How To Buy An NFT

Do you want to become a full-time NFT collector or an NFT trader and you want to learn how to buy an NFT? This is the best guide for 2023.

The hype for NFT and blockchain technology has taken over the tech world in the past few years and it’s getting more interesting as celebrities and billionaires are throwing huge millions in a piece of NFT. Beeple sold one of its pieces called ‘OceanFront’ for $6 million, crazy right?

However, the process of How To Buy An NFT is not so clear. Seems it’s meant for only the well-to-do folks, many people think trading NFT is just for experienced investors. This guide will clear that misconception. Anybody can own a piece of digital assets.

In this guide, you will learn how to buy an NFT, where to buy NFTs, Terraspaces NFTs, how to place a bid on an NFT, and a lot more. So if you’re looking for a way to purchase a piece of art, grab your cup of coffee, sit back, and enjoy your reading.

how to buy an NFT 😊

How to buy an NFT

Non-fungible tokens are built and run on a blockchain like Ethereum and Solana. The safest and fastest way to purchase an NFT is through marketplaces like OpenSea, Binance NFT, Rarible, etc. To buy NFTs from any of these marketplaces, you need a crypto wallet and some Cryptocurrency in it. Although some marketplaces allow purchases using credit or debit cards.

A quick way to buy an NFT

Step 1: Purchase Ethereum from a Crypto exchange such as Coinbase.

Step 2: Set up a crypto wallet, you can use MetaMask, Trust Wallet, etc. Transfer your Ethereum into the crypto wallet.

Step 3: Connect your crypto wallet to an NFT Marketplace like OpenSea.

Step 4: Browse the marketplace and buy your desired NFT.

Where can I buy an NFT?

The two main places you can purchase an NFT are:

  • Independent project website
  • NFT marketplaces

Independent project websites:

Independent project websites are private websites set up by projects to sell their NFTs. Creators or project owners can decide to set up their own websites to sell their NFTs. This is often for primary sales (after mint).

However, some projects have their own marketplace. Buying an NFT from an independent project website doesn’t limit the NFT from being resold. If you purchase these NFTs you can still flip on other notable marketplaces.

An example of an independent project website is the larvalabs cryptopunks.

NFT marketplaces:

Some NFT marketplaces allow creators to mint (primary sales) but specialize mainly in secondary sales. Marketplaces support different blockchains that’s what distinguishes them. The type of NFT they specialize in, their commission fees, trust factor, and lots more also distinguish marketplaces from each other. 

Where to find an NFT you like

If you want to join the NFT world but don’t know where to start, we will show you places you can get started. Maybe you want to buy an NFT but don’t really have a choice or how to choose a good piece, there are places you can browse and get a good NFT.

  1. Discord Servers 
  1. Twitter Space 
  1. NFT Marketplaces

Discord Servers:

This is where most NFT projects launch their community. An engaged community plays a vital role in launching an NFT project.

However, you can find interesting projects via discord by engaging yourself and also stand a chance of getting a whitelist by participating in games and other activities.

Twitter Space:

Twitter space is the number platform where NFT updates are dropping. You can discover new projects by following NFT creators, enthusiasts, accounts, and hashtags. There’s a lot to gain from Twitter Space, not only the trending projects but also gain knowledge and access to upcoming projects.

NFT Marketplaces:

Another perfect method to discover an NFT is through marketplaces like OpenSea, Rarible, and Binance NFT marketplace. Here you search by, NFT type, name, category, sort, and filter by price, collection, and much more.

There are many other NFT marketplaces aside from these well-known marketplaces, some Marketplaces deal in specific collections, for example, the NBA Top Shot deals on digital video highlights from the NBA. 

How to buy an NFT on Binance Marketplace

Binance NFT is one of the biggest marketplaces where you can explore and purchase prominent digital art, virtual lands, in-game assets, and much more. Unlike most marketplaces, Binance NFT charges only a 1% trading fee. 

Here are five easy steps (explained) to buy NFT from Binance Marketplace. 

1. Signup for the Binance account

The very first thing you need to do is to create an account with Binance Marketplace if you don’t have one. With this, you have access to browse the marketplace and select desired items for purchase.

2. Top up your crypto wallet

After creating an account with Binance NFT, you need to link your crypto wallet so as to carry out transactions. Top up your crypto wallet with any of the three cryptocurrencies supported by Binance NFT Marketplace (BNB, ETH, BUSD), and be set to purchase your collectibles.

