Want to buy an NFT, but don’t know where to start? From buying cryptocurrencies to creating a MetaMask wallet, learn how to buy an NFT on the Ethereum blockchain and discover the various non-fungible token marketplaces available, such as OpenSea and Rarible.
Acquire cryptocurrencies on Binance
Before youbuy an NFTYou need to buy crypto-currencies. The majority of non-fungible tokens (NFTs) being on the Ethereum blockchain Thanks to a very active community, you must have ETH cryptocurrency to buy it. The rest of this guide will thus counter on the Ethereum ecosystem.
So go to Binance and create an account on the platform if you haven’t already.
You can then directly deposit euros on your Binance account in the tab ” Buy cryptos ” either by bank transfer or by credit card.
Once the money is deposited in your account, click on the tab ” Trader ” then ” Markets “. Here, click on “Spot Markets” and then on the “Fiat” tab. Then select “EUR” for dollar, and you will have access to the list of cryptocurrency pairs that can be traded in euros.
Figure 1: Overview of the ETH:EUR pair on Binance
Find the pair ETH/EUR and click on it to access the Binance trading interface for this pair. Here you can buy ETH in Euros. Simply enter the amount of ETH you wish to buy at the market price and click “Buy”.
Congratulations, you are now in possession of your ETHwe can move on to the next step in this guide to buying NFTs.
👉 Find our tutorial and full review on Binance
Create a MetaMask portfolio
In order to be able to buy an NFTyou must have your own cryptocurrency wallet. We will detail here the creation of a MetaMask portfolioone of the most famous Ethereum wallets.
Go to the MetaMask website and click on “Download” if you are on a computer, or download the MetaMask application directly from the App Store or Google Play if you are on a mobile device.
It should be noted that if you are on an Apple computer, Safari is not supported by MetaMask so we suggest you use another web browser like Chrome or Firefox.
MetaMask is a Web extensionOnce installed, you will find it in the top right corner of your browser. Click on it then on ” Create a portfolio “. Enter a complex and unique password before you get to the page displaying your recovery secret phrase.
Figure 2: Overview of a MetaMask portfolio configuration
Keep this secret phrase very carefully. Anyone with your passphrase would be able to take control of your wallet and appropriate the funds. There are several ways to keep it: writing it down on paper, in a protected document or using products like those from Ledger.
You are now asked to confirm your secret phrase in order. Once this is done, the process of creating your MetaMask portfolio is complete.
👉 New to MetaMask? Here is our complete tutorial to set it up
Send your ETH on MetaMask
The next step for buy NFTs is to send your ETH from the Binance trading platform to your MetaMask portfolio.
First, you will need the Ethereum address of your MetaMask wallet. To do this, open the MetaMask application. As this wallet is configured on the Ethereum network, you just have to copy the Ethereum address which is located at the top of the interface. This one is composed of numbers and letters.
Figure 3: Overview of the MetaMask interface and the Ethereum address associated with your wallet
Now log into your Binance account. Click on the “Wallet” tab, then “Wallet Spot” and finally “Withdrawal”. Select Ethereum and paste the address of your MetaMask wallet in the box “Recipient’s Ethereum address”. Make sure that it is correct.
Next, enter the amount you want to send to MetaMask. It should be noted that each cryptocurrency transaction has a cost in transaction feesso expect a higher amount. Finally, click on the “Send” button.
Buy an NFT on a marketplace
With your MetaMask wallet and your ETH, here you are ready to buy an NFT on a dedicated marketplace. But which one to choose? In order to avoid scams, we suggest you to be vigilant in your choice.
Here are some of the important criteria to consider:
- Amount of fees charged by the platform when you purchase an NFT;
- Supported blockchains;
- Centralized or decentralized platform;
- Ecosystem Reputation;
- Liquidity.
