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What Are NFTs & Why Are People Buying Them?
NFTs, or non-fungible tokens, are unique digital assets that represent ownership of digital items like art, music, videos, or collectibles on a blockchain.
Unlike cryptocurrencies like Bitcoin, each NFT is unique, making them valuable to collectors and creators alike.
People buy NFTs not just for their potential financial return, but also for digital ownership, access to exclusive communities, and to support artists.
As blockchain tech becomes more mainstream, NFTs are being used in gaming, virtual real estate, and even event tickets.
How to Buy an NFT in 5 Simple Steps
Buying an NFT may seem complex at first, but the process is straightforward once you understand the platforms and tools involved. Here’s a step-by-step guide to help you make your first NFT purchase:
1. Set Up a Crypto Wallet
To buy an NFT, you first need a digital wallet that supports cryptocurrencies like Ethereum.
Choose a wallet like MetaMask, Coinbase Wallet, or Trust Wallet—these are compatible with most NFT marketplaces.
Secure your wallet with a strong password and save your recovery phrase in a safe location.
Enable browser extension if you’re using MetaMask, so it integrates with NFT websites.
Wallets let you store crypto and connect to NFT platforms. Make sure you select one that supports ERC-721 tokens, which are commonly used for NFTs.
Platform | Supported Coins | Swap Fee | MetaMask Wallet | +16 | 0.875% |
|---|---|---|
Coinbase Wallet | +3,000 | 1% |
Trust Wallet | +5,000 | 0%
Users still need to pay blockchain network fees (gas fees) and potential liquidity provider fees when swapping assets |
Ledger Hardware Wallet | +5,000 | About 0.25%
The Swap service is facilitated by third-party providers such as Changelly and ParaSwap, each with their own fee structures. For instance, Changelly charges a transaction fee of approximately 0.25%. |
Exodus Wallet | +300 | 0%
Users still need to pay blockchain network fees (gas fees) and potential liquidity provider fees when swapping assets |
Crypto.com OnChain | +1,000 | 0.3% |
2. Fund Your Wallet with Crypto
NFTs are usually priced in Ethereum (ETH), so you'll need to buy some before browsing.
Buy ETH through an exchange like Coinbase, Binance, or Kraken and transfer it to your wallet.
Check gas fees, as Ethereum transaction costs can fluctuate based on network activity.
Keep extra ETH in your wallet for transaction fees (called “gas”) during purchases.
Buying ETH in advance ensures you can act quickly when you find an NFT you like. Be aware of fees and try to transact during off-peak hours for lower costs.
3. Choose an NFT Marketplace
NFTs are sold on specialized platforms. Different marketplaces cater to different niches.
Use platforms like OpenSea for general NFTs, NBA Top Shot for sports, or Rarible for community-minted items.
Connect your wallet to these platforms so you can view, buy, and sell NFTs directly.
Check marketplace reputation, user reviews, and transaction volume before committing.
Each platform has a different focus, so explore to find one that aligns with your interests—whether it’s digital art, gaming assets, or music.
4. Find the NFT You Want
Now comes the fun part—browsing collections and finding an NFT you genuinely like.
Filter by categories like trending art, gaming items, or recently listed NFTs.
Review the creator’s background and past works, which can signal future value.
Compare prices and rarity traits if you’re buying collectibles or profile pics (PFPs).
Don’t rush into a purchase just because of hype. Evaluate the utility, creator roadmap, or community access the NFT offers.
5. Buy and Store Your NFT
Once you've chosen an NFT, follow the purchase steps and confirm the transaction.
Click “Buy Now” or place a bid, depending on the seller’s setup.
Approve the transaction through your wallet, including gas fee confirmation.
View your NFT in your wallet’s “Collectibles” tab or on the marketplace’s dashboard.
After purchase, your NFT is stored on the blockchain but visible in your wallet. You can hold, resell, or use it in supported apps and metaverses.
Where to Buy NFTs: Best Marketplaces & Platforms
There are several reputable NFT marketplaces where buyers can safely browse, purchase, and sell NFTs across different categories and blockchains.
OpenSea – The largest NFT marketplace, supporting Ethereum, Polygon, and Solana NFTs, known for art, collectibles, and utility NFTs.
Blur – Popular with pro traders and collectors for its advanced bidding tools and real-time analytics, built primarily for Ethereum-based assets.
Magic Eden – A top choice for Solana NFTs, but also supports Bitcoin Ordinals and Ethereum, with a focus on gaming and community drops.
Rarible – A multi-chain marketplace with user-owned governance (via RARI tokens), offering Ethereum, Polygon, and Tezos-based NFTs.
Foundation – An exclusive, creator-driven Ethereum platform focused on digital art with curated drops and limited releases.
Each platform has its niche and strengths, so choose one that aligns with your NFT interests and wallet compatibility.
What Are NFT Royalties?
NFT royalties are automatic payments made to creators every time their NFT is resold on a marketplace. These royalties are coded into the NFT’s smart contract and ensure artists or original owners receive a fixed percentage—often 5–10%—from secondary sales.
This system rewards creators for their work over time, not just for the first sale, and encourages the creation of more high-quality digital content in the NFT ecosystem.
Not all platforms enforce royalties equally, sparking debate across communities.
Buying NFT: How to Avoid Scams
As the NFT market grows, scams have become more sophisticated. Here’s how to protect yourself before making any purchase:
Verify creators and collections – Always check the official links, social media, and contract address of a project.
Avoid clicking unknown links – Fake airdrops and Discord links often lead to phishing sites that can drain your wallet.
Use cold wallets for valuable NFTs – Hardware wallets like Ledger reduce the risk of online hacks and approvals.
Check transaction details carefully – Confirm the recipient address and fees in your wallet popup before signing anything.
Because NFT fraud is often irreversible, it’s essential to double-check everything and avoid rushing into hyped projects without research.
FAQ
Some marketplaces like Nifty Gateway and Rarible now support card payments, but most still require crypto wallets and Ethereum.
Yes, some wallets only support certain blockchains. MetaMask supports Ethereum, but you'll need Phantom for Solana-based NFTs.
It's convenient but risky. For valuable NFTs, consider transferring them to a cold wallet like Ledger for enhanced security.
Yes, most NFTs can be resold on marketplaces, sometimes even for profit. Be aware of royalty fees and gas costs when listing.
In many countries, NFTs are considered taxable assets. Selling them may incur capital gains taxes, so consult a local tax advisor.
NFTs don't expire, but if the hosting content is deleted or not on-chain, you could lose access to the visual asset itself.
Yes, NFTs can be sent to other wallets by using the “Transfer” function on marketplaces like OpenSea. You’ll need ETH for gas.
If you lose your seed phrase or private key, your NFTs are likely unrecoverable. Always back up your recovery info securely.
Yes, with apps like MetaMask Mobile or Trust Wallet, you can buy and manage NFTs directly from your smartphone.
