Currently, NFT is creating a global craze with transactions reaching tens of millions of dollars. However, not everyone knows how to buy NFTs and make money from them. With just a few instructions from CoinMinutes below, you’ll be able to buy your first NFT in just a few minutes.
How to Buy NFT?
There are many marketplaces where you can buy NFTs such as OpenSea, Nifty Gateway, Magic Eden, Rarible, or SuperRare where artists offer their NFTs for sale. Here are some basic steps to help you buy NFTs on these platforms in just a few minutes.
Step 1: Setting up a digital wallet
Before participating in buying and selling NFTs, you need to prepare an e-wallet (MetaMask, Trust Wallet,…) and an amount of tokens to buy NFTs on exchanges. The type of token (ETH, Matic,…) will depend on which Blockchain the NFT is deployed on. For example, users who want to buy Azuki will have to pay in ETH because Azuki is deployed on Ethereum.
Step 2: Finding the NFT
Now is the time to start browsing NFT marketplaces and discover your next potential purchase. Exchanges like OpenSea and Rarible are great places to start your search, containing a huge library of NFTs.
At OpenSea, you can filter and search for NFTs that are suitable for you by clicking on Trending, Top, Art, Gaming, Memberships, PFPs, Photography, and Music.
One thing to keep in mind when looking for NFTs is that you need to compare their price with the amount of money in your wallet to make sure the NFT is within your budget.
Step 3: Final settlement
Once you’ve chosen your favorite collection, you can tap on it and choose the appropriate NFT to trade.
On the NFT listing page, click the “Buy Now” button. This will connect your crypto wallet and enable any signatures to authorize the payment. You need to review the transaction details carefully, including the purchase price in ETH and network gas fees. Gas fees are paid to process transactions on the Ethereum blockchain. Once verified as correct, click “Confirm” in the wallet to pay.
Once confirmed online, you will be able to view your new NFT ownership in your wallet profile and marketplace.
Where to Buy NFT?
OpenSea is an exchange for non-fungibles (NFTs). OpenSea will allow users to sell, exchange, and trade their NFT assets based on smart contracts in blockchain technology. To put it more simply, if you can order a computer on eBay, or a good novel on Amazon, you can also close a transaction on your favorite NFT on OpenSea.
On OpenSea, you can participate in exchanging, buying, and selling NFT collectibles, game items or characters, art videos,…. A series of great artists worldwide such as Lupe Fiasco, Kevin Kelly & recently Vietnamese artist Xeo Chu also earned $23,000 from his NFT painting.
OpenSea is built and designed almost in line with current market trends, creating a large source of liquidity for a large number of NFTs in crypto & non-crypto.
Rarible is a marketplace similar to Opensea, where users can create, buy, and sell NFT tokens. The only thing that makes Rarible different from Opensea is that they are a community-owned NFT marketplace, not a for-profit company like Opensea.
Rarible is a marketplace that aims to link sellers (usually content creators such as digital artists, modelers, or meme creators) with buyers, who can choose the products they want to buy.
Even though the marketplace was founded in 2020, it has already raked in over $6M in total revenue. Rarible’s exceptional growth went parabolic in September, with monthly revenue now 10 times larger than that of OpenSea – the current king of the NFT market.
Nifty Gateway – the market is worth checking out as its network is outstanding. The platform is popular for purchasing blue-chip NFTs from major brands and famous artists, carrying high-end collectibles. The company also has a marketplace that allows collectors to resell artwork. Trading on Nifty Gateway requires payment in cryptocurrency. You can fund your Nifty account using Ethereum or you can connect a credit card directly on its website.
Magic Eden is an NFT exchange on Solana, accounting for over 90% of the total secondary trading market share. Enabling users to easily mint and trade NFTs with low transaction costs, high liquidity, and an intuitive user experience, Magic Eden has become the destination to discover, trade, and create NFTs for everybody.
How to Store NFTs?
The main way to store NFTs is by leaving them in the digital wallet you used to purchase the NFT, like MetaMask or Coinbase Wallet. Make sure to properly back up your wallet in case of device failure.
You can also store NFTs off your main wallet via specialist crypto wallet apps or marketplaces that offer custodial services like Dapper Wallet for NBA Top Shot, Crypto.com, Coinbase Vault, etc. These storage services provide added security compared to ordinary digital wallets since they have multi-sig authentication and insurance in some cases. However, you lose sole possession of your private keys.
What NFTs to Buy in 2023
If you are an NFT investor, you should not ignore the 3 NFTs in 2023 below to get the best profits.
Major collections such as Bored Ape Yacht Club and Cryptopunks remain the most purchased collections. Emerging artist projects on Magic Eden and OpenSea are worth exploring. A tip for you is that Anthropic’s animated portraits are selling very well.
The NFT music industry could have a multi-million dollar market. The NFT and cryptocurrency space on the music front is still very new, but the possibilities are endless. You can buy shares of songs and albums through Royal, or buy ownership of your favorite songs through brands like Kings of Leon’s NFTs. CryptoPop artist Claudia Prime NFT is gaining quite a foothold in the NFT music market.
NFT Real Estate
If you are looking for reputable Real Estate NFTs to invest in, Republic Realm is a choice. They allow you to invest in real estate assets like buildings in the form of NFT tokens. Others include metaverse virtual real estate from The Sandbox or Decentraland used for gaming and commerce.
Hopefully, the article above has helped you know how to buy NFTs on some of the most popular NFT marketplaces and which NFTs are worth buying in 2023. You are free to start exploring the vast world of digital art and all collections available.