We will present four NFT marketplaces on the Ethereum blockchainwhich we believe will meet your needs
|
|
OpenSea | Rarible | X2Y2 | LooksRare |
| Fees for transaction |
2,5 % | 2,5 % | 2 % | 2 % |
| Blockchains supported |
Ethereum Klaytn Solana Polygon |
Ethereum Flow Solana Tezos Polygon |
Ethereum | Ethereum |
| Governance | Centralized | Decentralized | Decentralized | Decentralized |
| Strong points | Very large selection of NFTs Huge activity Very intuitive interface |
Multi-chain support (5) Decentralized Governance (DAO) |
Transaction fees shared by the users Decentralized Governance (DAO) |
Transaction fees shared by the users Decentralized Governance (DAO) |
| Weaknesses | High fees Centralized platform |
High fees | A single blockchain supported |
A single blockchain supported |
The X2Y2 and LooksRare marketplaces are very similar, they are directly competing.
OpenSea, the number 1 NFT platform
OpenSea was founded in 2017 in the United States. It is the largest NFT marketplace in the worldin terms of both the number of users and the volume of exchanges.
At the time of writing, the OpenSea platform supports 4 blockchains, namely Ethereum, Polygon, Klaytn and Solana.
This means that the NFTs offered there by the vendors have their metadata stored on one of these blockchains and that you must use the native asset of each blockchain to acquire a corresponding NFT.
In our case, ETH for an NFT on the Ethereum blockchain.
Figure 4: Overview of the OpenSea interface
OpenSea punctures 2.5% fee per NFT sale. The fee is deducted from the amount the seller receives from the sale price. In addition, when you purchase an NFT on OpenSea, you will have to pay the transaction fee associated with transferring the NFT from the portfolio from the seller to you.
Finally, creators of an NFT collection can also add fees (royalties) that can be as high as 10% of the and which are taken from each sale of an NFT from their collection on OpenSea.
One of the strengths of the OpenSea platform is the ease with which a user can offer an NFT for sale, without any verification process. However, this can lead to abuses such as plagiarism, so a lot of research should be done before purchasing an NFT.
Finally, OpenSea is a centralized platform whose governance is entirely up to the company of the same name. However, it has decentralized characteristics since, as mentioned before, anyone can list an NFT on the platform.
For buy an NFT on OpenSeaConnect your MetaMask wallet to the platform. To do so, click on the wallet icon at the top right of the interface and select MetaMask. Then follow the instructions to finalize the connection of your wallet to OpenSea.
Once this is done, you have the possibility to buy the NFT of your choice on the platform, provided that this NFT is on the Ethereum blockchain since, remember, you have ETH on your wallet. If you want to buy an NFT from another blockchain, you will need the appropriate wallet or tokens.
👉 Find our detailed sheet on the OpenSea marketplace
Rarible, an NFT marketplace focused on its community
Founded in 2020, Rarible is a NFT marketplace that describes itself as owned by its users. Its goal is to operate as a decentralized autonomous organization (DAO) in the not too distant future, especially through its governance token, the RARI.
At the time of writing, Rarible supports the NFT of 5 blockchains, namely Ethereum, Flow, Solana, Tezos and Polygon.
Figure 5: Overview of the NFTs Rarible marketplace interface
At the fee level, Rarible charges 2.5% on each transaction plus the transaction fee for the transfer of ownership of the NFT. A royalty system is also available for artists who can then choose to take a portion of each sale from their collection.
The royalties imposed by the artists can go up to 50% on each sale of one of their NFTs on the platform.
To purchase an NFT on Rarible, connect your MetaMask wallet at the top right of the interface by choosing the Ethereum network. You can then buy any NFT from the Ethereum blockchainprovided that you have sufficient funds.
👉 To go further – Rarible (RARI), the decentralized platform serving NFTs
X2Y2, the new NFTs marketplace that wants to compete with OpenSea
X2Y2 is one of the most popular NFT marketplaces on the Ethereum blockchainand for good reason, it is the only blockchain supported by the platform. X2Y2 therefore focuses solely on the latter and has seen its activity soar in a few months.
Figure 6: Overview of the NFTs X2Y2 Marketplace Interface
Like Rarible, it is a marketplace that was also created with the aim of being governed by its users. A governance token exists for this purpose, the X2Y2. This token also allows its holders to recover a part of the fees collected by the X2Y2 platform.
