The market for NFTs has exploded, and different collections such as the Bored Ape Yacht Club and Crypto Punks saw their valuations increase considerably. At least $44.2 billion worth of crypto was sent to smart contract Ethereum platforms associated with NFT collections and marketplaces. That said, buying NFTs is not so complicated. Here are the 4 easy steps on how to buy your first NFT artwork:
- Get a wallet and fund it
- Browse the OpenSea NFT collections
- Found Something You Want? Buy Now or Make an Offer
- Make Your Purchase
Before diving into the details about how to buy your first NFT, let’s briefly look at precisely what you should buy.
What Artwork Should I Buy For My First NFT?
NFTs are primarily digital certificates of ownership that can be applied to various things. Art, music, videos, sports collectibles, gaming items, and other items fall into this category. When buying your first piece of art for your NFT collection, it’s essential to determine which work is right for you. You must be certain about the type of NFT you intend to purchase and why you intend to buy it. Do some research on the artist and their work, and make sure you’re confident in your purchase.
Selecting an NFT should be based on your interests, as there are considerable differences between different types of NFTs. If you’re looking to purchase an NFT because everyone is talking about it, you might want to look a little deeper. It is like buying a book because you want to own it, without considering who wrote it or what is inside.
For instance, suppose you’re a gamer who wishes to purchase an NFT avatar. You will have very different requirements than a die-hard football fan who wants to acquire an NFT of a favorite goal.
Also, someone who is an art collector and wants to get into digital art will have different needs.
Once you have a general idea of what type of artwork you are interested in, it is vital to do some research on the artist. Look for well-known artists with a substantial body of work, or discover new, up-and-coming original artists who may be under the radar. Make sure to read reviews and look at their past exhibitions. It is important to do your research beforehand to make sure you like the artist’s style and that they are a reputable source.
What about the right amount to spend on your first unique digital piece?
How Much Should I Spend On My First NFT Artwork?
According to independent research by Eileen Kinsella, the median sale price of an NFT art these days is about $150 to $200. So $250 should be acceptable for a first purchase. The overall cost can also be determined by the rarity of the NFT artwork.
However, the “average sale” price suggested by most NFT websites is a bit high. As of this writing, OpenSea rankings show the average price of an NFT on SuperRare is 2.15 Ether, ’s around $5,800. The average price on Foundation is 1.27 Ether or $3,500.
Obviously, status items or symbols like art, cars, and houses aren’t specific to the rich. We all indulge in some way. Be it buying a $30,000 new car when a $5,000 one can do, or buying a shirt for $50 when you can get a good one for less than $5.
A chief executive officer driving her Bentley does not care that I think the purchase is excessive. She has a unique need or feeling she is trying to satisfy. The same applies to NFTs.
So, the amount you spend when buying your first NFT will largely depend on how much you are willing to pay and your desire for the piece.
The works that I regret not purchasing, at least so far, are those that I did not purchase. They were a little out of my price range, but I loved them and didn’t buy them. Then I blew the chance.
True love lasts forever. Trust your instincts if you genuinely love a piece. You can set a budget but be ready to spend more because you want to be inspired, and life is short. Let’s now look at what you need to buy NFT digital artwork with that in mind.
Requirements Before Purchasing NFT Art
You must first create and fund a cryptocurrency wallet on an NFT marketplace to bid on or purchase these digital assets. Like a digital wallet on an e-commerce platform, a crypto wallet stores the cryptocurrencies required to buy an NFT.
Also, a wallet must be funded with the cryptocurrency required to purchase the desired NFT. For example, an NFT based on Ethereum blockchain technology may require you to purchase Ether tokens.
Several marketplaces support NFT purchases. Rarible, OpenSea, SuperRare, and Foundation are among the most popular NFT marketplaces.
OpenSea marketplace users must have MetaMask to purchase NFT. A crypto wallet allows users to buy tokens quickly through their browser.
Now, let’s see how to buy an NFT.
Steps To Buy Your First NFT Piece
In the following sections of this guide, we explain buying NFTs in a more detailed way.
Step 1: Get A Wallet And Fund It
There are several NFT marketplaces to choose from, and some are more popular than others for various reasons. OpenSea is the best and largest NFT marketplace to buy NFTs from. However, it is entirely dependent on the type of NFT you wish to purchase. OpenSea is a hub for various NFTs such as music, art, virtual worlds, etc.
For instance, if you are looking for the best NFT marketplaces to purchase NFT art, you can check out Foundation or other art-based marketplaces.
How To Setup MetaMask
- Navigate to the OpenSea website and click the profile icon in the upper-right corner of your screen.
