How to Buy NFTs?

From CryptoPunks to Beeple, NFTs have been the hot crypto story of 2021. So for all of you investors looking to take a piece, here is a no-nonsense guide on how to buy your first NFT.

The volume of the NFT token market in the first quarter was almost $500 million, which is more than, for example, the artificial intelligence market in Russia. NFT is already implementing eBay, with tokens on the site it will be possible to buy collectibles based on blockchain.

Footballers, artists, musicians, and other celebrities are actively issuing their own NFT tokens. The main questions are: why and how does it work?

An NFT token is non-material. It is essentially a cipher, a digital cryptographic commodity, some people compare it to the analog of virtual security. It cannot be exchanged, but it can be sold: in fact, the token confirms the right to own an exclusive digital asset. The asset can be almost anything: a video, a comic book, a photograph, a text, an entire music album or a single song, or even a tweet.

It all seems like a new format of collecting and a way to make money. 

For example, Banksy’s painting has been turned into such a digital asset, destroying it physically, but leaving it in virtual space with a link to an NFT token to be sold at auction. A couple of million dollars was made by musician The Weeknd, who released an NFT collection with an unreleased song, paintings, etc. 

Edward Snowden created a collage of court orders that went for $5.5 million. And another example from Russia: the blogger Ilya Varlamov sold a token with a gif of himself on it for $14,000. Collectors are willing to shell out huge sums at auctions also for rare baseball cards. In 2007, one of these cards with the image of an American baseball player Honus Wagner, printed in 1909 in the amount of 57 copies was sold at auction eBay for $ 2.8 million. 

Some platforms have rules that state that they themselves receive a limited license to use the downloaded material and allow for the possibility that a person can sell their content to someone else. The rules do not explicitly mention the transfer of any exclusive or license rights to the buyer. In the case of physical objects, a legally enforceable contract, according to the law of the country where the transaction takes place is required for the full transfer of rights.

So let’s have a look at how to buy NFT on the 2 most popular marketplaces OpenSea and Binance.

How to Buy NFT-tokens on OpenSea?

One of the most popular marketplaces for buying NFT-tokens is OpenSea. The platform is only translated into English. However, even a little knowledge of the language is enough to navigate on OpenSea.

To buy any of the NFT-tokens presented on OpenSea you will need a wallet, for example – the browser extension MetaMask. You can use it to connect to decentralized applications through your web browser and interact with websites that integrate Ethereum blockchain. The process of creating a MetaMask wallet is extremely simple:

  • you need to install a browser extension;
  • set a password;
    save and enter, as a confirmation, a secret reserve phrase of 12 words (the system will give it out during registration);
  • buy or enter
  • cryptocurrency into your account.

To enter OpenSea’s collection of NFT tokens, just click on the central “explore” key. There are tools on the marketplace that make it easy to choose. Unfortunately, not all of them work correctly. For example, if you select the option “buy now”, in the list are still found NFT-tokens, which you can buy only after some time.

All assets on the platform are categorized and categorized by status.

For example, on the left side of the menu, you can select the following NFT-tokens:

  • available for purchase now;
  • Non-exchangeable tokens, which are sold in an auction format;
    new NFT tokens;
  • NFT tokens that have already made offers to purchase.

It is also possible to select categories of non-interchangeable tokens on OpenSea.

For example, a user can display a list of NFTs that are related to art. The results can also be sorted by a certain attribute. For example, by increasing price.

Each card contains basic information about the NFT token, including current owner, price, and value change data. In the case of cards from the “buy now” category, all you have to do is click the buy button. NFT-tokens that involve submitting bids may take longer to purchase. Information about the completion of bidding is presented on each card. After that, all purchase data goes to the user’s personal account.

All tokens purchased on OpenSea can be sold on the marketplace. To do this, go to the “sell” section in your personal cabinet and select the desired NFT.

As an example, take the popular game CryptoKitties. Learn more about it and ways to make money with CryptoKitties, each of which is a unique card in NFT-format, you can in our article.

Unfortunately, the platform is not translated into Russian. At the same time to work on CryptoKitties the basic knowledge of English is enough. For a start it is necessary to press the key “Start”. After that, the system will ask you to create an account. To do that you will need to enter your email address and the nickname you prefer.

Next, the system asks to choose a wallet that is convenient to work with. For example, MetaMask. To work you’ll need to install an extension in your browser. After authorization in the wallet or creating a new address (the process described above), the user will have access to the directory of cryptocurrencies. You can choose the category of interest – from exclusive offers to the most “liked” kitties.

How to Buy NFT on Binance

On Binance NFT Marketplace you can not only create but also buy newly created and deposited NFT. NFTs are sold in an auction or fixed-price format, and payment is made in a variety of cryptocurrencies.

The standard fees charged to support authors and depositors apply to the purchase of NFTs. Authors who create new NFTs, as well as anyone who deposits NFTs from external sources to the Marketplace, receive a royalty of 1% for each subsequent NFT transaction on the platform.

To buy NFT, you need to create an account on Binance. It won’t take you more than five minutes.

If you want to buy NFT in an auction, you need to place your bid to participate in the auction. The highest bidder will be able to buy that NFT.

Below is an example of an NFT for sale with a description, picture, bid history, and other information. Click “Place Bid” to place your bid.

A window will then appear in which you will need to enter your bid amount. Pay attention to the minimum step: this is the minimum amount by which you need to raise your last bet to place a new one. After entering the amount, click “Place Bet”.

If there are no or not enough crypto assets on your balance, a message will appear asking you to top up your spot wallet. In order to make transactions on Binance’s NFT platform, you need to top up your balance in BNB, BUSD or ETH.

After you place your bid, a confirmation window will appear to confirm the action. Note: you cannot cancel your bid; your funds will be locked until another user places a bid or the auction is over.

The process of buying an NFT instantly is much easier than participating in an auction. Once you have selected your NFT, click the “Buy” button to buy the work for the full listed price.

The Mystery Box contains an NFT surprise, the contents of which will only be known when you open the box. The box may contain NFTs in one of four categories: ultra rare, super rare, rare, and common.

Go to the Mystery Box page to buy it and for more information. Each box has a fixed price, and the number of boxes may vary.

The page also contains information about the number of available NFTs and the percentage of probability of them appearing in the Mystery Box. Select the number of Mystery Boxes you want to purchase and click “Buy”.
An “Order Details” window will appear asking you to confirm the details of your purchase. Click “Confirm” to complete the transaction.

After you purchase a Mystery Box, you can open it immediately or add it to your collection. Please note: Mystery boxes are non-refundable. However, if you wish, you can sell the Mystery Box on the Marketplace or open it and sell the NFT from the box.

To avoid becoming a victim of fraud when dealing with NFT, you should adhere to standard security measures and work only with verified objects of art. By the way, verification systems on such platforms can help in the fight against unscrupulous sellers and fake NFT-tokens. If a user is found to have stolen someone else’s object that he has no rights to, the marketplace will block him. 

So the big advantage of blockchain here is that the histories of all previous and current object owners can be tracked. These social contracts exist in the real world as well, but NFT requires authors to be more responsible because everything can be tracked on the blockchain network

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