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How to buy NFT Art: Simple Guide for NFT Newbies & Artists

A step to step guide to setting up a cryptocurrency wallet and buying an NFT

Admin Nas Academy

23 Feb · 8 mins read

NFT sales hit $25 billion in 2021. The hype is real and isn’t slowing down any time soon; look at Beeple’s piece ‘Everydays’, which sold for more than $69 million. However, many individuals are still unsure where to start and how to buy NFT art. 

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Purchasing your first digital collectible isn’t difficult; all you need is a little direction. Whether you’re a digital artist, trader, or simply intrigued by the hype, this comprehensive guide will walk you through the process of setting up your crypto wallet, navigating the market and buying your first NFT.

Buy Your First NFT

The first step in purchasing an NFT is to create a cryptocurrency wallet. A crypto wallet lets you transfer, receive, and store digital assets such as NFTs and cryptocurrencies. There are many different wallets, each with its own features, but an Ethereum compliant wallet is the best place to start. 

Ethereum is now the leading blockchain network in the NFT space, providing access to the most significant marketplaces and, as a result, the greatest number of NFTs.

Buying Ethereum & Setting Up A Crypto Wallet

To buy an NFT on marketplaces such as Crypto.com and Binance, you’ll need to pay using ETH, the Ethereum network’s currency. 

Most cryptocurrency wallets accept ETH; however, the MetaMask wallet is the most user-friendly and straightforward to set up. 

Buying Ethereum with eToro

If you don’t already have any ETH, you’ll need to buy from a trustworthy broker or cryptocurrency exchange. We recommend using eToro since it is FCA-regulated and accepts ETH investments as little as $10. 

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Step 1: Create an eToro account and verify it

On the eToro site, click ‘Join Now,’ enter your email address, and select a username and password. 

‘Complete Profile’ on your dashboard to finish the necessary KYC checks. You will need to upload evidence of identification and proof of address. 

Step 2: Make a Deposit

When verified, eToro will send you an email. You will be able to make a deposit using various payment methods, including; Debit/Credit Card, bank transfer, PayPal and Klarna. 

Step 3: Purchase ETH

Enter your investment amount and click ‘Open Trade.’

Download the MetaMask Wallet and send ETH

You now need to install the MetaMask wallet on your browser by visiting the Metamask website. Select ‘create a wallet’ and obtain your ETH address by viewing your account.

crypto currency coin leather wallet

To send your ETH to your MetaMask wallet, first download eToro Money, eToro’s crypto wallet app and log in. Return to your portfolio on eToro’s trading platform and select ‘Transfer to Wallet’ to send your ETH to eToro Money. You will need to enter your Metamask address and a unique code, after which eToro will transfer your Ethereum balance to your MetaMask wallet.

You have now loaded your MetaMask wallet with ETH, and you’re ready to purchase your first NFT on your chosen NFT marketplace.

Why NFT marketplaces?

NFT marketplaces offer variety, simplicity and customer security when buying and selling NFTs.

Which NFT Marketplace is suitable for you? 

There are a few variables to consider when choosing an NFT marketplace. Is it user-friendly and secure? What fees does the site charge? What type of NFT are you looking for?

Opensea

OpenSea is one of the leading NFT marketplaces. It allows users to buy, sell and create projects, and its popularity has drawn some of the most extensive NFT collections, including Cryptopunks and Bored Apt Yacht Club. With over 100,000 NFTs for sale, there is something for everyone.

OpenSea uses the Ethereum blockchain, one of the most trustworthy blockchains and decentralized, making it safer than many competitors.

This marketplace is incredibly user-friendly, making it a favorite for beginners. Once you have your crypto wallet set up, you can register and start buying NFTs at once.

opensea app with nft purple background

Opensea allows you to make purchases with ETH and MATIC and charges buyers a 2% fee and sellers a 2.5% fee.

Crypto.com

Crypto.com, which currently has over 10 million members, is another popular location to buy cryptocurrency. The NFT marketplace launched in March 2021 and provides NFTs from various genres, including art, gaming, sports, and music. 

