NFTs are the new wave of the crypto world. Some of these images sell for gold! In this article, you will find all the information you need to know where and how to buy an NFT and start investing in virtual art 3.0.
In 2023, everyone has heard of NFTs. They made their big appearance in the field of cryptos and web3, a few months ago already.
Many personalities have already enjoyed themselves thanks to the enthusiasm that there was around this new technology by releasing their own collection that their fans then snapped up.
The principle of an NFT is that the blockchain has given us the possibility of also registering non-fungible objects on it. Thanks to smart contracts, it is possible to write conditions that declare a virtual good as being unique (of any kind: image, sound, video, etc.).
The name of the current owner, the creator, the date of its creation, etc., is written in its contract. Then, all transactions are recorded in the blockchain.
As with crypto, the blockchain is immutable and public. NFTs are therefore a concrete way to develop virtual art and to be able to remunerate creators.
In the same way that artists sell works in the real world knowing that they are not copied (or that it is but we know it is), they can now do the same with virtual works.
NFTs therefore become a means of buying works by artists, whether images, sounds or videos, by having proof of originality and allowing the artist to collect royalties when his work is purchased. and exchanged.
In addition to artistic reasons, there is obviously a speculative aspect that accompanies NFTs. Users hope to buy works that will increase in value to make a profit.
Where to buy NFTs?
NFTs are bought and traded on dedicated NFT marketplaces. There are generalist marketplaces that include many projects from all walks of life, while some marketplaces only host their own project.
For example, many “Play To Earn” games exist today in which one can play with NFTs and win them. Generally, games have their own marketplace to buy and trade NFTs that relate to the game.
Here are the most famous NFT marketplaces in 2023 :
Immutable (of the game Gods Unchained)
It is now also possible to buy NFTs on Binance and Coinbase!
OpenSea : the reference platform
OpenSea is a hyper-intuitive platform that quickly established itself as a leader in the NFT sector. With a well-designed and easy-to-understand site for everyone, OpenSea is today the N°1 reference for NFT marketplaces.
It is a user-oriented marketplace where anyone can create NFTs easily and sell them. People can easily exchange NFTs, make auction offers, …
How an NFt page looks on OpenSea
We find at the top left the preview of the NFT.
Then, we see at the top right the collection to which it belongs and just below, its “name”.
We then find the information on the owner (each profile is accessible and fully visible).
We see the current fixed price requested by the owner and a deadline for the end of the “offer”. Next to the buy button, you can make an offer. You can find all the latest offers below in “Offers”.
On the left side, we have all the information relating to the NFT, its properties and details.
Finally, at the bottom we see all the history related to the NFT. His purchases, past exchanges.
It’s interesting to see that all the profiles are public and all the information too. For example, it is not difficult to find Neymar’s profile and see his entire collection of NFTs.
How to buy NFT ?
There are several simple steps to follow to buy your first NFT in minutes.
First of all, you have to understand that NFTs work with blockchains and that to buy them, you have to be able to pay in cryptos.
NFTs can be hosted on several “specialty” blockchains. Among her :
The best known today is Ethereum, which invented the smart contract system. Moreover, the most famous OpenSea platform is essentially on the Ethereum blockchain.
OpenSea recently started using the Solana blockchain but it is still in beta on the marketplace.
To buy NFTs, you must therefore have access to the Ethereum blockchain and a means of paying in this currency. To do this, you must start by creating a wallet.
Create a wallet to buy your NFTs
There are many different wallets which are mostly “browser wallets” which integrate directly as an extension on your browser.
OpenSea offers a dozen different wallets, the best known of which is Metamask, a multi-blockchain wallet that works on Ethereum at the base.
Buy your NFT on OpenSea
Once your wallet is created and you have ETH in it, go to the opensea.io website.
To create an account, click on the Profile icon.
All you have to do is link your wallet to create your account, which is directly linked to it.
When you have linked your wallet, your profile is created. Your profile therefore has an address on the Ethereum blockchain. This address is therefore the address linked to your wallet.
If you want to change your account, you must link another wallet.
You can then edit your profile, add a profile photo, cover.
You can also explore the projects for sale and buy your NFT.
For example, let’s say you want to buy NFT :
You have 2 options :
Buy it directly at the price set by the seller;
Make a different offer.
Similar to eBay, the seller can impose a fixed price and/or offer buyers to make offers.
Buy an NFT on OpenSea at the fixed price
To buy it right away, just click on “Buy now”.
In this case, we see that 10% of the sale will go into the pocket of the creator (these are royalties, a system of remuneration for intellectual property).
In the next step, you have to pay the gas fee (the gas tax) which corresponds to a tax in relation to the different emissions produced by the sale and exchange of the NFT.
When you have validated the sale, the NFT is found on your profile in “Collected”.
Buy NFT OpenSea by making an offer
If you want to acquire an NFT at a different price than the current owner is asking, you can make an offer.
To make an offer, you must have the proposed balance in your wallet. When your bid is placed, the owner can accept or decline it. If he accepts it, the sale is made immediately and you get the NFT back.
Understanding the gas tax linked to the purchase of NFT
Gas tax is a transaction tax that must be paid when trading NFTs. This tax fluctuates over time.
It varies according to the congestion of the transaction network. Indeed, when a transaction is created, it must go through several verification processes and therefore registers in a queue of transactions.
➡ The more in line, the higher taxes you pay.
Our advice : avoid “rush hours” which are on weekdays between 8 a.m. and 1 p.m. On weekends, prices are generally lower and on weekdays from 00h to 4h.
It is also possible to reduce the fees (on OpenSea) at the time of purchase by asking to extend the transaction time.
There are 2 different types of gas taxes :
One-time fees (which get paid when you sell your first NFT, first time you use crypto, first time you submit a bid)
Recurring costs (which are paid each time an offer is accepted, a purchase is made, etc.)
It is also possible to pay no fees when you create an NFT and you decide that it is the first buyer who supports them.
⚠️ This article is published for informational purposes and should not be considered as investment advice. Crypto-currency trading involves risk and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and shall not be held liable, directly or indirectly, for any damage or loss caused as a result of using any goods or services highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
Web editor for many years and SEO specialist, Thomas became an editor for InvestX when the site was launched. Passionate about the field of crypto and Web3, Thomas has made it his mission to deliver maximum value and introduce readers to the world of blockchains, considered for him as the world of tomorrow.
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