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How to Purchase NFTs

Jaiya Gill

How to Purchase NFTs

Acquiring an NFT doesn't need to be overcomplicated. Let’s go over your options for getting your first NFT.

There are two main ways to acquire an NFT: minting and secondary marketplaces.

Minting an NFT

Minting is the process of creating an NFT that lives permanently on the blockchain.

Go to an NFT project’s website and connect your wallet.

Most projects release their NFTs directly to the general public by allowing buyers to mint straight from their website. Once an NFT is minted, the buyer becomes the first owner of that NFT and the information is stored on the blockchain.

There’s usually a fixed price for each NFT and a maximum mint limit per wallet. This mint price is also often lower than the amount it’s listed as on a secondary marketplace, leaving room for higher potential resale value. Gas fees are calculated per transaction, so there’s an added benefit to buying multiple NFTs at once, reducing transaction costs per NFT.

Before minting, the transaction will pop up on your wallet extension with gas fees visible, allowing a final confirmation of the transaction. Once confirmed, the NFT will be minted. The NFTs are often randomly generated and assigned to individual wallet addresses. After minting, NFT collections can be viewed on marketplaces like OpenSea.

To avoid any scams, make sure to click the official project website. These links can usually be found on the project’s Twitter or Discord.

Buying NFTs on Secondary Marketplaces

NFTs can also be directly purchased from the secondary market.

Go to a secondary marketplace and search for the NFT you want to purchase

Popular NFT Marketplaces

Ethereum NFTs: OpenSea, Zora, Foundation, Rarible, LooksRare, and SuperRare

Polygon NFTs: OpenSea and Nifty Gateway

Solana NFTs: Magic Eden, Metaplex, and Solanart

The home pages of these marketplaces usually feature trending collections and you can also search for NFTs directly by name. Once you find the NFT project page that you’re looking for, all of the available options are listed and then you can choose the particular NFT that you’re interested in.

The NFTs can be directly bought from the marketplace by connecting your wallet, and then similar to the minting process transactions need to be confirmed to complete the purchase. An added bonus of the secondary marketplace is that before buying you have the option to compare your purchase to previous sales by looking at the collection’s recent transactions.

You can also make an offer to purchase an NFT by bidding on it. The current owner will decide if they want to sell it at the proposed price. If you’re using OpenSea as the marketplace, you’ll need Wrapped Ethereum (WETH) to place this bid.

Once purchased, the NFTs will be transferred to the new owner’s wallet and transactions can be viewed on the blockchain (through Etherscan).

To avoid any fake collections, make sure to click the secondary marketplace links found on the official project’s Twitter or Discord. Also, on sites like OpenSea, popular NFT projects are verified with a blue checkmark.

As always, make sure to DYOR before making any investment decisions!

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