One of the best aspects of the Crypto.com marketplace is that there are no transaction fees while purchasing NFTs, and selling costs are merely 1.99%, making Crypto.com one of the best marketplaces to mint NFTs. Crypto.com allows customers to buy NFTs with a credit or debit card, unlike most other sites.

Binance

The Binance NFT Marketplace is another excellent NFT marketplace to consider. The marketplace is supported by the Binance Smart Chain and Ethereum blockchain and allows users to purchase NFTs in various categories, including art, entertainment and gaming. 

Binance charges 1% for every platform transaction, which is very low compared to other marketplaces. It supports MetaMask and WalletConnect, making it easy for investors to store holdings post-purchase. 

The investment process on Binance is very user-friendly as the marketplace integrates with the Binance ecosystem, allowing easy crypto transfers between the two.

Purchasing an NFT on Opensea

You’ve set up a crypto wallet, funded it with ETH and chosen to buy your NFT on Opensea. You will now need to register on Opensea and connect your wallet to the marketplace. Once done, you can browse the marketplace and choose an NFT of your liking.  

Opensea’s filter option makes finding ‘the one’ more straightforward than ever. You can filter and search art, collectibles, domain names, music, photography, sports, trading cards, utility, and virtual worlds to find the perfect NFT.  

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Most marketplaces have an auction system for buying NFTs. On Opensea, you can purchase directly or make an offer depending on the seller’s preference.

If bidding, you may want to look at the number of previous bids to indicate how much demand there is for the NFT. Your offer for OpenSea must be 5% greater than the last bid.

After a successful bid, you will need to use your MetaMask wallet to complete the payment. You may need to pay a transaction fee, called gas fees. The best time to buy using MetaMask is when the Ethereum network is less busy as you will pay fewer gas fees. Check out the Ethereum Gas Tracker to keep track of the current gas fees. 

Once you have made the transaction, your new NFT will appear in your collection. Congratulations, you have now bought your first NFT!

How can you tell if you’re buying genuine NFTs? 

While NFT projects are intrinsically resistant to counterfeiting, it is possible to make and sell fake NFTs. Buying a fake NFT implies the original is registered on the blockchain and the one in your wallet is a worthless replica. 

To avoid buying a fake, look at the history of the NFT. Marketplaces like Opensea make it easy to check the blockchain history. Check the artist’s social media to ensure they have referenced the NFT you plan to buy and right-click to search Google for duplicates. It would be very suspect for a well known NFT to be sold at a low price. For example, Bored Ape Yacht Club, one of the most famous collections, cheapest projects are selling for around US$295,000. 

What NFTs to buy in 2022?

Before purchasing NFTs in 2022, you must consider the size of the NFT project, the amount of volume traded, its floor price and the roadmap.  

The NFT road map is essential since it reveals the NFT collection’s future goals. 

non fungible token; non fungible nft digital

Look out for The Mutant Ape Yacht Club collection, a follow-up to the famous Bored Ape Yacht Club, in 2022. While celebrities and venture capitalists are stockpiling Bored Apes, the mutant apes provide a more affordable option to access the same network. Cool Cats is another collection in the NFT marketplace that has made headlines as the developer can breed the characters for a future generation.

Real estate NFTs might be one of the most exciting developments in 2022. Because each NFT is unique and verifies digital ownership, they are well suited to representing land ownership. 

These NFTs allow you to own a piece of land virtually. Decentraland, The Sandbox, and Axie Infinity are well-known NFT land projects.

Final thoughts

 

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Whether you’re launching an NFT project, investing in Bitcoin or NFTs, or are curious about how web3 works, you’ll discover that “community” is the foundation of the web3 space. And now, you can join a vibrant and supportive community full of web3 enthusiasts like yourself.

This community offers a safe space to network, learn, and collaborate with some of the most innovative thinkers around the world. On top of that, we’ve pooled all our resources to give you access to thousands of dollars worth of Nas Academy resources (including our best-rated classes) all under 1 subscription.

By subscribing to the Nas Academy Web3 Community, you’ll also be invited to join exclusive events and workshops with the world’s leading experts – an opportunity that you won’t easily find anywhere else. So, if you’re looking to learn more and discuss web3 with others who share your interests, subscribe today and join the movement that’s changing the Internet.

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