If you want to know how to buy NFTs, chances are that you’re not sure where to go. There’s a lot of options, and it can be hard to decide on the best place for your needs.
You will find many misleading articles and blog posts online that only mention the most popular choice while leaving out many other possibilities.
Check this complete guide that will cover all of your options and provide you with enough information so that you can make an informed decision on how and where to buy NFTs.
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Understanding NFTs
Before we look at how to buy NFT tokens, it is important to understand what they are and how to distinguish them from fungible tokens. NFTs, or Non-Fungible Tokens, are tokens that are unique and one of a kind. While fungible tokens, such as Ether or Bitcoin, can be substituted for another unit of the same size and value, NFTs cannot. They are all different from each other in some way based on age, rarity, or ownership history.
NFTs have, without a doubt, rapidly become the next big thing in the world of cryptocurrency and Blockchain technology. NFTs are the foundation of all CryptoKitties, which was one of the first major applications to be built on top of Ethereum and sparked off a wave of new projects that would follow in its path.
How are NFTs Created?
Creating NFTs is a difficult process. Not only does the Blockchain have to be able to accommodate unique tokens, but there also needs to be a way for them to be created and tracked throughout their life cycle. Fortunately, Ethereum smart contracts make this possible through what are known as ERC-20 standard tokens.
ERC stands for “Ethereum Request for Comment”, and these standards were first proposed by Fabian Vogelsteller in late 2015 with the goal of bringing consistency across all applications being built on top of Ethereum at that time. They describe how new projects should interact with existing systems such as wallets or exchanges so that users don’t need multiple different interfaces just because each application uses its own token type. The ERC-20 standard has been extremely successful and has since been implemented on top of other Blockchain protocols such as TRON, EOS, or Lisk.
ERC-20 tokens are created by a smart contract that needs to be deployed onto the network. The contract contains all information about how many tokens can exist at any one time and what price they should be sold for if there is a need to do so in future. It also tracks ownership through an owner address which denotes who currently owns each token within its database.
This means that every transaction made with those tokens must go through this particular address in order to update their current balance as well as ensure fees are properly paid where necessary. In addition, it allows users to change the token’s name so long as no two tokens within the same smart contract share the same name. If you want to create your own NFTs, read our guide How to Create an NFT: A Step-by-Step Guide and learn how to do it yourself!
Where to Buy NFTs?
If creating ERC-20 tokens is not an easy feat for you, you can buy or mint NFTs online. There are a ton of NFT marketplaces, some more focused on crypto art, others more focused on gaming.
Check out the best ranked NFT marketplaces where to acquire and sell NFTs.
1. Mintable
This is a web app that allows you to create ERC-20 tokens in just a few minutes. The interface is extremely simple and the process is streamlined so that even beginners can get started making their own NFTs right away without having to install any additional tools.
2. Rarible
Rarible is a simple command-line interface for minting ERC-20 tokens. This marketplace is extremely flexible and can be used to mint your own tokens. It also allows you to buy and sell NFTs from other users.
There are many advanced features that come bundled with this tool, which include price stability, a token vault, and trading bots.
3. Open Sea
The Open Sea is a platform that allows users to buy and sell their own NFTs. The interface provides you with all the tools necessary for tracking ownership of each token as well as managing sales transactions.
This makes it an appealing option if you are looking to make some extra funds or even break into the NFT market.
4. Binance Smart Chain
If you are looking for a more automated approach to creating NFTs, Binance offers the highly sought-after Smart Chain service. They use real-time market data from reputable sources such as CoinMarketCap and CryptoCompare to ensure buyers are receiving tokens that have been properly valued at their current price.
The interface itself makes it easy for anyone who is familiar with trading platforms to get started right away without having any prior experience making ERC-20 tokens on other Blockchains.
5. WAX
This platform is the best choice for those looking for how to invest in NFT crypto. It is designed to create ERC-20 tokens in bulk which makes it ideal for projects that are looking to mint NFTs in large quantities.
It is also much easier than other platforms as there is no need for gas payments, meaning you can generate a token with just one command without having any prior experience making smart contracts or even knowing what Ethereum is at all.
6. Foundation
Do you want to know how to invest in NFT tokens but you don’t know where to start? Well, Foundation is the answer you’ve been looking for. It is a platform that allows users to create their own NFTs with just one click of a button so long as they have an ERC-20 token already created. This makes it extremely easy both for beginners and experts alike who do not want to go through all the hassle of manually creating each token from scratch. It is also the easiest way to generate collectibles that can be extremely profitable if done right.
Foundation is one of several platforms that allow you to create NFTs without having any programming experience or knowledge about Blockchain technology at all.
7. Super Rare
Super Rare is a web app that makes it extremely easy to create NFTs. It provides users with an interface where they can set every aspect of the token’s name, number of items in circulation as well as their current price and minimum purchase amount.
This means you don’t have to worry about any additional programming or smart contracts necessary before launching your NFT onto the market. You can also track ownership through a simple dashboard which allows for increased ease of use over other platforms.
