How & Where To Buy NFT Art
In our digital age of cryptocurrencies and the metaverse, where music can be streamed and an image copied with a click, NFTs offer a way for artists to establish ownership of their work and ensure they are reimbursed fairly. When we buy NFT art, we are not only investing in the collectibles of the future, we are also supporting artists from around the world.
If you’re still wondering exactly what is NFT art, this article will tell you everything you need to know. If you’re ready to purchase your first non-fungible token, read on to find out exactly where and how to buy NFT art
Why buy NFT art
When you buy NFT art you acquire indisputable ownership of that art, thanks to the records stored on the blockchain. You can see the full history of the NFT on the blockchain, including when it was minted (created), who has owned it before, and previous sale prices.
Some people see NFTs as an investment and there are reports of people who have already made millions of dollars from buying and selling NFTs. As many platforms allow royalties to be paid to the creator of the NFT every time it is re-sold, this also benefits the artist. However, there are no guarantees that you will be able to sell your NFT for a profit, so you must be willing to accept the risk and never invest more than you are prepared to lose.
NFTs come in many forms. As well as art, there are photographs, memes, GIFs, music, sports highlights and video files… the list goes on and is growing all the time. There’s an NFT for everyone and you don’t need to be an investor – it’s perfectly fine (and perhaps even more sensible) to buy an NFT just because you like it. Just as with physical art and collectibles, NFTs offer a way for us to express who we are and what we value, in the digital world.
Ok, so you know you want to buy NFT art; now you need to know ‘where do you buy NFTs’?
How to buy NFT art
If you’re looking to invest, you may like to do some research into current trends and top-selling NFTs, to get an idea of what’s popular. However, you should always make your own buying decisions and not follow anyone else, as this can leave you vulnerable to scams. The best advice is to buy an NFT because you like it, not because you’re relying on it to make you money.
Given that they are tied to blockchains, the most common way to purchase NFT art is with cryptocurrency. If you don’t already own crypto, you will need to install a crypto wallet on your device, to allow you to interact with the blockchain. Your wallet should be compatible with the blockchain which minted the NFT you want to buy – for example, for the popular Ethereum, you could use Metamask or Ether Wallet.
Wallets can be either ‘software’ or ‘hardware’. Software wallets connect directly to the internet, with popular examples including Metamask, Coinbase and Rainbow. Hardware wallets, such as Ledger and Trezor, store your keys independently from the internet, and so provide a higher level of security and protection. When setting up your wallet, you will be given a secret recovery phrase, which is your key to accessing it. It is essential to store this in a safe physical location and never share it with anyone.
Once you’ve set up your wallet, you’ll need to purchase some cryptocurrency to cover gas (transaction) fees. You can do this using an exchange platform such as Coinbase or Binance, which allow you to purchase crypto using various payment methods, such as bank transfer, debit card or PayPal. Copy and paste your public wallet address to send the crypto to your wallet. Next, connect your wallet to your chosen NFT marketplace – you may have to fill in a form for this, such as with Scopio, or on a site such as OpenSea, simply click the wallet icon and select your wallet.
Next, search for the NFT you want to buy. When you decide to purchase it, you can either ‘buy it now’ if there’s a fixed price, or place a bid, if it’s an auction. Once the seller accepts your offer, the payment will be transferred to them from your wallet and the NFT will be transferred to you. Bear in mind that the NFT marketplace will most likely also charge a gas fee, which means you are paying for your transaction to be fulfilled. These fees can be higher at busier times.
Each NFT has a unique identifier linked to the blockchain it was minted on. Once you’ve purchased your NFT and it’s transferred to you, your ownership of it will be recorded on the blockchain. You will be able to view your NFT asset in your wallet. The Rainbow wallet is a great option for viewing NFTs on a mobile device. You can view the NFT in your wallet indefinitely unless you decide to sell it on.
Now you know all about how to buy NFT art, it’s time to start your NFT digital art collection!
FAQs
How do I buy NFT collection?
To buy an NFT from a popular collection on a site such as OpenSea, look for a blue ‘verified’ symbol, which confirms it is from the real collection. You can also follow the link from the official source of the collection. When you select a collection, you will be able to see the total number of NFTs, the total number of owners, and the floor price (lowest listed price) of an NFT in that collection.
Can you buy NFT art on Coinbase?
You cannot currently buy NFT art on Coinbase, although you can view your NFTs in the Coinbase crypto wallet. However, Coinbase is due to launch its NFT marketplace later this year, initially to US users. It already has some strong partnerships lined up and it will be teaming up with Mastercard to allow customers the option to purchase NFTs with a credit or debit card.
How do I buy NFT art on OpenSea?
OpenSea is an open marketplace for buying and selling NFTs. To buy NFT art on OpenSea, you will need to set up and connect a crypto wallet, which is compatible with either the Ethereum, Polygon or Klaytn blockchains. Note that all prices on OpenSea are listed in ETH.
Search for NFTs by using the search bar and narrow your options using the ‘sort by’ drop-down menu. You can view the top collections on the homepage and sort by rankings to view what’s currently trending. Once you’ve chosen your NFT, click ‘Buy now’ or ‘Make offer’ to make it yours.