- Select “My Profile” and click the “Get MetaMask” button. Then, for your browser, download the necessary extension.
- Select “Install MetaMask.” Wait for the installation to finish and then navigate to the “Welcome to MetaMask” page. Then, click the “Start” button.
- Select “Create Wallet” and enter a password. Make a note of your password or take a picture of it. It serves as backup access to the account, so keep it safe.
- Click “Next” and enter your secret phrase.
- After correctly arranging the phrase, tap the “Confirm” button. This should take you to the “Congratulations” screen.
- Click the “All Done” button and press “X” if MetaMask prompts you to swap your tokens.
- Click “Next” to connect your MetaMask Wallet to the correct OpenSea account.
Be aware of phishing and ensure you visit the correct URL when you install the application for the first time. Read here for more security tips.
The next phase is to buy ETH.
How To Purchase ETH
- Launch your browser and click the MetaMask icon in the upper-right corner of your screen.
- Select “Directly Deposit Ether” if you already have ETH in your Coinbase Wallet or another wallet. Otherwise, choose “Buy.”
- Click the “Continue to Wyre” button and enter the amount of ETH you want to purchase. You should be aware that each purchase will necessitate the payment of a transaction and network fee. As a result, try to buy many ETHs to avoid paying additional transaction fees.
- Select your preferred payment option and click “Next.”
- Enter your payment information as well as your phone number.
- Click “Submit,” then enter the payment authentication code. You can look up the code on your phone.
- Authorize the purchase by entering the six-digit code.
- Your MetaMask wallet balance should be updated within minutes.
Step 2: Browse The OpenSea NFT Collections
Now, you need to find the right NFT for your needs. Navigate to your OpenSea profile and select “Explore.” There, you’ll find all kinds of NFT collections to choose from.
You can narrow down your search by clicking on Art, Trending, Top, Collectibles, Domain Names, Photography, Music Sports, Utility, Trading Cards, or Virtual Worlds at the top right bar.
Step 3: Found Something You Like? Buy Or Make An Offer
When you find something that you like, you can either buy it right away or make an offer on it. Keep in mind that some NFTs will have a “Place Bid” option where you can make an offer to the owner to purchase the item. If you see an NFT like this, review the number of offers made to assess how much money you can bid.
Bids on OpenSea must be at least 5% higher than the previous one.
Choose art that you would enjoy showing or displaying when selecting an artist to invest in. There’s no guarantee that art will increase in monetary worth, but you’re fine if you get something else out of it. If you like the piece, the chances are that others will as well.
Go for an artist devoted to their craft so that the piece you own one day becomes an artifact of the talent level they had at the time. Rarity creates value, so if you own an artist’s early work and they become famous later in their career, your NFT will significantly appreciate in monetary value.
Step 4: Make Your NFT Purchase
The first option is to make a bid. The Place Bid or Make offer button allows you to confirm your wallet before placing your bid.
Then key in your maximum bid per item and set an expiration date. Now, click on “Convert ETH” to convert this bid to ETH from your preferred currency. Sit back and wait for the artist to accept or reject your offer after clicking on the ‘Make Offer button.
The 2nd option is to buy the item directly by clicking on the “Buy Now” button. The process requires you to pay the artist’s list price for the item.
Just confirm the terms of service before adding money or clicking “Confirm Checkout.” Adding funds allows you to add money to your wallet, whereas confirming your purchase uses the funds in your wallet to purchase the item.
Important Tips To Consider When Buying Your First NFT
If you’re new to NFTs, it can be challenging to know where to start when looking for your first one.
With so many different NFTs available on the market, it can be hard to know which one is right for you. First, determine what you want to use your NFT for. Do you want a digital asset that can be used in a game or exchanged for other assets? Or are you looking for a physical asset that you can collect and display at your home?
Go over the following important pre-purchase tips to make your first purchase less daunting.
- Purchase what you love. Identify your art style. Your collection represents your personality, so ensure you go for a piece you like.
- When purchasing an NFT as an investment, only spend what you can afford to lose. There is no guarantee that a brand will meet your investment objectives.
- Do not rush into anything; instead, conduct your research. Please refrain from taking someone else’s word for it, regardless of who says it’s a good piece. Do your own observations and make decisions.
Ideally, there are two ways to get involved in digital art: buying a non-fungible token or creating your own. While purchasing an NFT is undoubtedly the easier of the two choices, creating your own NFT can be a gratifying experience.
These 19 different software platforms can be used to create an NFT. Experimentation is key to finding the right NFT platform for your needs. Many great inventions were first experiments, so don’t be afraid to try something new. Who knows? You may just create the next great NFT!