NFTs have been a hot topic since 2021. NFTs have seduced investors and celebrities alike. Are you asking yourself what NFT should I buy? In this article, we’ll show you how to buy an NFT. After describing the steps involved in purchasing an NFT, we’ll look at a concrete case study step by step.
Before we start… What is an NFT?
The term NFT stands for “Non-Fungible Tokens”. In fact, an NFT is a digital work. It can be an image, a work of art, a video, a GIF, etc. The essential characteristic of an NFT is that it is “non-monetizable,” i.e., it is unique and authentic.
Ownership of an NFT is indelibly recorded on the blockchain, a public register of digital transactions. The currency used for NFT transactions is necessarily a cryptocurrency, traditionally Ethereum (ETH). Today, it’s possible to buy NFTs with other cryptocurrencies, such as Solana or Avalanche.
Steps to buy NFT
Now, let’s get down to business! Discover the five steps to buy an NFT.
Step 1: Choose a marketplace and an NFT to buy
First and foremost, you need to decide which sales platform you want to use to buy your NFT. Why is this the first step? Because the marketplace you choose will influence the following steps, including which wallet to create and which cryptocurrency to buy.
The importance of the NFT marketplace
As mentioned above, NFTs are stored on a blockchain. Ethereum is by far the most widely used blockchain for storing NFTs. As a reminder, Ethereum is the world’s second-largest crypto, just behind Bitcoin. The Ethereum blockchain was the first to position itself in the niche of decentralized applications (Dapps). That’s why most NFT marketplaces are developed on the Ethereum blockchain. But this is no longer necessarily automatic.
Today, other blockchains have joined the competition and are determined to take market share from the Ethereum giant. For example, it is now possible to create NFTs on the Solana, Avalanche, Flow, or Elrond blockchains. As a result, new marketplaces have emerged to offer the sale of these NFTs. For example, the Solanart platform is dedicated to the sale of Solana NFTs.
The choice of the NFT platform, therefore, defines the blockchain used to buy and sell NFT. How does this affect you as an NFT buyer? The consequence is quite direct since it affects your wallet! Yes, you probably already knew that you will have to pay to buy an NFT. What you may have yet to learn is that this payment is made in cryptocurrency, and the crypto requested depends on the blockchain used. Unsurprisingly, if the NFT is stored on the Ethereum blockchain, the platform will request payment in ETH. If it’s a Solana NFT, you’ll have to pay in SOL, and so on.
Which NFT platform to choose?
The choice of NFT sales platforms continues to grow. Some are generalists, while others target specific types of NFTs. For example, you could choose one of the following NFT marketplaces.
Step 2: Create a compatible crypto wallet
Your choice of NFT platform also impacts the crypto wallet you’ll need to use. What is a crypto wallet?
A crypto wallet is where you store your cryptos. If we draw a comparison with a classic euro purchase, we could compare the wallet to your bank account. Just as your bank account stores your euros, your crypto wallet stores the ETH, SOL, or other crypto you need to buy NFT.
There are two types of crypto wallet:
Can you freely choose which wallet to use to buy NFT? Yes and no. You should already select a reliable and secure crypto wallet. But in addition to security, you need to choose a wallet compatible with the previously selected NFT marketplace.
Indeed, to proceed with an NFT purchase, you need to connect your crypto wallet to the marketplace. However, not all marketplaces accept all crypto wallets.
Obviously, the wallet you choose must also be compatible with the crypto requested for payment of the NFT. That said, unless you find an NFT hosted on an exotic blockchain (which isn’t advisable, especially for a first NFT purchase), this should be fine. Indeed, most serious wallets allow you to store NFT coins such as ETH, SOL, or EGLD.
Step 3: Connect your wallet to the marketplace
Now, it’s time to link your wallet to your marketplace account. This is equivalent to registering the IBAN of your bank account in your customer area on a shopping site.
Once you’ve done this, you can view your wallet’s balance directly from the marketplace.
Step 4: Depositing cryptos in your wallet
Once your wallet is connected to the platform, you need to deposit the necessary funds into your wallet. As explained above, the choice of crypto depends on the blockchain the platform uses to operate.
For example, if you want to buy an Ethereum NFT on OpenSea, you’ll need to fund your wallet with ETH.
Step 5: Buy the NFT
Finally, you can move on to the last step: buying the NFT. Depending on the situation, you can choose between different types of purchase.
Practical example: How to buy an NFT
Now it’s time to get practical! Let’s take an example and go through the steps involved in buying an NFT, one by one, as described above.
Step 1: Choosing a platform: OpenSea
For this example, imagine you want to use the largest NFT purchasing platform, OpenSea. Initially 100% Ethereum, OpenSea now offers NFTs supported by the Solana and Klatyn blockchains.
We’ll need to create an account with OpenSea. In concrete terms, this step will come a little later, as a wallet is required before an account can be created on OpenSea.
To find an NFT to buy, click on the “Explore” tab. Use the filters to refine your search.
Now, let’s imagine you’ve found an Ethereum NFT to buy.
Step 2: Create a MetaMask crypto wallet
The OpenSea marketplace is compatible with several wallets.
For this example, we’ll choose the most common NFT wallet: MetaMask. MetaMask is a hot wallet in the form of a Chrome browser plugin. The MetaMask wallet can, of course, store the crypto we’re interested in buying our NFT in, namely Ethereum (ETH).
To download MetaMask, the easiest way is to go directly to OpenSea. On the home page, click the profile icon in the top right-hand corner.
The site will automatically inform you that you need to connect a wallet to use OpenSea. You will then be prompted to install MetaMask. Click on “Get MetaMask” to start downloading the plugin.
Once downloaded, open the MetaMask extension and click.
Your MetaMask wallet is now open.
Step 3: Connect MetaMask to OpenSea
Return to OpenSea and click again on the profile icon in the top right-hand corner. Now that you’ve opened a MetaMask wallet, it’s recognized by OpenSea. You can now connect to OpenSea using your MetaMask wallet.
You can then modify your OpenSea account settings. By clicking on the gear icon (“Settings”), you can change your username or email address, for example.
Step 4: Add ETH to your MetaMask account
At this stage, you have no funds to buy NFT. So, it would help if you funded your MetaMask wallet. To buy the Ethereum NFT you’ve chosen, you need ETH. There are two ways of doing this.
If you already have ETH tokens in another wallet, you must transfer them to your MetaMask wallet. To do this, go to OpenSea and click the wallet button in the top right-hand corner. Click on “Add Funds” and select “Deposit crypto”. This will give you the wallet address to send your ETH.
If you don’t have any ETH yet, you’ll need to buy some. After clicking on “Add funds”, this time choose “Buy ETH with card”.
Step 5: Buy NFT
Now, you’re ready to buy the NFT you’ve spotted.
Two purchase options are available:
Once the purchase has been made, you’ll need to wait a little while for the transaction to be validated and permanently registered on the blockchain.
Conclusion
In conclusion, NFTs have genuinely taken the world of art and technology by storm since 2021, attracting the attention of investors and celebrities alike. Throughout this article, we’ve explored where to buy an NFT, the best NFT to buy, and the steps required to purchase them, providing a practical guide for those interested in this new form of digital acquisition. Buying an NFT may seem complex at first, but once you understand the basics and the platforms available, it becomes accessible to everyone.
