{"id":4531,"date":"2022-06-30T08:13:45","date_gmt":"2022-06-30T08:13:45","guid":{"rendered":"https:\/\/cyberscrilla.com\/staging\/4768\/?p=4531"},"modified":"2022-06-30T08:56:30","modified_gmt":"2022-06-30T08:56:30","slug":"how-to-buy-nft-beginners-guide","status":"publish","type":"post","link":"https:\/\/cyberscrilla.com\/staging\/4768\/how-to-buy-nft-beginners-guide\/","title":{"rendered":"How to Buy an NFT: A Comprehensive Guide For Beginners"},"content":{"rendered":"\n

As NFTs continue to be adopted by some of the biggest brands in the world, many people are curious to know how to buy an NFT. Of course, buying an NFT as a beginner is not as easy as you might think.<\/p>\n\n\n\n

To buy an NFT, first, open an exchange account to buy cryptocurrency. Then, set up your wallet to store your crypto and NFTs. Next, transfer crypto to your wallet and choose a marketplace before researching the NFTs you want to buy. Finally, make your purchase.<\/strong><\/p>\n\n\n\n

If that all seems overwhelming, don’t worry. Follow these six simple steps below to successfully buy your own NFT<\/a>.<\/p>\n\n\n\n

1. Open an Exchange Account to Buy Cryptocurrency<\/h2>\n\n\n\n

The first step to buying an NFT is to open your own account on a crypto exchange to buy some cryptocurrency. Crypto is the prime currency used to buy NFTs. <\/p>\n\n\n\n

More specifically, Ethereum (ETH) is the preferred choice of cryptocurrency for a majority of NFTs that are sold.<\/p>\n\n\n\n

\"Coinbase
Coinbase exchange<\/figcaption><\/figure>\n\n\n\n

One of the most trusted and popular crypto exchanges in the world is Coinbase<\/a>.<\/p>\n\n\n\n

Coinbase secures your cash on FDIC-secured accounts, lets you safely connect and trade crypto using your bank account, and blocks suspicious accounts to ensure your safety.<\/p>\n\n\n\n

With more than 89 million users (and growing), supporting more than 100 countries, Coinbase is my go-to exchange for buying crypto.<\/p>\n\n\n\n

Keep in mind that there are other blockchains used for buying NFTs such as Tezos<\/a> and Bitcoin<\/a>, however, Ethereum remains the preferred choice amongst both creators and consumers. <\/p>\n\n\n\n

That\u2019s why you’ll likely want to buy ETH for buying your NFT.<\/p>\n\n\n\n

To set up your Coinbase account, follow the instructions below:<\/strong><\/p>\n\n\n\n

Step 1: Create a Coinbase account<\/h3>\n\n\n\n

Download the Coinbase app<\/a> or go to the website<\/a> to start the signup process. You will need a valid ID and may be asked for proof of address in order to transact, so be sure you have those ready. <\/p>\n\n\n\n

Verifying your ID may take longer than a few minutes, depending on where you live.<\/p>\n\n\n\n

Step 2: Add your payment method<\/h3>\n\n\n\n

Tap on the payment method box and connect your preferred payment method. You can use your bank account, debit card, or initiate a wire transfer.<\/p>\n\n\n\n

Step 3: Start a trade<\/h3>\n\n\n\n

You can search for the cryptocurrency you want by choosing the Buy button. For NFTs, you will want to buy ETH.<\/p>\n\n\n\n

Step 4: \u200b\u200bSelect Ethereum from the list of assets<\/h3>\n\n\n\n

Search for $ETH by typing \u201cEthereum\u201d into the search bar. When you see Ethereum show up in the results, tap it to open up the purchase screen.<\/p>\n\n\n\n

Step 5: Enter how much you want to buy<\/h3>\n\n\n\n

Use the keypad to enter the amount you want to spend in your local currency. The app will automatically convert that into the currency amount in $ETH.<\/p>\n\n\n\n

Step 6: Finalize your purchase<\/h3>\n\n\n\n

Tap \u201cPreview buy\u201d when you\u2019re ready. You\u2019ll be shown the details of your purchase. <\/p>\n\n\n\n

Make sure everything looks good and then confirm your purchase. That\u2019s it, you\u2019ve successfully bought $ETH.<\/p>\n\n\n\n

In order to use $ETH to buy an NFT, you\u2019re going to need to transfer it from Coinbase to your wallet. This wallet is your key to accessing the Ethereum blockchain to buy NFTs.<\/strong><\/p>\n\n\n\n

2. Set Up Your Wallet to Store Crypto and NFTs<\/h2>\n\n\n\n

Your wallet is your key to unlocking the blockchain where all NFTs are bought and sold. <\/p>\n\n\n\n

Your wallet is not only used to store your crypto and NFTs but it\u2019s also used to connect the NFT marketplaces to make your purchase. If you don\u2019t have a wallet, you can\u2019t own an NFT.<\/p>\n\n\n\n

Contrary to popular belief, crypto and NFTs aren\u2019t actually stored in your wallet, they are stored on the blockchain<\/a>. Your wallet is simply how you access your specific address on the blockchain.<\/p>\n\n\n\n

Similar to how your money isn\u2019t actually stored on your phone, you still use your phone to access your bank account where your cash is really stored.<\/p>\n\n\n\n

\"Hot
Software wallet (hot) compared to a hardware wallet (cold)<\/figcaption><\/figure>\n\n\n\n

Now that we have that clear, let’s talk about the two different types of wallets. <\/p>\n\n\n\n

There is a software wallet (hot wallet) and a hardware wallet (cold wallet). Both of these types of wallets can be used to buy an NFT, but they each have their pros and cons.<\/p>\n\n\n\n

Software Wallet (hot wallet)<\/h3>\n\n\n\n