NFT’s have definitely reached the headlines in 2021, with Beeple’s “Everydays: the First 5000 Days“ selling for $69 Million in 2021. While there are many other Digital Artworks that were sold for more than $1 million dollars. In, 2021, we saw a huge spike in the sales of NFT’s in various marketplaces, not only making a dozens of artists millionaires but also changing the art industry completely.
Artists and digital artists now have lots of hope with NFT’s and the fact that now, there is a legit way by which they can monetize their artwork.
Interested in NFT’s but How and Where do you actually buy NFT’s?
How does this thing called NFT and buying and selling of NFT’s really work?.
Today, in this article, we will be showing you exactly how you can buy NFT’s, the right and the safest way.
HOW AND WHERE TO BUY NFT’S?
Before, I even tell you how and where to but NFT’s, I’d like to first tell you what NFT’s really are?. If you already know what they are, you can skip this part but for those who sort of new to NFT’s, it can be extremely helpful for them.
WHAT ARE NFT’s REALLY?
NFT’s are basically “Non-fungible-tokens”, it’s a new type of digital asset in the form of tokens that can hold specific extra data or information. In the art industry for example, art assets in the form of NFT’s can hold the data of ownerships and much much more like the historical data of owners, prices …etc. Due to this, an asset becomes unique and original and it becomes irreplaceable, indestructible and cannot be replicated.
Therefore, even if a random dude from the internet tries to the claim the ownership of a particular artwork, he cannot because the artwork which is now in the form of an NFT’s holds specific data or information and due to that extra data, one can easily trace the original owner along side, the future owners and the prices that the artworks and were resold again.
This is what makes NFT’s really exciting and just a brilliant idea.
However, you might be wondering why NFT’s are only sold using Ether or Ethereum(ETH)? and I am glad that you asked this question because all the possibilities of NFT’s and the ownership and the data thing is only made possible because of the Ethereum Blockchain. As Ethereum is one of the Crypto Currencies that can hold extra information and that’s how NFT’s came into existence.
Besides that, NFT’s can also be used to Tokenise, Trading cards, Videos, Twitter Tweets, Artworks, and much much more. In simple, anything that is digital can be turned into an NFT.
HOW AND WHERE TO BUY NFT?
In order for you to buy NFT’s, you will first need to buy some amounts of Crypto-currencies. Most of the websites or marketplaces that buy and sell NFT’s and NFT Artworks use the ETH or Ethereum currency which means that you will need to buy Ethereum first, before you invest in any NFT Artworks.
While in order for you to buy Ether or Ethereum, you will need a Digital Crypto Wallet like Coinbase.com that will allow you to buy and sell, Crypto Currency. After you sign up with some Digital Crypto Wallet companies and get hold of your first Ethereum amount, you will need to use that to buy NFT.
After that, you will need to connect your Crypto Wallet to a NFT Marketplace and from here, you will easily be able to buy and sell NFT artworks. Sounds simple but there are quite a few steps that you might need to follow in order for you to get your first NFT art. Just follow up with the article and you will soon be the owner of an NFT art.
Marketplaces that allow us to buy, sell and trade NFT Art are:
- Nifty Gateway
STEP 1: Create a Digital Crypto Wallet
A Digital Crypto Wallet is basically like your Bank Account for trading, investing and selling Crypto Currencies. Nothing complicated, I promise, but the companies who allow you to create an account are pretty strict so do beware, you must not lose any security information and passwords once you create your wallet.
Digital Crypto Wallet Companies
Coinbase.com – Coinbase.com is one of the most famous and best Crypto Wallet companies you can find in the market. It allows you to create your digital wallet almost instantly and let’s you trade Crypto Currencies. Another reason I like, Coinbase is because it is able to connect with almost all the NFT Artwork Marketplaces which is very important. Because there are some Digital Wallets that only work with a few NFT marketplaces. Coinbase is also one of the most secure Digital Wallets out there and is completely free to use. There are no hidden monthly fees at all.
MetaMask.com – MetaMask is another great wallet that allows you to buy, sell and send Crypto currencies. You can also use MetaMask to connect your account with different NFT Marketplaces like OpenSea, Rariable.com.
For this guide, I’d like to stick with only these two Crypto Wallet as it is universally used and it is meant for all type of users. While there are many other Crypto wallets but many are meant for advanced users which can confuse things, if you use them.
How to create a wallet with Coinbase?
Creating an account with Coinbase is pretty simple and easy.
Just go to the Coinbase’s official Website which is Coinbase.com.
You will come across the websites landing page, where you are requested to enter your email address.
Enter your email address that you want to use for your Coinbase account.
You will be promoted to enter your Name, Last Name and Password. Enter those and you will receive a confirmation mail sent to your email address for verification.
Once you do that, your account is ready for use. However, there is one more step that you will need to complete. That is verification of your personal info.
Because the moment you create an account with Coinbase.com, you are allowed to send and receive Crypto currencies however, you cannot trade or buy Crypto Currencies yet.
You will need to provide the company with additional information which includes either a passport, Drivers license.
As you can see in the picture above that, once you verify your personal information, you can then buy Crypto Currencies directly from Coinbase.com.
Once you’ve verified your account, you can then fund your account with some ETH or Ethereum by directly buying it using USD Dollar.
How To Set Up An Account on MetaMask?
MetaMask is a common way to keep track of your Ethereum (ETH) and other ERC-20 tokens. The browser extension is essential for people who often use ETH and its tokens because it is safe and enables users to access their funds quickly.
