How to buy your first NFT?

buy & store NFTs

Buying an NFT is a bit different from trading cryptocurrencies. However, you usually do need cryptocurrencies to buy a non-fungible token on a marketplace.

Just like any other online store

Because yes, we talk marketplaces here instead of exchanges, since it’s all about unique items. A marketplace links buyers and sellers on its platform, which could be individuals or companies. Some marketplaces only offer in-game assets, or just art pieces. Others sell hundreds of categories, like collectibles, domain names, tickets, and whatever you can think of, as long as the assets are backed by a blockchain.

Grab your wallet

Laid your eyes on an NFT you want to have? Nice! Then first, you’ll need a wallet, which is a tool you add to your browser to interact with the blockchain. A marketplace or NFT platform (like CryptoKitties) usually recommends a certain wallet. CryptoKitties advises using Dapper, while Gods Unchained swears by MetaMask. So, do your own research to find out which suits you or the NFT best. Once you set up your wallet, you can connect it with the marketplace of your choice; most marketplaces will guide you on that.

Wallet: MetaMask
Wallet: Dapper

Using Google Chrome, the wallet extension you chose, will appear among the other extensions top right. It enables you to fastly and easily access your wallet.

Dapper and MetaMask as Chrome extensions

Fill that wallet

Since Ethereum is the most popular blockchain for NFTs, we’ll continue with buying Ether; that’s the next thing you have to do. Because you have a wallet now, but it’s still empty…

Buy Ethereum on an exchange, using your wallet address. This address is a unique identifier for your wallet and is like a name you can share freely with others. Your private key is your password and is just for you; always keep it to yourself.

Example – public key
0xC2E8CF98622D33006175B78989035C7c9061d3F9

Example – private key 2a1086bf45ab87712ad64ccb3b10217737f7faacbf2872e88fdd9a537d9fe299

Let’s go shopping

Have Ether in your wallet? Congrats, you’re ready to purchase your first NFT! Note that you have to pay a fee for every transaction on the Ethereum blockchain. (This is to reduce spam on the network.), on top of the NFT price. So, after you put in your order, your transaction is often in a pending state. This can take minutes, but sometimes it might take even days. After the pending, the NFT is officially yours, which you’re now able to see and check within your wallet.

Your NFT on Coinranking

After the transaction, your NFT will appear immediately on Coinranking, including information like the trading price and the issuance date (date of creation). All the information you’ll need, in one place. 💪 (At the moment, NFTs of CryptoKitties, Rarible, Gods Unchained, MakersPlace & Decentraland are listed, and more are about to be added.)

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