You can top up your crypto wallet using your credit or debit card, through Binance P2P, or by purchasing from a third-party source.

3. Launch the Binance marketplace on mobile or browser

Open the Binance Marketplace on your mobile phone or from your browser extension. These are the two methods you can comfortably trade NFTs on Binance.

How to locate Binance NFT on the mobile App
  1. Click on more icons on the Binance homepage
how to buy an NFT

2. Under the Trade section, click on Binance NFT.

How to buy an NFT
how to buy an NFT

How to locate Binance NFT on your Browser

Open on your browser, on the homepage, click on NFT and you will be redirected to the NFT marketplace seconds.

4. search for desired NFT

Browse through the marketplace and select desired items you wish to purchase.

Tips to help you find a better NFT on the marketplace: 
  • Creators intent 
  • Rarity 
  • Unique holders

Creator’s Intent: It is good to research an NFT you wish to purchase or invest in, the team behind it, the story behind the NFT, etc.

Always buy from an artist or creator with a good reputation, not just a popular artist. The story behind the project is also essential. One of my best NFT projects so far:

Terraspaces Twitter handle: @Terraspaces 

A Genesis collection of 777 abstract NFTs. The First Generative Landmarks Collection on NEAR featuring Gated-via-Staking Access to Analytical Dashboard. Tap into referral-based commission via Staking-as-a-Service [SaaS]. Check out the website and Twitter Space for info.

Rarity: rarity generally refers to the state of being rare, especially one having a distinct value. In NFT, Rarity is how uncommon an NFT is when compared to other NFTs in the same collection. 

However, when buying an NFT, it is important to check the rarity score. The higher the rarity score, the more unique and valuable the NFT is.  

How is the rarity score calculated?

Rarity scores are calculated with various factors, there is no industrial method for calculating a rarity score of an NFT, different NFT platforms adopt their own strategy in calculating rarity score.  

However, the four most used methods include 

  • Trait Rarity Ranking
  • Average Trait Rarity
  • Statistical Rarity
  • NFT Rarity score
The best platform to check NFT rarity

There are so many platforms out there you can use to check the rarity of an NFT, we will cover the top 5 platforms. These rarity-checking platforms are often referred to as rarity tools and they include:

  • Rarity Sniper 
  • Rarity Sniffer
  • Moonrank

To read more about these NFT rarity tools mentioned above visit BYBIT LEARN

Unique holders: the number of people holding a particular NFT also has a great influence on market sales. Creators usually set up a platform often Twitter or Discord channels where people gather and engage in the project.

5 Buy your desired NFT

After picking your desired NFT, it is time to purchase. When you buy your NFT, it goes to your crypto wallet. There are three methods a seller use to list their NFT, these includes;

  • Fixed price
  •  Auction
  • Make an offer

The NFT you wish to buy must fall in either of the options listed above.

How to buy an NFT with a fixed price?

Step 1: Click on the buy now button

Step 2: Click on Confirm to complete your payment

Step 3: You will receive a notification showing that your payment is successful. Now you can view your NFT.

How to place a bid on an NFT during an Auction?

Step 1: Click on the place a Bid button

Step 2: Enter the bid amount and click Place a Bid

Step 3: You will receive a notification showing that your bid has been successfully placed. The highest bidder gets to buy the NFT.

Note: To successfully place a bid, your new bid must be higher than the last bidder. You cannot cancel your bid and also your funds will be locked until a new bid is placed. 

All Done!

These are the steps to successfully purchase an NFT. You’re now a full-time NFT collector. 

What makes an NFT valuable?

Scarcity is one of the things that makes an NFT valuable. When an NFT is tokenized, it creates value but scarcity is not the only thing that gives value to an NFT. An engaged community is another great influence on a valuable NFT. 

Can I sell the same NFT on different marketplaces?

Yes, it is possible to sell the same NFT on different platforms but if is it wrong, collectors will definitely find out and it will ruin your reputation as a seller. It is advisable to sell different NFTs on different marketplaces. This will help you grow a wider audience of buyers and potentially increase your reputation. 

Wrapping up

A quick guide on how to buy an NFT

Step 1: Purchase Ethereum from a Crypto exchange such as Coinbase.

Step 2: Set up a crypto wallet, you can use MetaMask, Trust Wallet, etc. Transfer your Ethereum into the crypto wallet.

Step 3: Connect your crypto wallet to an NFT Marketplace like OpenSea.

Step 4: Browse the marketplace and buy your desired NFT.