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What Currency Can You Use To Buy NFT?

October 4, 2023

Since the majority of NFTs are Ethereum-based tokens, the majority of online markets for these collectibles only accept Eth tokens as payment. You can buy Ethereum on a cryptocurrency exchange if you already have an account there, then transfer your coin to your MetaMask wallet.

The best options for novices if you don't already have a cryptocurrency exchange account are Coinbase and eToro.

Connect your MetaMask to Another NFT Marketplace

There are numerous markets where NFTs can be bought and sold. You can buy various kinds of art or collectibles depending on the marketplace you select. There are secondary markets for a variety of NFTs on several of these platforms, but each platform functions slightly differently.

  • MetaMask is a mobile app, and Chrome extensions are now available for the Ethereum wallet. You'll need an Ethereum wallet in order to log onto OpenSea and other NFT sites. To reduce the danger of hacks, connect your MetaMask to a Ledger hardware wallet for optimum security. All you need to do is download MetaMask, create a wallet, and send the ETH you just bought from Coinbase. If you've never worked with cryptocurrency wallets before, the free Crypto & DeFi 101 guide offers a thorough video walkthrough.
  • Ledger is a hardware wallet that can hold many NFTs' alternative currencies. If you're putting a lot of money into NFTs, you should use a hardware wallet to protect your investments. Software wallets don't provide the same level of protection, and sadly, attacks are frequent in the NFT industry. A Ledger Nano S costs $59, which is a fantastic bargain for digital asset insurance.
  • OpenSea is an Ethereum-based marketplace for NFTs. Users can swap non-fungible tokens for cryptocurrencies through network interactions. It features a range of digital collectibles, including artwork and video game artifacts. You require a web3 cryptocurrency wallet, such as MetaMask, in order to utilize the platform. You may engage with some platforms, including OpenSea, by entering your Ethereum wallet address in place of a username and password. Once your wallet is connected, you can begin surfing the market and making offers!
  • SuperRare is a social network for NFTs. Users can buy and sell these original pieces on the platform's website; each piece is unique. You must fill your account with Eth tokens in order to make a purchase on the platform because it runs on the Ethereum network.
  • Gemini, a well-known cryptocurrency exchange, owns Nifty Gateway, an NFT marketplace. The site collaborates with well-known artists to release their work on the main market, including Steve Aoki, Grimes, 3LAU, and many others. Collectors can resell works of art on the company's secondary market. Ethereum can be used to finance your Nifty account, or you can connect a credit card on the company's website.
  • NBA Top Shot is a store where officially-licensed NBA items are sold. These digital products are a fresh take on basketball cards; in contrast to conventional trading cards, these digital things are more interactive. The cards, for instance, include gameplay highlights of the highlighted players. A Lebron James dunk card from NBA Top Shot sold for more than $200,000 and contained a video of James dunk against the Houston Rockets.

Purchase NFT

After funding your account, buying an NFT is a simple process. You'll have to enter a bid for the NFT you want to buy because most marketplaces use an auction model. For NFTs with multiple prints, certain marketplaces behave more like exchanges and use the highest bid and lowest ask prices.

The possible resale value of an NFT immediately after the product goes on sale is a benefit of buying one from the primary market. Immediately upon their release, some NFTs in great demand will sell for 5 to 10 times their initial price. The drawback of purchasing NFTs on the primary market is that it might be challenging to gauge the level of interest in the work. You can evaluate your purchase in relation to past sales on the secondary market.

If you are interested in more articles like this, here’s one about how to invest in bitcoin for Robinhood.

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