How to Buy and Sell NFTs: A Complete Guide

NFTs, or Non-Fungible Tokens, are unique digital tokens that cannot be replaced. Each NFT is linked to a blockchain, a revolutionary technology that stores all information about your token. This decentralized network is tamper-proof and guarantees the uniqueness and security of these digital assets. It also records every transaction in a public ledger accessible to all users.

In this guide, we'll walk you through the process of buying and selling NFTs. But before you can start, there's one essential step: creating a web wallet that can interact with a blockchain.

Setting Up Your NFT Wallet

Before creating a wallet, you need to decide which blockchain you want to use. Wallets are often specific to certain networks. For instance, most wallets supporting the Ethereum network do not support Solana, such as the popular MetaMask wallet.

Here are some of the most popular wallets based on the blockchain:

• Ethereum (including EVM-compatible networks like Polygon and Avalanche): MetaMask, Coinbase Wallet
• Solana: Phantom, Solflare
• Cardano: Daedalus Wallet, Yoroi
• Elrond: xPortal, Maiar
• Aptos: Martian Wallet, Petra Wallet

For this guide, we'll use MetaMask, the most popular wallet compatible with Ethereum and all EVM-based networks.

Once you have a web wallet, the next step is to fund it with cryptocurrency to make your first NFT purchase.

Funding Your NFT Wallet

To fund your wallet, you need to visit a cryptocurrency exchange platform. It's advisable to research and choose a reliable exchange.

After selecting an exchange, purchase the cryptocurrency corresponding to the ecosystem where you plan to buy NFTs. For Ethereum, you'll need ETH. Be mindful of gas fees, which can vary. We recommend using a bank transfer for lower fees compared to credit card payments.

After purchasing your cryptocurrency, withdraw it to your wallet. The process may differ slightly depending on the exchange, but generally, you need to go to the withdrawal page, select the cryptocurrency (e.g., ETH), paste your wallet address (e.g., MetaMask address), and ensure you select the correct network (e.g., Ethereum blockchain).

Buying NFTs on the Primary Market (Minting)

Now that your wallet is funded, you're ready to interact with decentralized applications (dApps) on the blockchain. Your goal is to acquire your first NFT. There are two main ways to buy NFTs: on the primary market and on the secondary market.

Buying on the primary market means purchasing an NFT that is being sold for the first time. The seller could be an artist who created the NFT or a project launching its own collection.

Primary market purchases can occur in several places:

• Directly on the Project's Website: Most projects launching an NFT collection have a dedicated website where you can mint NFTs for the first time. For highly anticipated projects, access to primary sales may require being on a whitelist.
• On an NFT Launchpad: Many projects partner with launchpads, which provide visibility and handle the technical aspects of minting. In exchange, the launchpad usually charges fees.
• On a Marketplace: Some NFT marketplaces, like OpenSea, offer NFT creation services. Once created, artists can list their NFTs for sale. While not strictly a primary market sale, it is similar.

To buy on the primary market, connect your wallet to the dApp. Once the collection launch contract is open, you can interact with it intuitively.

Buying NFTs on the Secondary Market

If you miss the primary market sale, you can buy NFTs on the secondary market. Here, NFTs are resold by investors who originally minted them.

To access the secondary market, you need to use NFT marketplaces, which vary by blockchain. Here are some popular options:

• Ethereum: OpenSea, LooksRare, SuperRare
• Solana: Magic Eden, Solanart, OpenSea
• Cardano: CNFT
• Elrond: Deadrare, Xoxno
• Avalanche: Joepegs, Kalao, OpenSea
• Polygon: OpenSea, Refinable, Tofu NFT

Let's use OpenSea as an example to buy an NFT:

1. Click the profile icon in the top right corner and connect your wallet (e.g., MetaMask).
2. Explore the platform or search for a specific collection, like CloneX.
3. Choose an NFT from the collection page.
4. Click "Add to Cart."
5. Confirm the purchase by clicking "Complete Purchase" and then "Continue." Validate the transaction in your wallet.
6. Congratulations! You've just bought your first NFT on a marketplace.

👉 Explore more strategies for NFT trading

Selling NFTs on a Marketplace

Once you own an NFT, you might want to sell it. Listing your NFT for sale is straightforward. Here's how to do it on OpenSea:

1. Go to your profile by clicking the color circle in the top right corner.
2. Choose an NFT to sell and click on it.
3. On the NFT's page, click "Sell" in the top right corner.
4. Decide whether to list it at a fixed price or auction.
5. Enter the price and duration of the sale. The platform provides useful information, such as the lowest price for NFTs in the same collection.
6. Complete the listing by clicking "Complete Listing" and validating the transaction in your wallet.
7. Congratulations! Your NFT is now listed for sale.

When selling, research the project, collection statistics, and rarity traits to set the best price.

Creating and Selling Your Own NFTs

To create an NFT, you need a smart contract that interacts with the blockchain. While this requires coding skills for some blockchains (e.g., Solidity for Ethereum, Rust for Solana), there are user-friendly solutions:

• Launchpads: These platforms help artists and projects launch NFT collections in exchange for fees. They handle creation and primary market sales.
• Marketplaces: Platforms like OpenSea offer NFT creation tools. You simply upload your file (image, video, GIF), add details, and list it for sale.
• Custom Development: If you have coding experience, you can create your own smart contract and handle the primary market sale.

Practical Tips for NFT Trading

NFT investing and trading involve risks, including high volatility and potential scams. Here are some tips to stay safe:

• Only invest what you are willing to lose.
• Double-check website URLs and wallet addresses to avoid phishing scams.
• Review transaction details carefully to prevent fraudulent approvals.
• Research projects thoroughly, join communities, and verify team identities to avoid scams.

Frequently Asked Questions

What is an NFT?
An NFT is a unique digital token representing ownership of a specific item or piece of content, stored on a blockchain.

Do I need cryptocurrency to buy NFTs?
Yes, you need cryptocurrency compatible with the blockchain where the NFT is hosted. For example, Ethereum-based NFTs require ETH.

What are gas fees?
Gas fees are transaction costs on blockchains like Ethereum, paid to miners for processing transactions.

Can I sell an NFT I bought?
Yes, you can list your NFT for sale on secondary marketplaces like OpenSea.

How do I avoid NFT scams?
Stick to reputable platforms, verify project details, and never share your private keys or seed phrases.

What is minting?
Minting is the process of creating a new NFT and recording it on the blockchain for the first time.

Now you know how to buy, sell, and create NFTs across various blockchains. The steps are similar across most platforms, so you're ready to start your NFT journey!