The market for NFT Art has grown immensely in 2021, with many people willing to buy digital assets. Some people buy NFT Art to keep them as a beloved treasure that they can enjoy daily, while others buy them, hoping that the asset’s price may go up before they sell them at a profit (investment).
Are you wondering how you can buy NFT Art? Here are three options:
1. Buy NFT Art on NFT Marketplaces
Identify a Marketplace
When buying anything online, you often identify a marketplace that will facilitate the trade. For example, if you want to purchase a book, you may consider the available markets for books such as AbeBooks, Exlibris, or Amazon.com. The next step is selecting one market that you will use based on factors such as the book’s availability and the cost. If you choose Amazon.com, you will be required to create an account with Amazon that enables you to participate in the market as a buyer.
Buying an NFT follows the same model. You have to identify a market selling NFTs and sign in to start participating in NFT trading. Currently, many cryptocurrency markets are offering a variety of NFTs such as OpenSea, Nifty Gateway, Axie Marketplace, Rarible, BakerySwap, SuperRare, Foundation, NFT ShowRoom, and VIV3. Before settling on the marketplace to use, confirm whether they have the NFT, you want to buy. Also, compare the cost that you will incur. Using some marketplaces may attract more charges than others.
Fund Your Account
If you have identified a marketplace and created an account, the next step is funding your account. If you are buying a book on Amazon, you will have to link the acceptable payment method to the account. With that, you can pay for any product you are purchasing. Similarly, when buying NFT Art, you will have to fund your account. Depending on the marketplace, you have two options:
- Same as on Amazon, you can link your credit card and make payments very conveniently. But keep in mind: These NFTs are linked to this particular marketplace. If you want to have full decentralised ownership, you have to go with option 2, which takes a little more effort.
- You will be required to link your cryptocurrency wallet (where you keep your digital coins and the NFT) to the marketplace. Most NFTs are Ethereum-based tokens. Therefore, most marketplaces for NFT assets accept Ethereum’s native cryptocurrency, Ether (ETH), as the standard payment token.
Buy Your NFT
Once you have funded your account, you can proceed to buy an NFT easily. Most marketplaces use an auction format. Therefore, you are required to submit your bid for the NFT you would like to purchase.
2. Buy NFT Art on Traditional Auction Houses
Traditional auction houses have also ventured into selling NFT Art. The most expensive NFT sale (Beeple’s EVERYDAYS- The First 5000 Days) was done by Christie’s, a British auction house that has been around for over two centuries. Other auction houses involved in NFT sales include Sotheby’s and Phillips.
3. Buy NFT Art by Participate in Airdrops
Another option to buy an NFT Art piece to take place in an airdrop of a newly curated project, for example on artblocks.io. But as the whole topic is a little bit more complex, we do not recommend it for beginners.
Final Thoughts
There are three major options for buying NFT Art: NFT marketplaces, traditional auction houses or participation in an airdrop. NFT marketplaces such as superrare or nifty gateway may be more suitable for beginners since they offer many NFT Arts at different prices, with payment options credit card.
