaces worth considering – with OpenSea being one of the most popular options. NFT trading on OpenSea exceeds millions of dollars each week, making it the largest NFT marketplace. 

Thoughts about OpenSea:

Beginners will find OpenSea extremely easy to use. You can start using a crypto wallet to buy NFTs as soon as your crypto wallet has been set up. 

Compared to some of its central competitors, OpenSea is decentralized, making it more secure. 

A 2% fee is charged to buyers and a 2.5% fee to sellers by OpenSea, and you can purchase using ETH or MATIC.

2) Rarible

Rarible is a second place to look at. In Rareible’s NFT markets, over a million dollars often change hands every day.

Thoughts about Rarible:

A service fee of 2.5% is charged by Rareible, and payments can only be made in ETH.

Rare uses the MetaMask wallet, making it easy for newcomers to trade NFTs. 

A wide variety of NFTs are available on the marketplace, including sports collectibles, trading cards, digital art, and music.

3) Binance NFT

You may want to consider the Binance NFT Marketplace as another great NFT marketplace. Founded in 2021, the marketplace supports the Binance Smart Chain and the Ethereum blockchain. 

Among the categories of NFTs that users can purchase are art, entertainment, gaming, and collectibles. Even more interesting is Binance’s “Mystery Box” feature, in which a random NFT will be given to the buyer when they open it.

Fees on Binance are simple. They charge 1% for every transaction. As a buyer or seller, you will pay a very low commission compared to other platforms. Market participants can currently store their holdings in Binance NFT using MetaMask and WalletConnect. Lastly, the whole investment process is beginner-friendly since the Binance ecosystem is integrated into the marketplace, enabling you to easily transfer cryptocurrency between the two.

4) Mintable.

I personally like Opensea, apparently it is one of the most popular markets to launch NFT projects as well. But you can choose any other as well.

Read More – What is NFT Farming & How Does it Work? Everything You Need to Know

Browse the Marketplace

So, here there are actually a huge amount of NFTs available for anyone to buy. And when I say huge, I mean an absolutely freaking lot!! But, not all NFT’s are worth the time and money that they are listed for.

So, to actually buy and make money from flipping NFT you need to do quite a bit of “research” so that you don’t get scammed or don’t make any huge losses. This is even more crucial if you are walking on a tight budget.

How Do You Make Sure You’re Buying Rare and Authentic NFTs?

Tokens based on NFTs are inherently counterfeit-proof, but fake NFTs can still be created and sold. If you purchase a fake NFT, you are purchasing a useless copy of the original NFT which is already on the blockchain. Below are some recommendations on how to avoid fooling by fake NFTs.

Blockchain History: Checking a NFT’s blockchain history is easy with several marketplaces, including OpenSea.

Google it: Right-click on the NFT and choose ‘Search Google for Image’ to see whether any copies of the NFT are available on other marketplaces.

Social Check: Ensure the NFT you plan to buy has been mentioned on the artist’s social media pages.

Too good to be true: You should think twice before buying an NFT that’s part of a well-known collection at a very low price.

You should always take the time to ensure the authenticity of your NFT, and if you’re fortunate enough to find yourself in possession of a particularly valuable NFT like HAPE #5113 you should learn how to sell it.

Best and Easy Way To Sell An NFT

Once you’ve learned how to buy NFTs, you won’t have any trouble selling them. One of the easiest ways to sell NFTs is through an online marketplace. Since OpenSea offers a large potential customer base, we’ll look at it as an example, but most marketplaces operate roughly the same way.

Quick points to sell your NFT

  • Upload the file you want to turn into an NFT
  • Set up an auction for your NFT
  • Add a Title to sell your NFT
  • Add a description to sell your NFT
  • Pay the listing fee to sell your NFT

Takeaways

The research is extensive, but not as technical as picking stocks(In my opinion). But it does need a lot of attention and a good eye for niche and popular projects, which fortunately is a learnable skill.

This is actually not just a normal buy and sell process. There’s lots of extra charges involved in burying, selling and even listing NFT’s. These extra charges are known as gas fees, which is usually quite huge when lots of people are trading NFT’s and is changing almost every other second.