Why and How to Buy NFT (Non-Fungible Tokens)

Another thing about cryptocurrency is non-fungible tokens, or NFTs. In 2020, over $250 million worth of tradable NFTs was sold. That is an increase of 299% from the year before. When it comes to 2021, on March 11th, CryptoPunk #3100 Alien Punk was sold for 7.67 million dollars in Ether. The unusual thing about CryptoPunk is that it only has been marketed once in 2017 for 8 Ether which was worth around $2127 at the time.

CryptoPunk #3100 is true example of how much does NFT market has, the interesting thing about CryptoPunk is that it isn’t even the most expensive NFT.

Everydays: The First 5000 Days was sold for $69.3 million, making it the first ever most valuable NFT.

Sound’s crazy? Well, this Why everyone is Bullish on NFTs right now!

Now coming to the point

How you can BUY NFT?

How to buy nft

Today, most NFTs are purchased for ether (ETH) or Binance’s native currency, BNB, both of which can be changed to U.S. dollars on exchanges and vice versa.

Unlike bitcoin, which is primarily a payment network and cryptocurrency, blockchain networks like Ethereum and BNB allow users to construct apps that store personal data and conduct advanced financial transactions such as smart contracts that govern NFT ownership and sales.

When it comes to purchasing NFTs, you’ll need a digital wallet to keep your NFTs secure after buying as well for payment (That you have to pay when buying NFT). Metamask, Trust Wallet (available only on iOS and Android), and Coinbase are all good options as a wallet.

In the case of cryptocurrencies, NFTs are often sold through an auction method, in which you offer a bid for the NFT. Some sites, such as OpenSea, provide a buy option for a fixed price too.

In this article, we are sharing a method how you can Buy NFT’s using Meteamsk, however you can buy NFTs using this method via OpenSea on Ethereum network using any private crypto wallet just by following our step by step guide.

Let’s get started

How to BUY NFT Step by Step

Why and How to Buy NFT (Non-Fungible Tokens)

First setup account on Metamask which is pretty easy.

After you’ve completed the Metamask setup, you have to deposit some Ether into your account. You can also directly buy Ethereum right on Metamask. Check to see if you have enough cash for the NFT as well as the Ethereum gas fee (a fee you must pay to have your transaction validated on the Ethereum network).

The first step is was to setup a wallet. Now the next step is to choose a NFT marketplace to purchase from. You can obtain NFTs from SuperRare, Rarible, and Mintable, but we’ll show you how to buy NFTs on OpenSea since it’s one of the most popular marketplaces for buying NFTs on the Ethereum network.

Go to OpenSea.io and select Marketplace from the top menu bar. In this area, you can search for millions of NFTs as well you can filtered by category on the left side (e.g., art, music, trading cards, etc,).

Click on the NFT that you’re interested in. Take note of the price, which will be shown in ETH as well as USD. If you’re happy with the price, go ahead and click “Buy Now.”

See Also:  How Much Does It Cost To Mint an NFT: All You Need To Know?

You’ll be redirected to your Metamask wallet login screen. Type in your details then click on “Sign in.” Your wallet will be atomatically connected with the marketplace.

After connected you will see the “Complete checkout” window, displaying the full price of the NFT. Check the box next to “Terms of Service.” Select “Checkout.” A Metamask window will appear with information about how much Ethereum gas you’ll have to pay in addition to the NFT as well NFT price in total too. Normally, the gas fee should not exceed $20-$30, but sometime due to high network conjunction and the low transaction fees gas fees can go upto $200 to $300. If you are facing high gas fees issue just delay purchase two to three days after that check, network will come back to normal. But if NFT is really important to you and gas fees doesn’t matter then proceed to next by clicking on “Confirm button” on the Page.

When you confirm the transaction, it will show a message such as “Your purchase is now in process.” There will be a link that says “View on Etherscan.” If you click it, you’ll have access to details about your NFT transaction’s progress how much time transaction can take and other confirmation details.

Within few minutes transaction will be completed and NFT will appear in your collection.

However, don’t worry if your NFT transaction takes a long time to complete. Because due to high conjunction sometime transaction on the Ethereum network take hours and even days and I experienced it. The good thing is that the either the transaction will be confirmed or declined. If declined due to high network conjunction not a penny from your wallet will be swapped off. So, you don’t have to worry about your money

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Spencer Daniel

Technology enthusiast, eager to keep abreast of the latest trends and products in the industry. I have experience in computer science and engineering, also have many years of experience in testing and verifying gadgets.

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