Buying an NFT is the best way to join the digital asset conversation. Since so many big brands like Visa, Walmart, and even Adidas are purchasing NFTs left and right, many aspiring investors also want to buy NFT either for personal collection, support of an artist, or profiting after reselling it.
This begs the question: where to buy an NFT?
Let’s take a look at the best places to do so.
Where is The Best Place to Buy NFT?
When thinking of Buying an NFT, marketplaces will be your go-to choice for sure. An NFT marketplace works as an Amazon of NFTs of all kinds, including video NFTs, song NFTs, and design NFTs. Many NFT marketplaces are available, and a new one is created every other day, hosting some of the most interesting digital assets and their creators. OpenSea is the world’s biggest NFT marketplace, with billions in sales ever since its release and featuring an intuitive system for buying and selling NFTs. Not only does it have one of the largest collections of NFTs available for trade, but it also makes it easy for aspiring NFT collectors to participate.
How Can I Buy an NFT?
If you’re wondering how you can buy an NFT or where they sell NFTs, you should look no further than an NFT Marketplace. NFT marketplaces serve as hubs or bazaars of digital content, and each of them supports different artists and files. You might find a marketplace that sells exclusive types of content, such as NBA Top Shot Marketplace, which sells NBA-exclusive NFT content.
On the other hand, Marketplaces like OpenSea and Rarible are more general and feature all sorts of content you can spend hours browsing.
An excellent way to start buying NFTs is by creating a crypto wallet and purchasing some ETH on a crypto exchange. While recommended, given how widespread it is in most major NFT marketplaces, it’s not mandatory to use ETH for purchasing NFTs.
To sell NFTs, you must evaluate which marketplace has an audience willing to purchase your digital art or the NFTs you’re trying to resell.
OpenSea allows NFT artists to mint NFTs without paying for gas, in a process known as lazy minting. This means that your digital files can be turned into NFTs for free, and the gas fee is paid after it’s sold. OpenSea will charge their 2.5% fee nonetheless, and gas fees will also be accounted for. However, it’s still one of the most affordable options if you’re starting out selling NFTs and don’t want to invest your valuable ETH in minting something you’re not confident will sell overnight.
If the NFT isn’t one of your originals and you’re rather reselling, remember that many NFTs also come with royalty fees. While usually not more than 16%-20%, when gas and the marketplace’s fee are taken into account, you might end up paying a lot more than you expected in hidden fees.
Always make sure to calculate how much you’ll be paying in fees and choose the times with the lowest gas prices for your purchase to ensure your profits when buying NFTs.
How Do I Buy NFT Crypto?
It would be best if you went to a crypto exchange to purchase crypto for your NFT purchases. Beware of the fees associated with the marketplace, as no matter how cheap the NFT might be, you’ll always have to pay a fee for the transaction to be fulfilled. Even if the NFT is free, you’ll still have to pay the fee.
This is why having a crypto wallet with available ETH is essential, as most marketplaces employ ETH due to using the Ethereum blockchain in the first place. Gas prices, as the fees are called, can vary depending on the time of day, the day of the week, and the number of other requests being sent to the network. It’s not enough to have just barely enough ETH to purchase the NFT; you must have extra ETH to cover any additional fees along with it. Buying your first NFT isn’t rocket science. Buy ETH at a crypto exchange, connect your wallet and choose your marketplace wisely. Remember that you can also purchase NFTs in less traditional marketplaces, such as 1stDibs or even eBay if you know where to look.
FAQs
Where is the best place to buy NFT?
The best place to buy an NFT is in an NFT marketplace, like OpenSea.
How can I buy a NFT?
You can buy an NFT by connecting your crypto wallet to an NFT marketplace. Then, you have to purchase the NFT by paying the required fees.
Where do they sell NFT?
NFTs can be sold on auctions, marketplaces, and online stores like 1stDibs or even eBay.
How do I buy NFT crypto?
You can purchase NFT crypto at a crypto exchange, like Binance or Coinbase.`
Top comments (1)
Probably better if you share this on MetaPunk, part of the Forem network of communities, dedicated to this topic - there's no coding content to this post, so it is less suitable for DEV.