3 Steps To Easily Buy An NFT
4 minutes reading
If you’re not on board with the NFT revolution yet, then you might be wondering what all the fuss is about. While it’s certainly true that the NFT world is not without its controversies, this is still a new and exciting technology that could have some strong implications for artists and their craft. Suffice it to say that more research and work will need to be done before we fully understand exactly what NFTs could do for us as a society.
In the meantime, however, NFTs are here to stay, so you might be wondering how you can buy one. The truth is that there aren’t too many different ways to buy an NFT; in essence, you’ve got to go through the same process, no matter where you’re buying your NFT from. Even though cryptocurrency, which powers a lot of NFT transactions, is decentralised, there are still security implications, so it’s important to follow the correct procedure. Here are 3 steps for easily buying an NFT.
1. Buy cryptocurrency (probably Ethereum)
For the most part, you’ll find that cryptocurrency is used to purchase NFTs. There are some nascent technologies and companies that are allowing users to purchase NFTs without using cryptocurrency, but you’ll probably need to convert your cash to crypto if you want to pick one up. As such, take a look at how much crypto the NFT you want will cost, and get started with buying your crypto of choice. It’ll most likely be Ethereum, as most NFTs are on the Ethereum blockchain.
Buying Ethereum really couldn’t be a simpler process. All you need to do is download an app that will take you to a crypto exchange, then find Ethereum and enter how much you want to buy. Be aware that Ethereum, while not commanding quite as high a price as bitcoins, can be extremely expensive nonetheless. Set up a crypto wallet (using a service like MetaMask), buy the amount of Ethereum you want, and hey presto – you’ve just made a cryptocurrency transaction, and you’re ready to buy your NFT!
2. Pick an NFT marketplace
There are hundreds upon hundreds of different NFT marketplaces out there, so picking the one you want to use is very important. Remember that some NFT marketplaces will be unscrupulous; since cryptocurrency and NFT technology are both decentralised (which means there’s no central authority governing them), this could mean that you lose your cryptocurrency with no recourse for getting it back if you make a mistake. That’s why it’s critical to make sure you’re choosing the right NFT marketplace before you decide to make a purchase.
It’s also important to try to avoid some of the more common NFT scams out there, which can sometimes be effected in marketplace environments. These include phishing, pop-ups, and catfishing; someone might pretend to be an important tech figure to sell you an NFT, only to abscond with the money. In any case, once you’ve chosen your NFT marketplace, things should be pretty simple from there; just choose the NFT you want, and away you go!
3. Choose your NFT and go through the purchase process
Once you’ve chosen an NFT marketplace (which will, in all likelihood, be OpenSea, which is the most popular of its kind, although it does have competitors), you’ll need to then select the NFT you want to purchase. You should see it listed on the marketplace, and if you don’t, make sure to search for it. Depending on the marketplace, you’ll either be able to buy the NFT outright or need to make a bid on it. Either way, you should choose whichever option is right for you here.
Once you’ve done that, assuming you don’t get outbid or there isn’t an error with the transaction, the NFT will now officially be yours. Congratulations – you’re now the proud owner of a brand new NFT! You can then set this NFT as your social media profile picture if that’s what you bought it for, or alternatively, just rest easy in the knowledge that you own this asset and nobody else does. That’s the beauty of NFTs; just knowing you own the product is a large part of the thrill!
Okay, so what are NFTs?
If you’ve made it this far without actually knowing what NFTs are, then you’ll probably need a crash course. NFT stands for “non-fungible token”. The word “fungible” refers to something that could be exchanged with another version of itself with identical value. For example, if I drop a £5 note, and then you give me a £5 note, I haven’t lost anything; the two notes are of the same value. However, a non-fungible asset is something that can’t be replaced, and that’s what an NFT is.
When you purchase an NFT, your ownership of that NFT will be entered on a digital ledger, where it’ll be stored. You won’t have any kind of copyright ownership over the work (usually); it’s still the right of the original author to distribute it and do as they please with it, not yours. Think of it more as owning an original artwork; it’s like buying the Mona Lisa. You can’t stop people reproducing the work or sending each other images of it, but you own the original.
We hope this guide on how to buy NFTs has been useful! Although there’s a lot of technical babble around NFTs, they’re actually quite simple to understand and buy, so if you’re interested in getting involved in the NFT revolution, why not let your journey start today?