We’ll now look at a fast but detailed guide to having a MetaMask account up and running.
How to Get Started with MetaMask?
MetaMask makes it easy to create and manage an account. Sit tight and follow closely
Download and install Metamask web browser extension
To start, install the MetaMask plugin. Chrome, Firefox, Opera, and Brave browser plugins are available for MetaMask.
Connect the MetaMask extension to your browser by clicking the button for your web browser.
When you’ve arrived at the extension store for these browsers, look for MetaMask and pick “Add to Browser.” A logo in the form of a fox will appear in the top right-hand corner of your browser once its been installed.
Create a new wallet
The next move is to go to the webpage’s “Get started” section and choose the option to build a new wallet. Following that, you will be met with terms and conditions that you must read and approve.
Following that, you’ll be prompted to create a login and password.
It’s safer to use good passwords that are difficult for anyone to guess, such as your birthday. As a consequence, a safe password should be made up of numbers and letters that are organized in a particular order.
After that, you’ll be given a one-of-a-kind 12-word security phrase for your wallet.
It’s a smart idea to scribble down the backup phrase on a piece of paper and save it somewhere you won’t lose it.
Some individuals will type the backup phrase into a notepad on their computers and save it to their laptops or hard drives. This is not a good idea because if your system is hacked, hackers might gain access to the recovery key. Instead, pen it down on a piece of paper to keep your funds secure.
You’ll then be prompted to confirm your secret backup term. Your account will be ready to use after you’ve completed these measures. Congratulations on your achievement! You’ve set your MetaMask account perfectly!
How do you Deposit Funds to Metamask?
On your browser, press the MetaMask browser extension (the fox logo), and on the “Deposit” button in the pop-up window.
NOTE: If you press “…” on the pop-up window and then “Expand view,” you can get a clear view of your account.
Numerous options will appear, including the opportunity to deposit ETH directly or from your Shapeshift account. You can also purchase ETH from third-party sellers like CoinSwitch and Wyre.
To deposit ETH into your Metamask wallet, select your preferred form. You can also transfer Ether straight from your other accounts. To see your deposit address, click “View Account” next to the option “Directly Deposit Ether.”
Since the address begins with “0x,” you should be able tell it’s an ETH address.
What are the Marketplaces where you can find NFT Artwork?
Since, now you have a wallet ready for use, the hard part is done. Now, all you need to do is to learn how to connect your Crypto Wallet to an NFT Marketplace.
There are basically more than 5 marketplaces where you can find NFT Artwork.
For this article, we will only stick to Rarible, Opeasea and Nifty Gateway as these are the top three marketplaces where you will find NFT artworks.
STEP 2: CONNECT YOUR CRYPTO WALLET WITH YOUR CHOSEN NFT ARTWORK MARKETPLACE
How Do I Connect My Metamask Wallet To Rarible?
To get started, go to Rarible and click on Connect Wallet and log in to your MetaMask wallet using Wallet Connect. You will get a Scan QR code, which you will have to open your Meta Mask account from your phone, and use the scan tool to scan the code.
Once that’s done, you will be automatically connected to Rarible.com through MetaMask. No extra passwords needed.
To attach your wallet to Rarible, click the “add” button on the website.
To approve Rarible’s terms of service, check the boxes and then press the “continue” button. You can begin to explore digital collectibles on Rarible after linking your wallet to the site.
How To Connect Metamask Account With Opeasea Account?
It’s time to link your wallet to Open Sea after you’ve finished setting it up. You can get to your account page by clicking here. You’ll see a message at the top showing that your wallet has not yet been connected. That’s not a problem; it’s standard procedure.
Go to the User Profile and click on My Profile. The Screen will say, you need an Ethereum wallet to use OpenSea. When you come to this page, click on Wallet connect.
You will get a QR Code, which again, you will have to open MetaMask on your phone, and then use the Scan tool to scan the QR Code.
After which, OpeaSea will automatically be connected to your Meta Mask account.
To access your wallet, press the green “Activate your wallet” button to pull up a wallet popup, then use your wallet’s interface. It’ll most likely be a button labeled “Unlock Wallet,” “Unlock,” or “Connect.” You will be allowed to present your password as well as agree to certain terms and conditions.
You’ll be allowed to see your assets (if you have any) in your wallet on your OpenSea user profile once you’ve accessed your wallet. On the account settings tab, you can also update your OpenSea account settings. You’ll really need some ETH now that your Matamask wallet and OpenSea are working well together.
How To Connect Metamask Account With Nifty Gateway?
The Nifty Wallet is wholly reliant on NFT UX, and we are ecstatic about the improvements it will bring. Nevertheless, with Nifty Gateway, you can use Metamask (or any other wallet) or really any legacy wallet.
On Nifty, you’ll first have to create an account on Nifty Gateway itself so do that first.
Once that’s done, you’ll need to transfer funds from your MetaMask account to Nifty Gateway account.
So here is the how to use Nifty Gateway to connect or purchase something and transfer it to your Metamask wallet.
- Pick “Send to Different Wallet” from the Nifty Gateway Buy Button slot.
- Select “Add New Wallet” from the drop-down menu.
- Select “Add” after entering the details for the wallet you want to add.
- Click on the top part of the browser extension to get your Metamask Address.
And that’s it! The Metamask wallet address will now receive the ETH funds.
BUYING NFT ARTWORKS
Now that you have connected your wallet with the NFT platforms like Rarible and OpenSea.com, you can easily buy your desired NFT Artwork from the platform directly.
The funds will be directly paid from your Crypto wallet that you have connected with the platform.