How to Buy an NFT?

Learn about the different ways of buying an NFT

• To purchase an NFT, buy it directly from a seller or visit an online NFT marketplace.

• Before you begin, make sure you have enough funds to pay for both the NFT and the corresponding transaction fee.

• NFT marketplaces are compatible with different blockchains and wallets. 

• Three of the biggest marketplaces are OpenSea, Magic Eden, and Rarible.

The most straightforward way to buy an NFT is to purchase it directly from its owner. Pay that person either in crypto or traditional currencies, and the person will send the NFT to you. However, this method can be risky, especially if you do not know or trust that person.

A more common way to buy NFTs is to get them from a reputable online marketplace.

NFT marketplaces online have different sets of blockchains and wallets they are compatible with. Certain marketplaces are only compatible with a single blockchain. Most NFT collections run on Ethereum, but many collections are also popping up on Polygon, Solana, Tezos, and other chains. When choosing a marketplace, first make sure that the NFT wallet you have is compatible with that marketplace. If not, then you need to create one.

The largest and most popular marketplace is OpenSea. All you need is to create a crypto wallet such as Metamask, connect it to the site, and buy the NFT you want.

But before you go on an NFT buying spree, ensure you have the correct type of crypto in your wallet. To buy an NFT on OpenSea, for example, you need to use $ETH, $USDC, or $SOL. The list of compatible cryptocurrencies is viewable on each website’s ‘buy’ section. Top up your preferred crypto wallet by sending funds from your GCrypto account ahead of time, and don’t forget to add extra funds to pay for gas fees.

Generally, there are three ways you can buy an NFT through a marketplace.

1. Buy it directly. Find an NFT you like, add it to your cart, and pay for it. The transaction takes a few seconds to process, and if it is successful, the NFT automatically gets transferred to your crypto wallet. This is the fastest and easiest way to buy NFTs.
2. Make an offer. If you make an offer, you set the price you are willing to pay for the NFT. This works if the NFT doesn’t have a set price or if you feel the price set by the seller is too high. It is up to the seller to accept or reject your offer. Unlike buying NFTs directly, the transaction doesn’t take place immediately, and there is no guarantee that the seller will accept your offer.
3. Place a bid. Some NFTs are auctioned off to the highest bidder. You have to outbid everyone else if you want that NFT.

Here’s a brief guide to buying NFTs on different marketplaces:

OpenSea.io is the marketplace of choice for NFTs that run on Ethereum and Polygon. It also supports NFTs on Arbitrum, Avalanche, BNB Chain, Klaytn, Optimism, and Solana.

1. After navigating to OpenSea, choose the wallet you want to connect to the site. If you have multiple wallets under the same wallet provider, ensure you connect the correct wallet address.
2. Find the NFT you like. Use the search bar to find a specific collection or explore the newest and most popular collections.
3. Once you find a specific collection you like, narrow down your search using filters such as traits and attributes, price range, or popularity.
4. Select the NFT you want and click “Buy NFT” or “Add to Cart” if you want to browse for more.
5. When you’re done, purchase the NFT using your wallet and approve the transaction. Check your wallet to make sure you are connected to the right blockchain network, or the transaction will fail.
6. If the transaction is successful, the NFT will appear in your collections, which you can view by navigating to your profile. You can also view your NFT within your wallet.

Magic Eden was originally a Solana marketplace, but it has expanded to include Ethereum and Polygon to its list of supported blockchains. Compared to OpenSea, Magic Eden has fewer available Ethereum NFT collections.

1. Navigate to Magiceden.io and connect your wallet to the site.
2. Choose an NFT collection and select the NFT you want.
3. Click “Buy Now” or add it to your cart if you want to keep browsing.
4. Pay in crypto and approve the purchase.

Rarible is an NFT marketplace that lets you earn rewards for buying and listing NFTs. Rarible supports Ethereum, Polygon, Solana, Tezos, and Immutable X. 

1. Navigate to Rarible.com and connect your wallet to the site.
2. Choose an NFT collection and select the NFT you want.
3. Click “Buy Now” if you want to buy it directly. Otherwise, click “Add to Bag.”
4. Pay in crypto and approve the purchase.

In the future, social media platforms and e-commerce sites like Shopify, Instagram, and Twitter will allow users to buy and sell NFTs directly within their platforms. In the meantime, Opensea, Magic Eden, and Rarible are still great marketplaces to expand your NFT collection. 

Happy shopping!