8. MIST
This is a blockchain based NFT RPG (role playing game). It allows you to stack MIST tokens and trade in the game, use it to farm, battle monsters and get into an immersive environment.
Interact with lots of players and buy NFTs from MIST’s own marketplace, which you can later use in the game. You can upgrade your character and there are auctions which you can participate.
Attach your Metamask wallet to it and have fun. Find other crypto related games here.
9. Forge
We cannot talk about apps to buy NFT and fail to mention Forge. This is a platform that makes it extremely easy for users to create their own NFT tokens. It provides one of the easiest ways to mint NFTs as it is a browser-based web app that does not require any prior experience with Blockchain technology or smart contracts.
It also allows for easy management and tracking so you can see how much profit you have made from each token sale, as well as information about the token’s current price.
10. Nifty Gateway
Nifty Gateway work by selling collections in “drops” for between $0.05 and $0.50 to generate interest as well as traffic on the service itself, but they also sell custom drops that can be used for non-fungible tokens (NFTs) of your own creation.
The interface is simple enough that even those without any programming or Blockchain experience will have no problem creating their own collectibles with just a few clicks using this platform’s drag and drop interface. It provides an excellent way to get started right away for novices and enthusiasts in the crypto space.
Learn How to Buy NFTs
Do you want to buy or sell these tokens? If you are unaware where to acquire them, here are some rules you should follow.
Below is a step by step guide on how to buy NFTs.
Acquire Cryptocurrency to Purchase an NFT
This is the first and most important step in your journey to buy NFTs. In order to purchase a crypto collectible, you need some cryptocurrency. Something worth mentioning is that you need cryptocurrency in the form of ETH. This is because most platforms use Ethereum smart contracts to create an ERC-20 tokens, and they mostly accept Ethereum as the primary method of payment.
How to buy ETH
The easiest way to buy ETH is through a popular exchange like Tezro, Coinbase, Binance, or Kraken. It doesn’t matter which one you use so long as you have your verification process completed and are ready to deposit some fiat currency via bank transfer or debit/credit card purchase. Once this is done, it will take a few minutes for the funds to be available in your account where they can then be traded for ETH.
Get a Secure Crypto Wallet
You will need a wallet to receive and store your NFTs. It is important to get a wallet that is secure and easy to use. The first step in getting a wallet is figuring out if it’s compatible with the crypto-collectibles you want to buy. Not every wallet will work for all NFTs, so make sure your choice can support those tokens as well as Ethereum. Some of the wallets to consider include Tezro, Coinbase Wallet, Metamask, Enjin, Trust Wallet, and AlphaWallet.
There are some important tips you should not forget when choosing an NFT wallet:
- Storage Location: Make sure the wallet allows for storage of your NFTs in their native form rather than just allowing them to be converted into ETH before being deposited onto the platform. This means it would be better if they can store ERC-20 tokens, as this will make transferring and keeping track of any transactions much easier.
- Security & Backups: You should also look at how secure each wallet is, especially when it comes to backups (in case anything happens). Do not forget about security features like two-factor authentication.
- Cross-chain Compatibility: It should also be compatible with other Blockchains like QTUM, EOS, and NEO.
- Ease of Use: Make sure the wallet is easy to use—whether it’s for storing or transferring tokens.
Choose a Marketplace
The next step is to choose a marketplace based on the list outlined earlier in this post and from your own research. Make sure the platform you choose meets your current needs and provides a seamless experience no matter what type of crypto-collectible you want to buy.
Also, make sure the platform is trustworthy and has a good reputation for providing quality NFTs from reputable sellers. You can tell if this is true by reading reviews on reliable third-party review sites. You can also get referrals from like-minded people.
Buy NFT
The final step is to buy your NFTs. Make sure you have the right amount of ETH in your wallet and that you’ve chosen the right token to buy. This is important because if you choose the wrong token, the funds will be lost and you won’t get a refund. It is also crucial that the crypto-collectible is in your wallet within three minutes of sending ETH to it (otherwise, there may be issues).
When buying NFT for the first time, beware of gas fees. These are the fees you must pay on the Ethereum network to execute transactions and they can vary depending on how busy or slow the Blockchain is. Make sure the marketplace provides clear information about the gas fees so you can properly prepare for them.
Lastly, remember to follow the marketplace’s buying process carefully in order to avoid any unnecessary problems when getting your new crypto-collectible.
Once this process is complete, make sure to store or transfer any NFTs bought in an NFT compatible wallet!
Key Takeaways
- You can get non fungible tokens in marketplaces online.
- Buy them using crypto or real money, depending on the rules of the marketplace.
- Use the NFTs to play games or to acquire or trade digital art
- Do thorough research before investing into NFTs.
Final Thoughts
Learning how to buy NFTs can be hard, but it doesn’t have to be. With all the advice outlined above, you should have a much better understanding of how to navigate the process.
By using these tips and guidance from this post, buying your first crypto collectible will be an easy task.
Make sure to keep checking back for more posts that will help you get the most out of your NFTs. And don’t forget to download Tezro app where you can trade crypto assets and chat in a fully private message app.