The team behind the project is anonymous and prefers to step back to promote more the decentralized side of the platform, including the redistribution of collected fees and a potential future DAO to govern the platform.
A 2% fee is charged by the marketplace for each NFT salewhich are then redistributed to X2Y2 token holders.
To buy an NFT on X2Y2, connect your MetaMask wallet at the top right of the interface. Since the platform only supports the Ethereum blockchain, you don’t have to worry about choosing the blockchain, you can buy any NFT listed on X2Y2 with MetaMask and ETHprovided you have sufficient funds.
LooksRare, the rival of X2Y2
LooksRare is an NFTs marketplace that was launched in early 2022. Like X2Y2, LooksRare only supports the Ethereum blockchain and has been able to make a place for itself in the industry very quickly.
It is also a platform that was created with the aim of being centered around its users. To this end, LooksRare also has a governance token, the LOOKSwhich can be staked to recover a portion of the fees collected by the marketplace.
Figure 7: Overview of the NFTs LooksRare marketplace interface
Thus, the 2% fee charged by LooksRare for each sale of NFT are redistributed among the stakers of the platform’s native token.
Finally, the development team behind this project is, like X2Y2, anonymous.
To purchase an NFT on LooksRare, connect your MetaMask wallet at the top right of the platform interface. You will be able to buy any NFTprovided you have sufficient funds.
👉 Going further – LooksRare (LOOKS), the new NFTs platform that will dethrone OpenSea?
The alternatives to marketplaces on Ethereum
This guide to buying an NFT so far focuses on marketplaces operating on the Ethereum blockchain, but there are some that operate on other blockchains. We will mention some of the most popular alternatives.
The Binance NFT platform, by Binance
Binance NFT is a marketplace for NFTs operated by the giant Binancewhich needs no introduction. It is a platform that supports the NBB Chain and the Ethereum blockchain.
The platform, which is relatively centralized, charges a 1% fee on each NFT sale. This is one of the least expensive fees compared to the NFT marketplaces presented in this article.
Figure 8: Overview of the Binance NFT interface
To purchase an NFT from the BNB Chain network listed on Binance NFT, you must purchase either Binance USD (BUSD), or from NBB. You can use the MetaMask wallet, but be careful as you will need to configure your wallet on the BNB Chain network.
To do this, go to the MetaMask settingsin the “Networks” tab and then “Add a network”. Here, fill in this information:
- Name of the network: Binance Smart Chain ;
- New RPC URL: https://bsc-dataseed.binance.org/ ;
- Channel ID: 56 ;
- Currency symbol: NBB;
- URL of the block explorer: https://bscscan.com.
Congratulations, you can now Switch networks on the fly between Ethereum and NBB Chain at the top of the MetaMask wallet interface. This way you can buy any NFT from the NBB Chain network listed on Binance NFTprovided that you have the necessary funds.
Solana, a blockchain particularly used for NFTs
The Solana blockchain is widely used in the NFT sector and for good reason, it has several marketplaces dedicated to it such as MagicEden, the most popular NFT marketplace of this blockchain, or SolSea and Solanarttwo much smaller platforms.
To get NFTs from the Solana blockchain, you will need own SOLs and a dedicated walletthe most famous being Phantom. Download the Phantom wallet web extension, and after configuring it and feeding it with SOL tokens, you can buy NFTs on a Solana blockchain marketplace like MagicEden.
It should be noted thatOpenSea also supports the Solana blockchainYou just have to connect your Phantom wallet to buy NFT from this blockchain.
👉 Going further – Solana (SOL), an atypical blockchain with big ambitions
An update on the risks of NFTs
The NFT industry is growing, but it is still very youngand it is only in 2021 that he really emerged in the eyes of the general public. It is a still immature market that is often compared to the Wild West and not without reason.
A lack of regulation combined with a lack of clarity in the legislation governing these assets make them the ideal market to attract opportunists and other swindlers. Phishing, identity theft, stolen NFTs, rug pull or pump and dump. To successfully avoid these traps, consult our guide to identify the most common scams.
