How to Buy NFTs
Buying a non-fungible token (NFT) is a relatively simple process, especially when using a platform like NFTrade. However, there are a few things you will need before getting started:
- A crypto wallet like MetaMask
- The required amount of cryptocurrency in your wallet
- An NFT marketplace
Step 1: Install and setup your cryptocurrency wallet
In this guide, we will use MetaMask, as it’s the most popular Web3 cryptocurrency wallet available. Other popular wallets, such as ZenGo, Immutable X, Coinbase Wallet, and WalletConnect are available on NFTrade.
MetaMask can be downloaded as a browser extension from their website here. Once downloaded, the extension will walk you through the setup of the wallet. Be sure to write down and record your seed phrases, as if you lose them, or if they are stolen, you will lose all access to your wallet. The seed phrase is the only way to regain access to your wallet if the password is lost.
Next, you will need to make sure your wallet is connected to the blockchain you want to use. This will depend on which blockchain you want to buy your NFT on. Below you will find a list of guides on how to set up MetaMask for each blockchain.
- Ethereum – MetaMask comes with the Ethereum blockchain-enabled and ready to go.
- Avalanche MetaMask guide
- Binance Smart Chain guide
- Polygon guide
Step 2: Fund your wallet
Once the setup is complete, you will need to fund your cryptocurrency wallet. This can be done by purchasing cryptocurrency on a central exchange like Coinbase or Binance, then transferring it to your new cryptocurrency wallet.
Alternatively, MetaMask also offers the ability to buy Ether (ETH) using Wyre. Before purchasing cryptocurrency, you will want to decide which blockchain you will be using. NFT marketplaces like NFTrade provide multi-chain support, which means it allows users to buy NFTs from a variety of different blockchains.
Once you know which blockchain your NFT is on, you will want to purchase the native cryptocurrency token to that blockchain. For example, if you are using the Avalanche blockchain, then you should fund your wallet with AVAX. This is because you will need AVAX to pay gas fees as well as purchase the NFT itself.
Step 3: Purchasing the NFT
Once you have the funds in your wallet, it’s time to purchase your first NFT. Head over to an NFT marketplace like NFTrade or Binance NFT and connect your wallet to the marketplace. This can be done by clicking the Connect Account/Wallet button in the top right corner of the browser.
Next, you will need to select the MetaMask option. Your wallet will prompt you for authorization; click Accept, and your wallet will be connected to the marketplace.
Once you’ve found the NFT you’d like to purchase, click on it and then select Buy Now or Place An Offer. A screen will pop up, and you will be asked to agree to Terms & Conditions, check the box, and click Checkout.
MetaMask will ask for several different authorizations; click Confirm. Once the transaction goes through, the NFT will be transferred to your wallet. You can now view your NFTs by clicking on your account in the top right corner and selecting My NFTs.
What are gas fees? Gas fees are fees paid when you conduct a transaction on a blockchain to the community of network validators. So when you purchase an NFT, you will need to pay the price of the NFT as well as a small transaction fee.
How much does an NFT cost? The cost of an NFT will vary depending on its rarity, popularity, and demand. The listed price of an NFT is displayed in its native blockchain cryptocurrency, but buyers can also submit an offer for a lower price.
What other fees apply? On top of the gas fee, some transactions may also incur a minting fee. This is a fee passed on from the original creator/minter of the NFT you are trying to buy. This is because the creator decided to defer the minting fee to the first buyer of the NFT.