Non-fungible tokens (NFTs) have been the biggest crypto trend since last year. The NFT hype even includes museums, auction houses, sports clubs, and some celebrities have sold their first NFTs and raked in millions. But how do you actually buy NFTs?
What are NFTs? How do they even work? Where does their value come from? Is it worth buying or trading NFTs? And what to look for when trading NFTs? Our NFT guide explains everything you need to know about NFTs in 2022. So let’s continue…
How to Buy NFTs - Step by Step
If you’re interested in investing in NFTs, you can use the following step-by-step instructions on how to safely buy NFTs so you own your first Non-Fungible Token.
1. Purchase Ethereum
Most NFTs are based on the Ethereum Blockchain, hence most NFT marketplaces only accept ETH tokens as a form of payment. In case you already signed up for an account with a common cryptocurrency exchange, you can purchase ETH and send your tokens to your MetaMask wallet. Otherwise let’s get some ETH first.
Where To Buy Ethereum (ETH)
If you have not purchased ETH yet, you can do so one of the following exchanges:
2. Download MetaMask
3. Secure your crypto currencies & NFTs
It’s not an essential step of this process, but if you’re going to store a significant amount of value in your wallets, you may want to get a Hardware Wallet to reduce the risk of hacks and thus secure your investments.
4. Connect your MetaMask to a NFT Marketplace
There are quite a few NFT marketplaces to buy and sell art NFTs or other collectibles.
To connect to those marketplaces, you need to login through your MetaMask wallet. Your wallet address serves as the username and you login with your previously set password. Once connected, you can interact with the NFT marketplace and buy and sell NFTs.
5. Buy & Sell Your NFTs
Once you’ve funded your account, buying NFTs is quite simple. On some NFT marketplaces you can buy NFTs for a fixed price, but mostly the NFTs are up for auctions, which means you need to set a bid for the NFT you’re planning to purchase.