Finally, some NFT projects are created with the sole purpose of making money quickly, not developing anything in the long term. So be careful when purchasing an NFT. For assistance, see our guide to evaluating the potential of an NFT collection.
👉 Find all our trainings related to non-fungible tokens (NFTs)
Sources – Figure 1: Binance; Figures 2 and 3: MetaMask; Figure 4: OpenSea; Figure 5: Rarible; Figure 6: X2Y2; Figure 7: LooksRare; Figure 8: Binance NFT.
What you need to know about affiliate links. This page features investment related assets, products or services. Some of the links in this article are affiliate links. This means that if you purchase a product or register on a site from this article, our partner pays us a commission. This allows us to continue to provide you with original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investing in crypto-currencies is risky. cryptonewsherald is not responsible for the quality of the products or services featured on this page and could not be held responsible, directly or indirectly, by any damage or loss caused as a result of using any goods or services highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF Recommendations. There is no such thing as a guaranteed high return, a product with a high return potential implies a high risk. This risk must be in line with your project, your investment horizon and your ability to lose part of these savings. Do not invest if you are not prepared to lose all or part of your capital.
FAQ
To buy an NFT as soon as possible, you should follow the project or artist you are interested in on their social media channels, as they will usually announce the release date and time of the NFT drop. It’s important to be prepared and have your cryptocurrency wallet and funds ready before the drop, as NFTs can sell out quickly. You can also use NFT marketplaces such as OpenSea, Rarible, and SuperRare to buy NFTs, which offer a wide variety of NFTs from different artists and projects.
To create an NFT, you should first decide what type of asset you want to create an NFT for, such as digital art, music, or video. You will then need to create the asset and mint it as an NFT on a blockchain, such as Ethereum. The complete guide for creating an NFT would include step-by-step instructions for creating the asset, choosing a blockchain and NFT standard, minting the NFT, and listing it for sale on an NFT marketplace.
Some NFTs are sold in pre-sales or private sales before the public release. To buy NFTs before release, you should follow the project or artist you are interested in on their social media channels or sign up for their email newsletter to receive updates about upcoming releases. Some NFT marketplaces also offer pre-sales for certain NFT drops, so you can check their websites for more information.
t’s not too late to buy an NFT, as the NFT market is still relatively new and constantly evolving. While some NFTs may be more valuable than others, there are still many opportunities to buy NFTs from different artists and projects at different price points. As with any investment, it’s important to do your research and only invest what you can afford to lose.
Yes, you can buy NFTs with little money, as NFTs are available at different price points depending on the artist and project. Some NFTs may sell for millions of dollars, while others may sell for a few dollars or even less. You can use NFT marketplaces to browse and purchase NFTs that fit your budget.
The easiest NFT to buy will depend on your interests and budget. However, some popular and accessible NFTs include CryptoPunks, Bored Ape Yacht Club, and Pudgy Penguins, which have gained popularity in the NFT space and are available on various NFT marketplaces.
If an NFT doesn’t sell, the creator can choose to keep the NFT or relist it for sale at a different price or on a different marketplace. The value of an NFT can fluctuate based on factors such as demand, scarcity, and the artist’s reputation. Some NFTs may also have a resale royalty fee, which means that the creator will receive a percentage of the sale price if the NFT is resold in the future.
The cost of minting an NFT will depend on the blockchain and NFT standard used, as well as the gas fees required for the transaction. Gas fees can vary based on network congestion and can increase during times of high demand. Some NFT marketplaces may also charge a fee for listing and selling NFTs.
The timing of buying an NFT will depend on your personal investment strategy and the specific NFT you are interested in. Some investors prefer to buy NFTs during pre-sales or early on in a project’s release to potentially get in at a lower price. However, buying NFTs during a public drop can also be an opportunity to buy a unique and sought-after NFT. It’s important to do your research on the project and artist, as well as the market trends and potential for appreciation in value. Additionally, it’s important to only invest what you can afford to lose and to diversify your portfolio.
Comments (No)